Forming an LLC in Mississippi is an exciting endeavor. We’re here to help you get your new business off the ground with this guide to the six steps you need to complete in order to formally register an LLC in Mississippi.
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Mississippi LLC Quick Facts
- To register an LLC in Mississippi, you must file a Certificate of Formation.
- The filing fee to start an LLC in Mississippi is $50.
- Mississippi LLCs are required to file an Annual Report.
- A Registered Agent with a physical address in Mississippi is required for your LLC.
6 Steps to Registering an LLC in Mississippi
Forming an LLC in Mississippi is a straightforward process. Follow these six steps to register your LLC.
Ready to launch an LLC in Mississippi? Simply follow these steps:
- Name Your Mississippi LLC
- Appoint a Registered Agent
- File a Certificate of Formation
- Create an Operating Agreement
- Obtain an EIN and Handle Taxes
- File a Beneficial Ownership Information Report
Step 1: Name Your Mississippi LLC
To get started with registering an LLC in Mississippi, the first step is to choose a name for your business entity.
In Mississippi, there are a few guidelines to follow when selecting a name for your LLC:
- The name must include the words “Limited Liability Company” or an abbreviation such as “LLC” or “LC”.
- The name must be unique and distinguishable from any other business entity registered in the state.
- The name cannot imply government affiliation or misrepresent the purpose of your business.
For all of the state’s naming requirements, review the Mississippi Limited Liability Company Act.
To verify the availability of your desired business name, you can conduct a name search on the Mississippi Secretary of State’s website.
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Step 2: Appoint a Registered Agent
To register an LLC in Mississippi, you will need to select a registered agent for your company. A registered agent is an individual or business entity that will receive important information and documents on behalf of your LLC, such as tax forms or legal notices.
In Mississippi, the registered agent must be a resident of Mississippi or a business entity authorized to do business in the state. The registered agent must also have a physical street address in Mississippi where they can be reached during normal business hours.
Who Can Serve as a Registered Agent in Mississippi?
A registered agent can be the LLC owner, an employee of the company, a friend, a family member, or a registered agent service. The registered agent cannot be the LLC itself.
Step 3: File a Certificate of Formation
To register an LLC in Mississippi, one of the key steps is to submit a Certificate of Formation to the Secretary of State. This can be done online or by submitting your formation documents by mail or fax.
The filing fee is $50.
We recommend that you prepare the following information prior to filing:
- Your LLC’s name and email address
- The effective date of the Certificate of Formation
- The name and address of your registered agent
- Your LLC’s dissolution date (if applicable)
- The signature of at least one LLC member
- Your NAICS code
What Is a NAICS Code?
A North American Industry Classification System (NAICS) code is a six-digit number that is used to identify the trade your business participates in.
Quick Note: If your business is already established in another state, you will need to register as a Mississippi foreign LLC instead. This can be accomplished by filing the appropriate forms through the MississippiBOSS website.
Step 4: Create an Operating Agreement
In Mississippi, creating an operating agreement for your LLC is not a legal requirement, but it is highly recommended. An operating agreement is a crucial document that outlines the internal procedures, ownership details, and member responsibilities within the company.
Having an operating agreement in place can help prevent future conflicts and ensure that all members are on the same page regarding the operations of the LLC. Even though it is an internal document and does not need to be filed with the state, it is important for your LLC to keep an updated operating agreement on file for reference and legal protection.
Step 5: Obtain an EIN and Handle Taxes
Once your LLC is officially registered in Mississippi, the next step is to obtain an Employer Identification Number (EIN) from the IRS. An EIN is necessary for tax reporting purposes and can be obtained for free on the IRS website.
Having an EIN will not only allow the IRS to track your business for tax purposes, but it is also required for tasks such as hiring employees and opening a business bank account.
In addition to obtaining an EIN, you should also be aware of any additional tax responsibilities your LLC may have. Research and identify any specific tax requirements for your business by visiting the Mississippi Department of Revenue website.
Step 6: File a Beneficial Ownership Information Report
When registering your LLC in Mississippi, you will need to file a Beneficial Ownership Information (BOI) report with the US Financial Crimes Enforcement Network (FinCEN).
New LLCs must file this report within 90 days of formation, while existing LLCs must complete the filing before January 1st, 2025.
Failure to submit the Statement of Information for Beneficial Ownership can result in fines of $500 per day. To avoid penalties, make sure to file the report online for free on the FinCEN website.
Next Steps
- Open a business bank account to separate and protect your personal assets. We recommended Lili which makes opening a business bank account quick and easy.
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- Identify and obtain any licenses and permits that may be required federally or by the state. Visit the MississippiBOSS website for more information.
- File an annual report by April 15th each year to maintain your LLC’s good standing. Visit the Secretary of State website for more information.
- Obtain insurance coverage for your business. Get an online quote from Next Insurance today for fast, affordable coverage for your new business.
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Additional Tips for Success
- Stay Compliant: Research the specific business regulations and requirements in Mississippi to ensure your LLC remains compliant.
- Grow Your Network: Establish a strong network of industry contacts, mentors, and advisors to guide you through the process of starting and growing your LLC.
- Create a Business Plan: Develop a long-term business plan outlining your company’s goals and strategies for success in the future.
Conclusion
Forming an LLC in Mississippi is as straightforward as following with the six steps listed above. However, it is vital that you do your research and pay attention to detail when starting your new business. By following these steps diligently, you can successfully register your LLC in Mississippi and set your business up for success.