To secure and register your brand name it must be unique, not too similar to another registered name, and shouldn’t contain any restricted wording. To check, conduct a Business Entity Search through the Sec. of State, and if there are potential trademark issues conduct another quick search using the TESS System through the U.S. Patent Office.
Keep in mind your LLC name should contain the words ‘Limited Liability Company’ or ‘Limited Company’. Abbreviations for these words like ‘L.C.’ or ‘L.L.C’ are also acceptable. If needed, you can also file an Application to Register or Renew Trade and Service Marks.
Filing Fee: $50 resident, $60 non-resident
A Registered Agent acts on your half to officially receive and help to process important documentation like state filings, tax forms, legal notices and so on. They must be a resident of the state or a corporation, either domestic or foreign with a physical street address, authorized by the Sec. of State.
You can hire an outside professional service and expect to pay up to $160/year, or get a Registered Agent free of charge when you start an LLC through a service like IncFile or CorpNet. They handle this along with much more depending on your startup package.
To legally register an LLC in Mississippi, a Certificate of Formation should be filed with the Secretary of State through their secure Online Filing System where you’ll need to quickly set up an account. You can’t actually get a legal copy of the form until you do. Make sure to print out a copy for your records!
This form is a public announcement of your brand’s intents/purposes, name and address, ownership information, registered agent info, hours of operation, and other basics.
Filing Fee: $50
An EIN, or Employer Identification Number, is a federal identifier similar to a social security number for individuals. You’ll need it to handle a good portion of your taxes, to set up your business bank accounts, hire employees, etc. Thankfully it’s very easy to get one and set up in “the system.”
Please, don’t just assume where you currently bank on a personal level is the best choice to establish your brand’s financial foundation. How much do you know about business checking and savings accounts? How many different local, state, and national banks and credit unions have you investigated?
Don’t be hasty! This is too important. The amount of money you can save per year from one bank to the next, relative to their other services, is important to consider. If you’re interested, here’s a quick breakdown of Business Checking Accounts from some of the big banks to begin your research.
While this isn’t required for Mississippi LLCs, it’s highly recommended you draft one whether you”re a solopreneur or part of a partnership. An LLC Operating Agreement is a vital document that sets down on paper internal managerial/financial duties and responsibilities along with basic operating rules – profit sharing, ownership percentages, etc.
To get started, check out this list of LLC Operating Agreement templates which you can customize yourself.
Depending on a number of variables there’s some forms to fill out and fees to be paid. For example, where will you be located? Will you be working with the public? What kinds of products or services are you offering? These sorts of details determine the amount of red tape.
To get started bookmark the Jackson district office of the Small Business Administration, and Sec. of State’s Business Services page because they’re likely going to be go-to sources. If you need help with this step, consider professional Business License Research packages that can handle the leg work for you.
We get it, you’re going fast and furious, full of ambition and drive and focusing on the here and now to evolve and iterate as quickly as possible. Right? Great! We interview tons of entrepreneurs and know full-well what it’s like ourselves. But do keep in mind that soon, very soon, your new company WILL live or perish depending on how well-structured it is.
Then, if you survive the first couple years when it comes time to approach serious partners, VCs, or angel funds you’ll need to be able to present your core metrics. It’s never too early, or too late to begin solidifying these fundamentals.
QUICK LINKS TO BUSINESS PLANNING
One of the last steps, ironically, is establishing a digital presence for your brand whether that be a simple single page agency-style site or a comprehensive ecommerce store. Regardless, the 21st century has made a website a requirement.
There are tons of platforms and options in this respect, but for now we’ll keep it simple and let you know you can learn more about the top two options Wix and Weebly by reading our tech-savvy reviews. They’re both very easy to use and budget friendly. Enjoy!
Note that this article on how to form an LLC in Mississippi isn’t a legal document or legal advice. It’s for informational purposes and the information above is subject to change. For specific legal questions regarding how to form an LLC in Mississippi or business in general, please consult with a lawyer or other accredited professional.