When starting a business in Mississippi, adherence to state regulations when naming a Corporation must be observed. For a Corporation, the actual name should contain any of the following words: ‘Corporation’, ‘Incorporated’, ‘Company’, or ‘Limited’.
Any of its corresponding abbreviations can also be used in lieu of the words above. For the use of ‘Company’, this word should not be preceded by the word ‘and’ or any of its equivalent abbreviations.
The Corporation name should be a distinct name that does not resemble or closely resemble that of an existing business registered with the Mississippi Secretary of State. To verify if the business name is valid, use the Mississippi business name search tool.
An Application for Name Reservation can be filed with the Secretary of State to have the name reserved for 180 days and can be done through mail if the name is still available. A filing fee of $25 should be paid.
Legally incorporating in Mississippi means that you have to file an Articles of Incorporation with the Mississippi Secretary of State. When filing a Corporation in Mississippi, the following information is required: Corporation name and address; Registered Agent name, and address; Incorporators name and address.
Some additional information may also be required aside from the ones listed above. Filing of the Articles of Incorporation is done through postal mail.
Filing fee: $50
As part of the requirements for incorporation, a Corporation is required to hire the services of a Mississippi Registered Agent. For compliance purposes, there are several state requirements that must be followed.
A Registered Agent can be an individual residing in Mississippi, another Mississippi Corporation, or a foreign Corporation authorized by the Mississippi Secretary of State to legally conduct business.
The Registered Agent in Mississippi should consent to become the Corporation’s representative in accepting service of process before designation. A physical street address in the state should also be provided upon designation as this will also be provided in the Articles of Incorporation form. For quick compliance of a Registered Agent, Rocket Lawyer offers excellent services you can rely on.
For important paperwork of your Corporation, a Corporate Records Book should be maintained. Your Mississippi Corporation registration documents, tax report printouts, copy of business licenses and permits, minutes of meetings, and other Corporation pertinent documents.
A Corporate Records Book should be placed at your Corporation office for easier access to these documents when needed. You can visit your nearest office supply store or order via Amazon to get your Corporate Records Book.
Another state requirement when forming a Corporation in Mississippi is the election of initial directors. These initial directors will serve on the board until the time of the initial shareholder’s meeting.
Once the initial directors for the Mississippi Corporation are elected, the incorporator should create an Incorporator’s Statement that contains the name and address of each of the initial directors. The incorporator should sign the document, and keep a copy of it in the Corporate Records Book.
The next step after electing the initial directors when starting a Mississippi Corporation is scheduling the initial meeting. This meeting is a crucial meeting because several key agenda components as a Corporation startup will have to be discussed and decided. These include the following:
If the Corporation is an S Corporation, the directors’ approval of said status is required.
The minutes of the meeting should be prepared, to be signed by the directors and other attendees of the meeting. A copy should be placed in the Corporate Records Book.
To ensure your business’ compliance, the following tasks should be accomplished as part of Mississippi Corporation maintenance practices:
While in the process of completing tax obligations, requirements for Mississippi business licenses should not be overlooked as well. Depending on business type and a number of factors, there is a need for your Corporation to obtain federal, state, and local licenses. To better adhere to these regulations, you can refer to our Mississippi Business Licenses and Regulations guide.
The next step to starting a Mississippi Corporation is to start a separate bank account from your personal one. This is important because you will be able to keep all assets separate in the eyes of the law.
There are many options for opening a business checking account like Citibank and Chase. For a quick look at some of our favorites, see this review.
Now that you have followed the steps above, you are officially a Mississippi Corporation. Other than those 8 steps that are based on state guidelines, here are a few additional steps based on best practices for starting a successful Corporation. Not required, but highly recommended.
A business plan is a vital tool in starting a business, providing a number of benefits starting with the funding of your startup up to bringing your business to success. This is the main reason why even if the document is not a mandatory document, it still comes highly recommended to create one.
Coming up with a strong business plan is key to business operations and in turn, success. Start writing that strong business plan now with the help of the resources below.
As you start a Corporation in Mississippi, the next step is to build a professional website. This earns the trust and business from your potential customers.
If you don’t want to get too technical and are looking for the easiest solution, look into WordPress. It is free, customizable, and easy to use. Learn how to start a website for your business through this helpful tutorial.
Although Mississippi Corporation bylaws are not a legal requirement, having one in place for your Corporation can bring a number of advantages.
Corporation bylaws cover the basic ground rules for your business’ operations, and it also shows external entities you conduct business with that the Corporation you have formed is a legitimate entity.
This guide is not a legal document or advice. It is only an informational guide meant to share information on Corporations. If you’re looking into more details or specific questions about how to form a Corporation in Mississippi or starting a business in Mississippi in general, seek a business lawyer’s professional advice.