P.R. Laws tit. 10, § 1866
Limited liability partnerships or foreign limited liability partnerships can offer all kinds of professional services. The partners of a limited liability partnership or of a foreign limited liability partnership who render professional services in Puerto Rico shall be duly authorized to render such professional services in Puerto Rico. None of the provisions of this chapter shall affect the authority or jurisdiction of the entities that regulate professions.
Every professional partnership shall submit, together with its articles of incorporation or its registration or renewal certification, a performance bond or suretyship that guarantee the payment of any compensation for professional malpractice of its partners or employees. In the case of foreign limited liability partnerships, the performance bond or suretyship of the jurisdiction where it is registered can be omitted, provided it is accompanied by a certification stating that said performance bond or suretyship is extended to Puerto Rico; for the purposes of this chapter, “performance bond or suretyship” shall be understood to be any performance bond or suretyship, or separate or segregated funds, that guarantee the payment of any compensation for professional malpractice of the partners and employees of a professional limited liability partnership. Such separate and segregated funds may be kept deposited in escrow with any banking entity established under the laws of the Commonwealth of Puerto Rico, the United States, or any territory or state of the United States, or in a trust constituted under the laws of the Commonwealth of Puerto Rico, or of any territory or state of the United States, or through the contracting of letters of credit. For the purposes of this chapter, a performance bond or suretyship document shall be understood to be a document certifying such bond or suretyship according to the definition established in this section. The amount of the bond or suretyship shall be fixed taking into consideration certain criteria, such as the volume of the business and the extent of risks, even though it shall never be greater than one million dollars ($1,000,000). The performance bond or suretyship shall be established by regulations approved pursuant to the Uniform Administrative Procedure Act, §§ 2101 et seq. of Title 3, by the regulating entity of the profession in question, with the prior approval of the Commissioner of Insurance. In the case of lawyers and notaries, the Supreme Court shall establish whatever is pertinent in its regulations, without the mandatory intervention of the Insurance Commissioner. When any regulating entity of the profession in question has not approved the regulations provided herein, the party affected by such inaction may file a mandamus before the Court of First Instance to compel said entity to do so.
History —Aug. 20, 1996, No. 154, § 7.