As per state law when filing a Mississippi LLC, there are some naming conventions to be observed. The actual name should include ‘Limited Liability Company’ or ‘L.L.C.’ or ‘LLC’. The Mississippi LLC name may also include the name of its members or managers.
In addition to these requirements, it is also a must that the LLC name be unique, in such a way that it is identifiably different from any existing business entity listed with the Mississippi Secretary of State. To verify the availability of the selected name, check the business search database.
If the name is valid, an Application for Name Reservation can be filed and will be valid for 180 days. Filing for the name reservation can be done at the Mississippi Secretary of State’s online filing system. A filing fee of $25 should be paid.
When starting an LLC in Mississippi, the services of a Registered Agent should also be retained. The state requires that the MS LLC Registered Agent be a resident of the state or a Corporation, either a domestic or foreign one, disclosed to do business as authorized by the Secretary of State.
The Registered Agent must consent to accepting service of process and other legal documents on behalf of your LLC prior to designation. In addition, a physical street address should be provided.
To legally register an LLC in Mississippi, a Certificate of Formation should be filed to the Mississippi Secretary of State through the online filing system. You are to provide information on your business, the Registered Agent, duration of your LLC, as well as type of management for the LLC.
For Mississippi LLC filing, you can obtain the form only after you have signed up for the online filing system. From there, you can either print out the form and file it through mail or directly fill the form and submit an online application.
Fee for filing the LLC: $50 addressed to the Mississippi Secretary of State
The Employer Identification Number is a series of distinct numbers that acts as a business entity’s social security number.
Your LLC EIN is an important component of the legal operations of the business because it is used or asked for in basically all transactions. A business entity can easily apply online for a Mississippi EIN via the IRS website.
The next step to starting a Mississippi LLC 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.
As soon as you have accomplished the five steps outlined above, you are now an official LLC. So you can operate as a legal LLC and continue to do so. The additional steps below should also be accomplished, but they are not all mandatory. The recommended steps are included because they foster business growth and progress, which is every entrepreneur’s goal when starting out.
When you’re starting a Mississippi business, even before a concrete plan has been put in place, it’s always on your mind for that business to be successful at some point in time. Success is achievable with a winning business plan.
When you write a business plan, you map out the perfect blueprint that allows for goal setting and how to achieve it, anticipate possible challenges and issues, and forecast future developments.
As a Mississippi LLC, get started on writing that business plan now with some helpful links below.
Obligations for Mississippi LLC tax and licenses are already a given when incorporating an LLC in Mississippi. To avoid any run-in with the IRS and other government agencies, comply with all the requirements for Mississippi LLC tax and licenses and permits. You can sort out tax obligations using our simple guide on Mississippi business taxes.
Another requirement to starting an LLC in Mississippi is to obtain the necessary Mississippi business licenses to operate legally. As the requirements for Mississippi business license vary depending on a number of factors, a thorough understanding of what and how to accomplish it is equally crucial. Our Mississippi Business Licenses and Regulations guide should give an idea on the common business licenses applicable to your business.
Maintaining an LLC in Mississippi requires that you submit various documents and reports, including an Annual Report. This report should be filed to the Mississippi Secretary of State anytime starting from January 1 to no later than April 15 of the calendar year.
Filing for the Mississippi LLC Annual Report is done online with the use of a state-issued Business ID. No filing fee is required for local LLCs. For foreign LLCs, a filing fee of $250 should be paid.
An Operating Agreement is not required for Mississippi LLCs, but it is highly recommended to make one for your business. An LLC Operating Agreement is a vital document to the operations of an LLC for it outlines the financial and operation structures of an organization.
When you make an Operating Agreement, certain aspects of business operations such as each owner’s percentage of ownership, profit sharing, each owner’s obligations towards the LLC, among other important matters. For easier drafting of an Operating Agreement, Rocket Lawyer has a customizable Operating Agreement that can be signed online.
In the past decade, technology has become more and more important to business owners. That is why the next step to starting a business in Mississippi is to build a professional website.
Rather than spending thousands on a custom design, I recommend you do it yourself through WordPress. WordPress is easy to use, customize, and present your business in a professional manner.
Please take note that this article is an informational guide only. No claim as to it being a legal document or advice has been made nor should it be treated as one. The expertise of a business lawyer is still the best source of information when it comes to the legalities and details of forming a Mississippi LLC or starting an LLC in Mississippi.