How do I start an LLC in Mississippi?

How much does it cost to start an LLC in Mississippi?

The cost to start a Mississippi limited liability company (LLC) is $50. This fee is paid to the Mississippi Secretary of State when filing the LLC’s Certificate of Formation. Use our free Form an LLC in Mississippi guide to do it yourself.

How long does it take to get a LLC in Mississippi?

To form a Limited Liability Company in Mississippi, file the Certificate of Formation with the Mississippi Secretary of State. The filing fee is $50. Processing time for the LLC typically takes between 3-5 business days when filing by mail and online filings are available immediately.

How do I form an LLC in Mississippi?

How to Form an LLC in Mississippi

  1. Choose a Name for Your LLC. …
  2. Appoint a Registered Agent. …
  3. File a Certificate of Formation. …
  4. Prepare an Operating Agreement. …
  5. Obtain an EIN. …
  6. File Annual Reports.

How do I form an LLC on my own?

To form an LLC by yourself, you need to reserve a business name, appoint a registered agent, file the Articles of Organization, obtain an Employer Identification Number, and open a business bank account. The time and money you need to file an LLC yourself depend on the state where you are filing.

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How much does a business license cost in Mississippi?

**Prerequisites may include registering with the Mississippi Secretary of State. Notes: To obtain (and maintain) this license, the State requires an application, a $50 fee*, extensive supporting documentation, and annual renewals.

What is the downside of an LLC?

Profits subject to social security and medicare taxes. In some circumstances, owners of an LLC may end up paying more taxes than owners of a corporation. Salaries and profits of an LLC are subject to self-employment taxes, currently equal to a combined 15.3%.

Does having an LLC help with taxes?

An LLC can help you avoid double taxation unless you structure the entity as a corporation for tax purposes. Business expenses. LLC members may take tax deductions for legitimate business expenses, including the cost of forming the LLC, on their personal returns.

What’s better Inc or LLC?

Both types of entities have the significant legal advantage of helping to protect assets from creditors and providing an extra layer of protection against legal liability. In general, the creation and management of an LLC are much easier and more flexible than that of a corporation.

How do I reinstate my LLC in Mississippi?

To revive a Mississippi LLC, you’ll need to file the Application for Reinstatement Following Administrative Dissolution with the Mississippi Secretary of State. You’ll also have to fix the issues that led to your Mississippi LLC’s dissolution and obtain a tax clearance letter from the Mississippi Department of Revenue.

How do I close an LLC in Mississippi?

You simply create a corporate filing account with the Secretary of State and complete the dissolution online. You will have the option to do the whole dissolution process and pay your fees online or to print the forms and mail them to the Secretary of State.

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Is an S Corp better than an LLC?

If there will be multiple people involved in running the company, an S corp would be better than an LLC since there would be oversight via the board of directors. Also, members can be employees, and an S corp allows the members to receive cash dividends from company profits, which can be a great employee perk.

Can I use my own name for LLC?

Limited liability companies can use personal names in a variety of ways: first names, last names, initials plus a last name, or a personal name that’s only part of the business name, such as “Joe’s Bar and Grill.” You can also form an LLC under a different name and use your personal name as your DBA or “doing business …

How do I file an LLC for free?

How to Create and File an LLC for Free

  1. Six Steps to Forming an LLC for Free. …
  2. Gather Information. …
  3. Get a Business Name and Address. …
  4. Get the Formation Document From the Secretary of State Website. …
  5. Get a Registered Agent. …
  6. Look at Other LLC Formation Options. …
  7. LLC Paperwork: Fill Out and File the Formation Document.
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