There are specific procedures you must take if you own a Limited Liability Company (LLC) in Mississippi and wish to change its name. This post will give you a step-by-step tutorial on how to rename your LLC in Mississippi.
Step 1: Verify the New Name’s Availability Make sure the new name you have in mind is available before changing the name of your LLC in Mississippi. Searching the internet database of the Mississippi Secretary of State will reveal whether the name is available. You’ll have to think of a new name if the one you choose is already taken.
You need to file the Articles of Amendment with the Mississippi Secretary of State after making sure the new name is accessible. The form can be submitted online or by mail. The current name of your LLC, the new name you intend to use, and the explanation for the change must all be included into the form. A $50 charge is also required of you.
Step 3: Refresh Your Company Records You must update the LLC’s financial records after the Mississippi Secretary of State accepts your Articles of Amendment. This involves changing the name of your company on any contracts, licenses, and permits. The tax ID number and bank account details for your LLC may also need to be updated.
A distribution of profits to LLC members is known as an owner’s draw. You must transfer funds from your LLC’s company account to your personal account in order to conduct an owner’s draw. Your membership share and the income of your LLC will determine how much you can withdraw. It’s crucial to understand that an owner’s draw is not a salary or wage, and neither are tax withholdings or payroll taxes applied to it.
Because an LLC offers pass-through taxation, which means that the earnings and losses of the LLC are reported on the owners’ personal tax returns, it may be a better option for taxes. Because LLCs are not subject to double taxation like corporations are, taxes may be lower as a result. LLC owners can also write off business losses on their individual tax filings.
Does Mississippi require a business license for online sales? Yes, a business license is required in Mississippi in order to do internet business. All businesses, including those operating online, must register with the Mississippi Secretary of State and receive a business license. You are now able to lawfully run your business in Mississippi thanks to the license.
In Mississippi, a business license is a permit that enables you to lawfully run your company within the state. The Mississippi Secretary of State’s office issues the license, which calls for you to register your company’s name, address, and type of business. Additionally, the license guarantees that your company complies with all applicable state laws and rules.