LLC In Mississippi: Everything You Need to Know
An LLC in Mississippi is a Limited Liability Company formed with the Secretary of State (SOS) in the state of Mississippi. 4 min read
To form an LLC in Mississippi, you must:
- Determine a business structure
- Choose a name
- Choose a registered agent
- Complete the Articles of Incorporation
LLC in Mississippi Formation
The Mississippi Code of 1972 – Title 79, Chapter 29, Revised Mississippi Limited Liability Company Act governs all LLCs formed in the state.
LLC startups must pay a $52.12 filing fee and wait five business days for processing. Or they can pay a $60 fee for rush filing and wait a shorter time of 2-3 business days.
Lay Out the Structure
When forming an LLC, you first want to determine the size of the business. Single-member LLCs have only one member (the owner) and no others, so this individual fulfills all the business roles in the company. Multi-member LLCs have more than one member or owner, so the duties required of each of the members will need to be spelled out clearly in the company's formation documents.
The state of Mississippi requires all LLCs to have official offices like corporations do, such as a president or CEO, but the state doesn't require the use of those specific titles.
You'll want to decide the greater roles of your LLC's members like whether they will play management roles or merely hold stock in the company. Some members can do both. Again, these specific roles and rights should be laid out before the company begins doing business to avoid any future issues.
The LLC owner or members may name members of the company who are just nominal members but don't hold any power or responsibility in the business.
Pick a Name
As you are deciding how to structure your LLC, you'll also want to choose a name for it.
Performing a name search on the Secretary of State website is a good way to make sure the name you choose is available for use within the state of Mississippi.
You'll also want to make sure the name is easy to search and remember for future customers.
Naming guidelines vary from state to state, so be sure to follow the requirements for Mississippi.
LLC name rules include:
- The entity name must include "Limited Liability Company" or its abbreviation like L.L.C. or LLC.
- Certain words used in a name require proper licensure and paperwork, like bank, attorney, or university.
- Certain words cannot be used under any circumstances to avoid confusion, including FBI, treasury, and others.
- The name has to be completely unique and different from other entities established in the state.
You'll also want to perform a domain name search to make sure that your desired business name is available for a website. Even if forming a business website isn't your first step, you'll want to know that the name is available down the road when you're ready. To make sure the domain stays available, you can purchase it from an online company.
During your search for a business entity name on the SOS website, you can reserve your desired name to avoid losing it as you're filing paperwork and waiting for approval. Simply fill out the appropriate application found on the site, pay the $25 filing fee, and you'll have the name saved for 180 days.
Keep your future business email address in mind while choosing a name. Google has plenty of tools available for business owners like apps, top online security, cloud storage, and professional email addresses.
Choose a Registered Agent
Every LLC must designate a registered agent. This is the individual who will accept official legal correspondence and important state papers on behalf of the company.
A registered agent must be a resident of the state in which the LLC is formed (or an individual in a corporation which has been granted access to do business in the state).
Complete Articles of Incorporation
The SOS requires all LLCs to file Articles of Incorporation (also known as a Certificate of Formation).
Information required on this filing includes:
- LLC name and address
- Registered agent name and address
- Planned duration of the business (can be continual or for a set time period)
- Management plan for the business (member-managed or manager-managed)
File these formation documents online or print out the forms and mail them in. The $50 filing fee may be submitted via mail on a paper check with the printed-out form, or online using the website's system.
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