Form an LLC in Mississippi for Free with Tailor Brands

Choose a unique and relevant business name to register that your customers can easily remember. It must be distinguishable from the name of any other foreign or domestic business entity registered in the state of Mississippi.

You can confirm your chosen LLC name’s availability by conducting a business name search online. Also, ensure that you follow the LLC in Mississippi naming conventions, including adding words like “LLC” to it.

After choosing a name for your LLC in Mississippi, consider reserving it till you officially register your LLC. This helps protect the LLC name from being taken by another Mississippi business entity before you form your LLC in Mississippi.

While at it, secure a matching domain name for your business website. If a good domain name is not available for your selected business name, you might have to consider changing your name or filing a DBA and getting a matching domain name.

In any state where you conduct business, you need to have an official address where someone is available during business hours to receive all business correspondence. This individual or business is called a registered agent. 

You need a local LLC’s registered agent service to receive the legal documents on behalf of your LLC in Mississippi. This could be an individual or a business, but they must be a state resident or authorized to do business in the state.

You may form a single-member or multi-member LLC, depending on the number of co-owners of your Mississippi LLC. You also need to choose between a domestic LLC in Mississippi or a foreign LLC, depending on your needs.

You can also opt for a professional LLC. This is for Mississippi limited liability companies that offer services permitted only by licensed professionals, such as law attorneys, dentists, architects, accountants, or bookkeeping services.

Even though you can complete this step after registering your LLC in Mississippi, we recommend handling it earlier. A written operating agreement gives you a clear vision of your future business, including how it should be run.

LLC operating agreements list down all that pertains to running your new business, including conflict resolution, rules of governance, members’ rights, and more. It’s a must-have document if you want to run your LLC in Mississippi efficiently.

One of the most crucial parts of forming an LLC in Mississippi is to file a Certificate of Formation, which is done through the state’s online filing system. This will allow your LLC in Mississippi to legally run its operations within the state. 

You can file your certificate online or print and mail it to the SOS’s office. The filing fee is $50. We recommend filing online as it is the fastest and most efficient way. Tailor Brands can file it on your behalf, further simplifying the process.

All newly formed LLCs in the US must acquire an Employer Identification Number (EIN) from the Internal Revenue Service, except for single-member LLCs. The EIN is a nine-digit number that acts as a social security number for a business. 

It comes in handy when opening a business bank account for an LLC in Mississippi and other states and filing tax returns, among other things. You don’t need to pay any fee when applying for an EIN, but you’ll need a taxpayer identification number.

Your LLC in Mississippi must have its own bank account to maintain its limited liability status. If you mix personal and business funds, you risk being held personally liable for damages against your limited liability company in Mississippi. 

Opening a business bank account also helps you establish a banking relationship for your LLC in Mississippi when you want to secure loans. You’ll need your operating agreement, EIN, and LLC Certificate of Formation to open an account.

Even after registering your LLC in Mississippi, you still won’t be able to operate until you acquire all the needed business licenses and permits. The required licenses will depend on the nature of your business and its precise location. 

Even though a state-level business license is not required in Mississippi, some counties and cities need various permits and licenses for businesses. These include zoning permits, occupational permits, and trader’s licenses.

One of the perks of setting up an LLC in Mississippi is that you have the freedom to decide how you wish to be taxed. Mississippi limited liability companies can be taxed as a C-corp, sole proprietorship, S-corp, or partnership.

Check with the Mississippi Department of Revenue to see if your LLC in Mississippi is subject to any state taxes. It’s important to note that Mississippi has a sales tax rate of 7% and a flat 5% individual income tax rate before you make a choice.

Once you’ve formed your LLC in Mississippi, file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). It’s a new requirement, and failure to comply may attract up to $500 per day in civil fines.  

If you start your LLC in Mississippi between Jan 1 2024 and Jan 1, 2025, you’ll have to file your BOI report online within 90 days from the formation date. After Jan 1, 2025, you’ll have 30 days to file the report. There’s no filing fee.

All Mississippi LLCs must file annual reports once every calendar year with the Mississippi Secretary of State. The annual reports can be filed online anytime on or after January 1st of each year and are due by April 5th of the same year.

An annual report provides the state with information about your LLC in Mississippi, including if it has changed ownership. You need a state-issued Business ID Number to file the report. The filing fee for foreign LLCs is $250 and domestic LLCs is $0.

Both big and small businesses need a website to conveniently offer information about their businesses to potential customers. Use professional web design services to get your website up and running and ensure a good user experience. 

With your LLC’s website already established, set up social media channels next. Choose one or two social platforms that are most relevant to your business. These platforms should be the ones your target audience uses the most. 

Your legal obligations don’t end once your LLC in Mississippi is up and running. You must stay updated on ongoing legal and tax requirements to ensure you remain compliant with the state’s laws and regulations in the long term. 

For example, you must file your annual report every year, as we previously mentioned. You’ll also need to fulfill certain requirements for your LLC in Mississippi, such as paying local taxes and employer taxes, obtaining city licenses, and so on.

The Lite plan is a great starting point for basic LLC formation. It’s completely free, apart from state fees. Here’s what you get:

• Free initial LLC formation: Tailor Brands handles all the paperwork preparation and filing to form your LLC in Mississippi. You only cover the state filing fees — no extra charges or fees from them.

• Business coaching program: Gain valuable business tips and advice to grow your LLC in Mississippi. The free plan comes with a business coaching program with expert resources and tools to set up your operation. 

• Basic support: You’ll receive access to Tailor Brands’ support team for guidance throughout the formation process of your LLC in Mississippi. They’ll address any questions or uncertainties you may have.

If you’re considering a budget-friendly way to start your LLC in Mississippi, this plan is perfect for you. Tailor Brands provides business services other than this, but you may have to upgrade to a paid plan to access them.    

Price: $0 (plus state fees)

Basic LLC formation services are provided on the Essential plan. It also includes extra features to keep your LLC in Mississippi running smoothly, including:

• Expedited processing: Compared to the 14 days it takes to process your application on the Lite plan, you can speed up your LLC formation process to 2 days. Your paperwork is prioritized to ensure faster filing and approval.

• Annual compliance support: Stay on top of annual filings and deadlines with timely reminders. Tailor Brands ensures you don’t miss important compliance requirements, keeping your LLC in Mississippi in good standing. 

• Amazon gift card: Enjoy a $30 Amazon gift card upon subscribing to this plan. This bonus can be used for various startup expenses, providing a valuable financial boost for your LLC in Mississippi.

• Operating agreement support: Access tools to draft a professional operating agreement for your LLC in Mississippi. This document outlines your LLC’s structure and is essential for defining roles and responsibilities.

Price: $199/year (plus state fees)

The Elite plan is the all-in-one option for starting and branding your Mississippi LLC. It comes with these extra tools and services:

• 1-year domain registration: Secure a custom domain name for your LLC in Mississippi at no extra cost for the first year. This can help you establish a professional online presence right from the start.

• Custom logo designs: As part of the branding features Tailor Brands offers, you’ll receive a set of eight professionally crafted logos. With these, you can establish a strong brand identity for your LLC in Mississippi.

• Website and store builder: With the Elite plan, you can create a professional website or online store for your LLC with easy-to-use tools. You don’t need technical skills to design and customize your site.

• Social media toolkit: With this toolkit, you can easily create social media content for your LLC in Mississippi. Use templates and tools to design eye-catching posts and promote your business across all platforms.

• Business card tools: Design both digital and physical business cards for networking and branding. You can customize your cards to reflect your unique brand identity and share them easily with clients and partners.

Price: $249/year (plus state fees)

Apart from its plans, Tailor Brands offers extra services to help your LLC in Mississippi operate successfully, such as:

• Business licenses and permits: Tailor Brands’ team of experts can walk you through local and state requirements for obtaining the right licenses and permits for your LLC in Mississippi to avoid penalties.

• EIN application: The IRS requires business entities to have an EIN for hiring employees or opening a business bank account. Tailor Brands simplifies the application process for your LLC in Mississippi, saving you time.

• BOI report filing service: Tailor Brands offers a streamlined solution for filing Beneficial Ownership Information (BOI) reports. Late filing could incur $10,000 in fines, but professionals handle the filing process to ensure timely filing. 
• Invoicing and bookkeeping tool: Stay organized and in control of your business’s cash flow. Tailor Brands offers an easy-to-use bookkeeping tool to perform financial tasks like tracking expenses, sending invoices, and more.

• Business banking setup: Opening a business account is one step on the business startup checklist for tracking income and expenses. With Tailor Brands, you can set up a dedicated bank account for business transactions.

• Trademark registration service: Tailor Brands assists with filing the necessary applications to secure trademarks for your LLC’s name, logo, or slogan in Mississippi. This can prevent others from copying your identity.