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> A proprietorship is a business activity that you own fully, in your own name. A proprietorship in Puerto Rico is not much different from one anywhere else. When you operate a proprietorship, your business and all your personal assets become intermingled and you may be liable for business obligations out of any other personal funds. Any net income generated by the proprietorship is included in your personal tax return in addition to income from any other sources. If you are a bona-fide resident of Puerto Rico, income is taxable only in Puerto Rico. Otherwise, you may also be liable for filing tax reports in whichever is your country of residence. A proprietorship is generally the easiest and fastest way to begin a small business. As the business develops, though, there may be better alternatives. For further details, see our section on Doing business in Puerto Rico. The author of this website, Carlos L Sánchez, is a Puerto Rican CPA, available for consulting work on a fee or hourly basis. For details, or call me at (787) 292-6016.