The Internal Revenue Service (IRS) issues an Employer Identification Number (EIN), a special nine-digit number, to distinguish a company entity. It is frequently called a tax identification number. Depending on why you require an EIN number, you may or may not be required to pay for it.
You will require an EIN number if you are opening a new business, changing the legal structure of your existing business, or hiring staff. Fortunately, requesting an EIN number is cost-free. You have the option of applying by phone, fax, mail, or online. The application procedure is simple, and once it is finished, you will immediately be given your EIN number.
However, for a cost, some businesses will apply for an EIN number on your behalf. These businesses make the assertion that they can speed up the application procedure or offer extra services like tax planning or legal counsel. Using these services is needless even though it is not against the law. Directly contacting the IRS to apply for an EIN number is a quick and easy process.
The Mississippi Secretary of State’s website allows you to conduct a name search if you’re unsure whether a business name is available in Mississippi. If a specific business name is available for use in Mississippi, this search will show you. You will need to choose an alternative name for your company if the one you want is taken.
If you come across a company that has been dissolved, it signifies that it has been terminated or canceled and is no longer in operation. This may occur for a number of reasons, including failing to submit yearly reports or pay taxes. When a company dissolves, its assets are divided between its owners and creditors, and the corporate entity no longer exists.
You can ask the Mississippi Secretary of State’s office for a copy of your LLC certificate if you need one. The request can be submitted online, by mail, or in person. A certified copy of your LLC certificate will cost you $25.
Finally, there is a big distinction between an LLC (Limited Liability Company) and a DBA (Doing Business As). A DBA is a made-up name that a company uses in place of its actual name. Sole proprietors who desire to conduct business under a different name frequently employ it. An LLC, on the other hand, is a business entity that shields its owners from liabilities. It isolates the business entity from its owners, releasing them from personal responsibility for the debts and legal problems of the business.
In conclusion, obtaining an EIN number is free, and you can do so by submitting an application to the IRS. Running a business in Mississippi necessitates performing a name search, acquiring a copy of your LLC certificate, and comprehending the distinction between a DBA and LLC.
You must submit an Amendment of Certificate of Formation and the necessary filing fee to the Mississippi Secretary of State’s office in order to alter your company name there. The new business name and any other alterations to the original certificate of establishment must be included in the amendment. It is significant to keep in mind that changing your company name can necessitate amending various legal documents and licenses in addition to alerting clients and suppliers of the change.