MS Business Facts
Mississippi, also known as the Magnolia State has proven itself as an attractive home to world-class corporations. The business environment is favorable to many of today’s grown industries. With a can-do approach and numerous commercial resources, the great state of Mississippi is a perfect fit for a wide array of industries.
In 2018, Mississippi ranked #10 in the Best States for Doing Business by Area Development. The state was ranked #5 for speed of permitting and licensing and #10 for competitive utility rates, which makes Mississippi a desirable home to energy, aerospace, manufacturing and tourism companies.
Major Companies Headquartered in Mississippi
The Magnolia State has become home to many large corporations, such as Sanderson Farms, Island View Casino Resort, the Ameristar Casino in Vicksburg, The Yates Companies and BancorpSouth.
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 DBA, a Corporation or an LLC. 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:
TIP: search misspellings, plurals, variations of spelling, sound-alikes and other versions of your chosen name to be sure it’s not already registered.
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
Sure, you could do all the steps above or you could spend 5-10 minutes on our order form and let us take care of it while you work on more important things.
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.
TIP: We will obtain your EIN for you if you we form your company.
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.
Setup your Accounting and Record-keeping system and learn about the taxes your new company is responsible for paying.
Company documents generally are required to be kept for 3 years, including: a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments or changes to the company. All Tax and Corporate Filings should be kept for at least 3 years. View our “Accounting & Financial Management” section for help with setting up an accounting system and purchasing accounting software.
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.
If you intend to hire yourself or others as a full or part-time employee of your company, then you may have to register with the appropriate State Agencies or obtain Workers Compensation Insurance or Unemployment Insurance (or both). View our “Employees & Payroll” section for help with hiring employees and processing payroll.
There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles. A decent policy can run as little as $300/year and offers a great extra level of protection. Click here to view our preferred provider of business insurance online.
Prepare the business as if someone needed to take it over and run it for you. This means have a method to process orders, pay bills, pay employees, pay taxes, maintain your permits, etc. Basically, try to make the operational aspect of the business as automated and efficient as possible so you can concentrate on growing your business. View our “Manage Your Company” section for help with systemizing and automating your business.
Now that you’ve set-up the company for success, you need to get the word out. Create a marketing plan for your products and services that targets your ideal customer. View our “Marketing & Sales” section for help for more information.
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 $25.
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
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