1. Choose a Name for Your Mississippi Limited Liability Company
Check for an Available Name for the LLC in Mississippi: When you are preparing to form an LLC in Mississippi, remember that the name that you choose for your LLC cannot be in use by another LLC in the state. Thoroughly search online databases and other records to make sure that the name that you want to use is available. To search an online database of Mississippi business entities, go to the official website of the Mississippi Secretary of State: Mississippi LLC.
Reserve a Name for Your Mississippi LLC: Reserving a name before filing to form an LLC in Mississippi is not required, but it might be a good idea, especially if you are not able to file right away. To download a name reservation application, go to Mississippi LLC. The filing fee for this application is $25.00.
Filing for Trademarks Protection and Doing an LLC Name Search: As you search databases and other records in Mississippi, you may find that the name that you want to use for your LLC is available in Mississippi but in use by an LLC in another state. You may find that there are certain restrictions on how you use the name. Consult an attorney so that you can learn more about what these restrictions could mean for your company. To find more information on naming your LLC, go to how to choose a name for your llc.
Mississippi LLC Name Requirements: You should remember that the names of LLCs in Mississippi need to include the designation "LLC," “L.L.C.,” or "Limited Liability Company." You should also remember that the term “LLC” stands for “Limited Liability Company”—not “LLC Corporation, “Limited Liability Corporation,” or anything else that could imply a connection to a corporation. LLCs are set up differently than corporations.
2. Find a Registered Agent in Mississippi
You need to have a registered agent before you can file to form an LLC in Mississippi. Registered agents act as agents for service of process and receive all tax documents and legal notices for an LLC. You might want to turn to one of the corporate service companies that offer registered agent services to LLCs for a fee of around $75.00 to $150.00.
3. File Certificate of Formation with the Mississippi Secretary of State
Minimum Requirements for the Certificate of Formation: The Certificate of Formation that you file for your Mississippi LLC must contain the name of your LLC and the name and address of your registered agent. You can also include your federal tax ID if available. The document needs to be signed by the organizer or organizers. You can download a form for this document online at Mississippi LLC.
Other Mississippi Legal Provisions: Consider including other clauses in your Certificate of Formation besides the minimum requirements. Consult a lawyer for help in deciding what additional clauses to include in your Certificate of Formation.
Where to Submit the Certificate of Formation for Filing: You should submit your Certificate of Formation to the office of the Secretary of State, P.O. Box 1020, Jackson, MS 39215-1020.
Filing Fee: The fee to file Certificate of Formation in Mississippi is $50.00.
4. Form a Mississippi Limited Liability Company Agreement (Operating Agreement)
After forming an LLC in Mississippi, you should create an LLC Agreement that will govern all aspects of your LLC as well as the actions between the members of the LLC. Every LLC Agreement is different. The LLC Agreement for an LLC that is formed to run a construction company will be different than the LLC Agreement for an LLC that is formed to acquire and own real estate. When drafting your LLC Agreement, consider who the owners of the company will be and who will be investing money in the company. Consider who the initial members of the LLC will be and how subsequent members will be admitted. Consider how money will be distributed and who will manage the LLC. There are many other factors that you should consider when drafting your LLC Agreement. Consult a lawyer and an accountant to help you create an LLC Agreement that is in compliance with state requirements and federal tax laws.
You should also prepare to make securities filings, obtain an EIN from the IRS, and obtain a business license after you have formed your Mississippi LLC. You may want to use the services of a corporate services company. To find more information on how to get a business license in your city, go to our online guide at http://www.cityapplications.com/business-licenses.html.
5. Qualify Your Mississippi LLC to Do Business in Other States
You must register or obtain some kind of qualification for your LLC in order to do business in other states. This means that you must qualify your LLC to do business in your home state if the main office of your company is located outside the state of Mississippi. You must also prepare to pay taxes in your home state when you do business in other states. To find more information about how to register or qualify your LLC to do business in other states, go to [Qualifying to Do Business in Other States].
6. Make Annual Filings and Pay Annual Taxes in Mississippi
In the state of Mississippi every LLC needs to file an annual report by April 15th each year. You can file this report online at Mississippi LLC. You will also need to file a tax report for your LLC and pay taxes every year once you have formed your LLC in the state of Mississippi. To find information about the taxes that will apply to LLCs, go to the official website of the Mississippi Department of Revenue at Mississippi LLC.
Forming an LLC in Mississippi can be a complex process. If your LLC will have more than one owner, the decisions that you will face may be especially complex. Consult an accountant and an attorney to aid you so that you can feel confident that an LLC is right for your small business and that all your paperwork is being processed correctly.
This article is for informational purposes and does not constitute legal, financial or tax advice. This information is derived from various sources and should not be relied on as an official source of information. All information should be independently verified. You should consult a legal or accounting professional before incorporating your business.
Disclaimer: This site is for informational purposes only and does not constitute legal, financial or tax advise. The information on this site should not be relied upon as an official source of information and should be independently verified.