In 2022, there were over 270,500 small businesses in Mississippi, which totaled 99.3% of all state businesses. And over 441,000 employees belonged to these businesses, which totaled 46% of the state’s employees.
What this indicates is that Mississippi is a good place to create a small business if you want to pursue your dreams. But to do so, there are some steps you need to take first. For example, you’ll need to get an LLC in Mississippi.
In this article, we’ll discuss the benefits of a Mississippi LLC and how to get one.
Benefits of Creating an LLC in Mississippi
It doesn’t cost much to start an LLC in Mississippi. It only takes $50 to file, and you’ll protect your personal assets. This is because you won’t personally be responsible for liability and debts from your business.
Also, there’s more flexibility. With a partnership, you’ll have to split things 50/50, while in an LLC, you can opt for different ways of distribution of profits.
How to Start an LLC in Mississippi
The benefits above should be compelling enough for you to get started on starting your own LLC. If that’s the case, then here’s what you need to do.
Choose a Business Name
Your business name will be the first impression customers have of you, so pick something that’s snappy and memorable. Check the Mississippi business name database to ensure it’s not already taken.
In addition, you’re legally required to have “Limited Liability Company,” “LLC,” or “L.L.C.” in your business name, You can include the names of managers or members if you wish.
Do note that you can’t use any words that government agencies have, as you might impersonate them, whether that’s intentional or not. Some of these words include CIA, FBI, and Treasury.
Similarly, if you use some restricted industry words, such as credit union, bank, or lawyer, you might need to file additional paperwork.
You should then reserve your LLC name with the Mississippi Secretary of the State. It costs $25 and you’ll hold the name for 180 days.
Pick Your Registered Agent
Another thing required by state law is that LLCs must have registered agents. These are people or entities that can accept legal papers for your LLC.
It’s possible to be your LLC’s registered agent, but that’s not recommended. By choosing someone else, you’ll have more privacy.
This person or entity must be a state resident, or they can be a corporation authorized to do business here (can be from Mississippi or foreign). Regardless, the RA must have a physical street address in the state.
File Your Certification of Formation
The Certificate of Formation will officially create your LLC. You can find this form on the Mississippi Secretary of State’s site.
You’ll need to fill out the form with information regarding the LLC’s:
- Name
- Email address (you can use your own)
- Future effective date
- NAICS code
- RA’s name and address
After you, an organizer, manager, or another LLC member signs the Certificate of Formation, you’ll have to wait for the Secretary of State to review it.
Draw Up an Operating Agreement
An operating agreement isn’t actually required by state law, but it’s still best if you draw one up. Should anything happen, the courts can refer to this. Otherwise, if you don’t have one, they’ll use the state law to determine case outcomes, and that won’t always be in your best interest.
An operating agreement will detail how your business is run. Most importantly, it’ll clearly state what the responsibilities and rights are of the members and managers.
You should include:
- The LLC’s name and address
- Duration of the LLC
- The RA’s name
- Purpose of the LLC
- Rights and responsibilities of the members
- Voting powers of the members
- Percentage interests of the members
- Allocation of profits and losses
- Rules for meetings and votes
In addition, you should detail what happens if an LLC member dies, becomes disabled, or wants to sell their shares.
Apply for Your Employer Identification Number (EIN)
The EIN is only necessary if you have more than one member, even if you don’t hire employees. If you’re the sole member, you should still apply for an EIN if you plan on hiring workers or if want to have your LLC taxed as a corporation.
You can apply for your EIN through the IRS’s website, or you can mail them. Once you receive it, treat it like an SSN. You’ll need to use it to file taxes, hire employees, and file your taxes.
Turn to Business Anywhere for Business Registration Services
Does the above sound like a headache and a nightmare to deal with? Then rest easy, as there are business registration services you can use.
Our plans start at $37 (plus state fees), and you can count on us to file your LLC in Mississippi quickly. It’ll take between 2 days to 2 weeks; the higher packages will be more expedited.
It’s easy to use our services. Simply create an account, fill out our forms, and you’re done within minutes. Select the package that works for you, and then pay for it through a secure gateway.
Not only will we file your LLC application in Mississippi, but we’ll also provide things like:
- Filing articles of organization
- Registered agent service
- Registered address
- Mail scanning of legal mail
- Automated compliance
- Automated annual renewals
- Consultations
- Worldwide mail and package forwarding
Get Your LLC in Mississippi Up and Running
Starting an LLC in Mississippi can open doors of opportunity, especially if you feel like you’re in a dead-end job right now. Being your own boss can be freeing; however, it’s not without its drawbacks.
Thankfully, Business Anywhere is here to mitigate these negative aspects. We understand that being a small business owner is difficult, which is why we aim to ease your burden. Our services are straightforward and affordable, which allows you to focus on your true passions.
Don’t worry about how to get an LLC in Mississippi. Sign up with Business Anywhere and we’ll take care of everything for you.
