We’re taking a trip to the south for this week’s 50 States segment with a feature on how to incorporate in Mississippi! Mississippi’s name comes from its iconic landmark the Mississippi River, which flows all the way along its western border. It’s identified as the 31st most populous state.
The Mississippi Delta is another recognizable landmark in the state, famous for its heavily forested grounds. The Delta was historically cleared out for cotton cultivation in the 19th century, but today is famous for its catfish aquaculture farms that provide most of the farm-raised catfish consumed in the United States.
Though their ranking is pretty low on the Forbes Best States for Businesses list, Mississippians have consistently ranked as one of the greatest state contributors concerning charitable donations. Though their personal income is ranked as low, their cost of living is also low. Businesses are mainly attracted to Mississippi because labor costs are about 10% lower than the national average, giving new businesses the chance to start fresh with fewer debts than if they were to start their business in another state.
If you’d like to start your business off at a lower cost than the rest of the country, keep these Mississippi-specific filing requirements in mind when deciding to form an LLC or incorporate in Mississippi.
- All LLCs that are registered in Mississippi are required to name a registered agent in their Certificate of Formation, so be sure to find and designate an RA prior to filling out your forms. The RA can be a resident of Mississippi, a domestic corporation, nonprofit corporation, its own LLC, or a foreign corporation. In each case, the RA must have a physical address in Mississippi where all the business’s legal papers can be delivered.
- Any LLC in Mississippi have to include the term ‘LLC’ somewhere in the business’s title. It can be stated as LLC, L.L.C., Limited Liability Company, Professional Limited Liability Company, P.L.L.C., or PLLC.
- Lastly, don’t forget to file your annual report on time! Annual reports in Mississippi must be filed between January 1st and April 15th. Domestic LLCs are not charged to file their report, but Foreign Limited Liability Companies do have to pay a filing fee and cannot do the filing process online.
If you think The River State is for you and your new business, or you have any questions, give us a call at 1-877-692-6772!