P.R. Laws tit. 10, § 1071

2019-02-20 00:00:00+00

§ 1071. Books to be kept by merchants; exemption; minute books to be kept by companies

Merchants shall necessarily keep:

(1) An inventory book.

(2) A daybook.

(3) A ledger.

Dealers on a small scale whose volume of business does not exceed one thousand dollars ($1,000) a year, and peddlers, are exempt, however, from the compulsory keeping of books.

Commercial partnerships shall also keep a minute book when there are more than one managing partner. All resolutions of the managers referring to the progress and transactions of the firm shall be entered in said book.

History —Commerce Code, 1932, § 26.