Mississippi Business Facts
Mississippi is one of the best states in terms of agriculture. Thirty percent of the labor force in the Magnolia State works in farming. Every year, the agriculture industry produces $6.3 billion. Another reliable industry in Mississippi is fishing. The state is one of the main suppliers of fish to grocers. It also supplies fish throughout the country.
Major Companies Headquartered in Mississippi
Mississippi is the headquarters of many major companies including Sta-Home Health Agency, Sanderson Farms, Greek Orthodox Church Of Holy, The Yates Companies, Inc., and NMMC.
The startup environment in Mississippi reaches in various forms such as investment groups, technical resources, incubators, and entrepreneurship groups. Technical resources assist entrepreneurs in developing their infrastructures necessary for expansion. Entrepreneurship Groups enable entrepreneurs to share best practice and form partnerships as well as mentoring opportunities. The Investment Groups offer the needed capital through venture and angel capital. The incubators offer a working environment that includes office space, meeting rooms, and administrative services.
There are 3 basic options: a Corporation, LLC or DBA. Click here to learn more about business entities.
Choosing a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the less times you have to do that the better). In Step 3 we’ll show you how to search for the name in Mississippi, but we highly recommend you do the following before searching Mississippi state databases:
NOTE: Familiarize yourself with the Mississippi naming guidelines. LLC entity names need to contain the words Limited Liability Company or the abbreviation LLC, and certain words are restricted or prohibited.
Restrictions on Mississippi Business Name & Business Purpose
Each state has its own requirements for registering a business. Now that you’ve chosen a business structure and selected your business name, here are the requirements to register your business in Mississippi.
How to form an LLC in Mississippi
TIP: Speak to your tax advisor about this important issue because it adds complexity to your LLC most people would rather avoid.
How to Incorporate in Mississippi
Considerations when incorporating or forming an LLC in Mississippi
How to File a DBA in Mississippi
Your EIN is like your Social Security Number for your company. It’s required for Corporations and LLC’s and optional for DBA’s (if you don’t have any employees, then it’s required). However, if you are a DBA and don’t obtain an EIN you will be forced to use your Social Security Number on many documents so it’s typically recommended you obtain the EIN to prevent identity theft.
You can read more about corporate tax laws in Mississippi on the Mississippi Department of Revenue Taxation Division site.
Optional Considerations when registering a Mississippi business
Ready to register a business in Mississippi?
To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork, b) your EIN and c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).
Top 5 Major Banks in Mississippi
TIP: Our business formation service includes a free banking resolution for your use.
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
TIP: We work with a company that can obtain and prepare business licenses and permits for you. Click here to learn more.
DBA: Your Fictitious Business Name should be valid for 5 years (unless you change company name or other information listed on the FBN) at which point you’ll need to renew it with the county.
LLC: Mississippi corporations are required to file a Periodic Report with the Mississippi Secretary of State each year by April 15, in addition to general taxation. Information on your business’ taxes can be found here.
Corporation: Business in Mississippi should file a report annually by April 15 with the Secretary of State of Mississippi. The filing fee is $24.
Business Services Division (for Corporation and LLC filings)
125 S. Congress Street
Jackson, MS 39201
P.O. Box 136
Jackson, MS 39205-0136
Mississippi Taxation Departments
Mississippi Labor and Employment Departments
Mississippi Startup Resources
1. Small Business Administration (SBA) Mississippi District Offices
2. SCORE Mississippi
3. Mississippi Legal Statutes:
6. Angel.co Mississippi Startups
7. Mississippi Business News
9. Mississippi Small Business Development Center
Wow loved it thankyou! I dreaded making this for a month thinking it would be a hassle. It wasn't thanks to you guys!
Excellent in all aspects. Perfect for new business owners with limited resources but wants to start it off right.