How to Start Your LLC in Mississippi
Legal Bueno helps with everything you need to start your business. We take care of all the paperwork so you don't have to worry about it. Want to learn more about the process we handle? Keep reading!
Quick Summary:
- Filing Fee: $50
- Turnaround time: 1-2 business days
How do I start an LLC in Mississippi?
Thinking about starting an LLC? The process is pretty similar across the states. You'll start by picking a unique name for your business (you'll need to check to make sure it hasn't been taken!) and then filing some paperwork—usually called Articles of Organization or a Certificate of Formation—with your state's agency.
If you want to check the name availability for Mississippi, visit https://corp.sos.ms.gov/corp/portal/c/page/corpBusinessIdSearch/portal.aspx.
After that's taken care of, you'll want to draft a governing doc for your business called an operating agreement & find any licenses you might need. Just keep in mind that each state has its own little quirks, so it's always a good idea to double-check specific requirements for your area.
What are the costs & processing times of starting a business in Mississippi?
Here's the rundown for Mississippi:
- The filing fee is: $50
- There are ongoing fees of $0 (however, an information report must be filed every year)
- It usually takes 1-2 business days if you're filing online or NO MAIL FILINGS if by mail.
Why Mississippi is a great state for your LLC
Starting a company in Mississippi offers several distinct advantages that cater to entrepreneurs. Here are some key benefits:
- Business Incentives: Mississippi provides various business incentives, such as the Minority Business Micro Loan Program, which offers loans of up to $35,000 to qualifying businesses. This support is crucial for startups seeking initial funding.
- Simplified Business Structure: Forming a limited liability company (LLC) in Mississippi is one of the fastest and easiest options for entrepreneurs. The LLC structure is particularly suitable for small to medium-sized businesses, providing the flexibility and protection necessary for startup growth.
- Cost-Effective Formation: The cost to file an LLC in Mississippi is relatively low, at just $50. This affordability allows entrepreneurs to invest more in their business rather than on administrative costs.
- Personal Asset Protection: By establishing an LLC, owners can protect their personal assets from business liabilities and debts. This separation is essential for reducing personal financial risk.
- Tax Advantages: LLCs in Mississippi can benefit from simplified tax filing processes and potential tax treatment advantages, making it easier for business owners to manage their finances.
- Regulatory Ease: Mississippi's laws and regulations for LLCs are designed to be straightforward, facilitating easier compliance. This feature allows entrepreneurs to focus more on their business rather than on navigating complex legal requirements.
Overall, Mississippi presents a supportive environment for new businesses, combining financial incentives, protective structures, and a simplified regulatory framework.
Legal Requirements
Remember! Legal Bueno will handle all of these requirements for you, but if you're interested, here are the legal requirements for Mississippi:
Articles of Organization
The certificate of formation must include: 1. The name of the LLC;
- The information required by Miss. Code § 79-35-5(a); and
- If the LLC is to have a specific date of dissolution, the latest date upon which the LLC is to dissolve.
The certificate of formation may include any other matters the members determine to include.
Miss. Code § 79-29-201
Filing fee: $50
Miss. Code § 79-29-1203
Filing Process
After you've prepared the initial formation documents, you need to file it! Here is what Mississippi laws require for filing:
Any certificate required to be filed with the secretary of state must be delivered to the Office of the Secretary of State. Unless the secretary of state finds that a certificate is not acceptable for filing, upon receipt of all filing fees, the secretary of state must:1. Certify that the certificate has been filed by endorsing upon the signed certificate the word “Filed" and the date and time of the filing;
- File the certificate; and
- Return a copy to the person who delivered it for filing with an acknowledgment of the date and time of filing.
Each certificate delivered to the secretary of state for filing must be typewritten or printed, or, if electronically transmitted, it must be in a format that can be retrieved or reproduced by the secretary of state in typewritten or printed form, and must be in the English language. An LLC name need not be in English if written in English letters or Arabic or Roman numerals.
Miss. Code § 79-29-211
Additional Legal Considerations
Here are some additional relevant laws that might be useful when operating your business in Mississippi:
Operating agreement
Miss. Code § 79-29-105(t)
General standards of conduct and construction and application of certificate of formation and operating agreement–scope, function, and limitations
Miss. Code § 79-29-123
Annual report for secretary of state
Miss. Code § 79-29-215