Do you dream of ruling a business in Mississippi but, you aren’t sure about a business plan? Don’t you have an exact idea of where to start? No worries, we’ll make efforts to help you! The local authorities of Mississippi claim special requisitions to register and lead an LLC.
The article shows all the essential aspects that an LLC proprietor needs to start a business. After reading, you’ll receive a clear vision of the situation and get to know whether to start a business in Mississippi.
Here are: 10 elementary steps for business leading in Mississippi
1. Prepare a schedule
An entrepreneur should realise his concepts and intentions. It’s problematic to find partners, pay for taxes, obtain legal permits without a business plan. To succeed in business, an LLC’s owner has to care about an advertisement, services, licences, budget etc.
Forming even a small business demands time and effort. If a person barely knows what to do, he’ll face many challenges. A business plan assists in keeping a balance between what I want and what I can that is the right tool to set business. SBA.gov offers the same beneficial function.
2. Find a suitable business name
Your LLC must own a meaningful business name. As it’s known, the first impression lasts forever, so a business name has to sound attractive for clients.
Every business must involve appropriate initials. For example, a limited liability company should note about being an LLC in time when a corporation should add “Inc.”, “Corp.”, “incorporated”, and so on. It isn’t an Mississippi’s whim but a judicial recommendation.
Besides legal formalities, it will be beneficial to note some details about what your business represents. A business name usually signifies a company’s primary message. Some mention philosophical conceptions or points of view to tout purchasers. You can register an LLC inserting “green”, “garden”, “eco” words to show your care about the environment both to partners who have similar ideas and customers.
It is very important that the name appeals to you personally, that it boosts your self-esteem. Ideally, it should be a name that you would feel happy to be called by and to look at it written.
Besides, when thinking of a name for an enterprise, we always strongly recommend everybody not to stick to any particular option until the company has been established, unless some name has been reserved already.
When you consider alternative names for your business, you can use a business name search to check whether the name has been taken up in Mississippi yet. If it is still available, you may open an account in the Mississippi Secretary of State’s office and apply for a reservation of a business name.
You will have to supply them with all the required data about your enterprise, and you will be charged $25 for the reservation. You will then have 180 days to collect all the necessary documentation before your reservation expires.
3. Recruit a registered agent
A registered agent is either a company or a person responsible for services, plans and documents being in order. When a business has troubles, an LLC hires a registered agent to smooth things with partners, court, check inquiries online etc.
All registered agents in Mississippi may be classified into three main groups, namely
- commercial registered agents,
- non-commercial registered agents,
- a business entity, or entity members.
As stipulated by the Mississippi Secretary of State, any person, organization, or company with an actual physical address in the state may be registered as a statutory agent. However, only commercial registered agents will show on the Secretary of State’s official website. Moreover, in the case of a non-commercial statutory agency, the agent’s name may be used in official documentation strictly upon his or her formal permission.
To register a representative for a business is a primary step for every LLC.
If you want to apply for the services of an established agent, you will find a list of commercially registered agents in Mississippi on the Secretary of State’s official website.
There is no complete schedule of valid registered agents in Mississippi, but many LLCs propose the same service.
Attention: We advise joining an online service to stay aware of all the rules and legal innovations. Online service keeps a business address in safety and confidentiality and removes spam messages. To create a business online and find a registered agent, join Incfile or ZenBusiness. Both provide free and comfortable online services.
4. Choose a business institution and start an LLC
If you are involved in a single enterprise, small business, joint venture, you don’t need to register a business structure as there are no additional formalities in Mississippi.
However, if you prefer to start an LLC or plan to establish a corporation, you have to choose a business structure, sign a statutory agent and so on.
An LLC start is a widespread variant among Mississippi as it requires fewer investments and efforts than a corporation. A proprietor doesn’t bear scrupulous paperwork but often only supply the local authorities with an annual report about earnings and wastings. Another positive feature of starting a small business is a permanently valid personal asset protection that makes an LLC convenient as a business organisation. To know more about LLC’s advantages, read our full article.
Simultaneously several dealers give precedence, not to a small business but a corporation. Though corporations demand much more time, reports, licences, a grand business plan about establishment and advertisement in Mississippi, they also usually bring more profit, development and enclosures than LLCs.
If you aren’t sure about which business object to choose, check our informative article “LLC vs Corporation. What Is the Difference?” Moreover, the Mississippi Secretary of State’s website supplies extensive answers for famous questions. If you need professional consultation, click on a business formation website.
5. Create a personal business site
Nowadays, in a century of sophisticated equipment and technologies, every business should have a business website, for partners and customers. LLC’s site has to own a business name, emblem, plans for the future etc.
In many cases, a website is the only opportunity to make a first impression and attract clients. It isn’t significant to have a bright and beautiful business site. Having a domain name that is easy to remember as it has zero mistakes and encrypted signs is more important.
6. Find out about taxes and payment
If you intend to establish a business in Mississippi, you will most probably have to obtain an Employer Identification Number, which is a federal tax ID number assigned by the local Internal Revenue Service.
Even though both corporate and franchise income taxes are imposed in Mississippi, there is no state income tax for the overwhelming majority of limited liability companies. Nevertheless, depending on what sort of business you intend to do, you will probably have to fulfill some additional tax conditions too. There are all sorts of extra taxes in Mississippi, like petrol taxes, tax retention, use taxes, and tobacco taxes, to name a few.
Fortunately, the process of setting up a business in Mississippi is significantly simplified by the Taxpayer Access Point platform intended to assist you with registration and licensing procedures, insurance, and tax policies, among other things. You can learn more about the platform’s operation on its official website.
You will also do well to check with your city and county as they may have their requirements in addition to the state’s tax law.
You can find additional information about the major cities in Mississippi by following the links below:
7. Gain business licences and certifications
Unlike many states, Mississippi does not impose business licensing at the state level.
Nevertheless, you will probably have to fulfill some additional conditions to receive all necessary permits and licenses, depending on what sort of business you intend to run. You can learn more about business licensing legislation and procedures, and submit all the required documentation on the Mississippi Secretary of State’s official website.
And again, there is an issue of city and/or county licenses, just as it is with taxes, which you can learn more about right here.
8. Care about Insurance for your business
In case your business employs or intends to employ personnel of five or more people, workers’ compensation insurance has to be obtained too as a security measure for both parties, should an employee receive an injury at work.
Moreover, unemployment benefits will have to be paid by the employer, although no actual payment plan has to be drawn up for it.
The Insurance Department, the Workers’ Compensation Commission, and the Department of Employment Security are the most authoritative sources of information about all your insurance obligations and privileges.
Finally, it is important to bear in mind that no matter what type of business you intend to run, it is the employer who is obliged to obtain all necessary protection policies for the employees. There may be some additional policies for better protecting your enterprise, but they are optional, whereas unemployment benefits and workers’ compensation are strictly compulsory.
9. Create a business bank account
A business owner should start a business account and separate business and individual stocks before leading an LLC. Having a checking account isn’t formally necessary for an LLC in Mississippi but secures private assets. We recommend every business proprietor create a business account for services and individual needs.
10. Ask for assistance
Don’t be afraid or ashamed to ask for help when your company faces challenges.
The Mississippi Small Business Development Center strives to create an optimal environment for small businesses in the state, setting Mississippi as an example for the entire nation. With its nineteen branches in different parts of the state, its highly knowledgeable, experienced, and responsive professionals are always available to help you. They will also be able to assist you in making your enterprise grow and prosper.
The second valuable platform is the Mississippi chapter of the U.S. Small Business Administration. Their website determines media releases, business services, SBA programs, small business occasions and so on online.
You might need to prepare many documents per post or online, making a business plan, finding an appropriate business name and start a business in Mississippi. It sounds intricate but doesn’t mean to be something too complicated.
The preparation procedure can look like a headache if you don’t take business seriously or aspire to transfer from theory to practice. Step by step, as it assigns in a business plan will make things easier and more reasonable.
Remember that you don’t have to drag a burden alone with the DIY service. If business administration becomes hard or you don’t have time to control statistics, workers – assistance is always welcome.