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Forming an LLC in Mississippi
Forming an LLC in Mississippi is not an arduous task, but for the busy business owner there is of course always the option of letting a professional incorporation company deal with the paper work. Regardless of your choice, it is always advisable to let an attorney take a look at the Operating Agreement for the LLC, because an insufficient or improper Operating Agreement can lead to IRS problems in the future.
Forming an LLC in Mississippi in 5 easy steps
- Select a name for your LLC. Make sure that the name is not already occupied by another LLC or violates any trademark. The name must also include a so called LLC identifier, such as “Ltd Liability Company” or “L.L.C.”. When forming an LLC in Mississippi, there are several restrictions to take into account. You cannot use the terms “bank”, “banking”, “banker”, “bankers”, “insurance”, “trust” or “trust company”. An LLC is not allowed to have a name that contains the words “incorporated”, “corporation”, “limited partnhership” or “partnership”. Combinations and/or abbreviations of such terms are also prohibited, and so are words of similar import.
- File the Articles of Organization with the Mississippi State filing office.
- Carry out an organizational meeting where the Operating Agreement for you LLC is formally adopted.
- Get a Federal Employer Identification Number (FEIN) for your LLC and arrange for a company bank account to be set up.
- Apply for local business licenses for each city or county in which your LLC will do business.
Important facts to take into consideration before forming an LLC in Mississippi
- The minimum LLC state filing fee is very low in Mississippi, no more than $50.00. (For 25 business days.)
- For an LLC formed in Alabama, the Annual Report fee is equally low: $25.00. The Annual Report is due by January 1st each year.
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