How Much Does It Cost to Register a Business Name in Mississippi?

For any entrepreneur wishing to launch a company in Mississippi, registering a business name is a necessary first step. Depending on the kind of business structure you decide to establish, the cost of registering a business name in Mississippi will vary. Limited liability companies (LLCs), corporations, partnerships, and sole proprietorships are among the business structures that the state permits.

You do not have to register your business name with the state if you are a lone owner or a partner in a partnership. Though the cost of a business license varies based on where you live, you might need to apply for one with your local government.

Articles of Incorporation for corporations must be submitted to the Mississippi Secretary of State. Articles of incorporation require a $50 filing fee. Additionally, the state levies a $25 filing fee for yearly reports. You must submit Articles of Organization to the Mississippi Secretary of State for LLCs. Articles of Organization must be filed for $50. The state furthermore levies a $50 annual report fee.

All firms operating in Mississippi are required to submit a state tax return in terms of filing a Mississippi tax return. For each type of business, the Mississippi Department of Revenue offers a unique tax form. For instance, corporations must submit Form 83-105, but LLCs must submit Form 83-180.

Depending on the kind of business and the revenue earned, different business taxes apply in Mississippi. While LLCs are taxed as pass-through entities, meaning that the business revenue is reported on the individual owner’s personal tax return, the state charges a corporate income tax rate of 5%. You must be at least 21 years old and have a physical address in Mississippi in order to be a registered agent there. You have two options for handling the duties: either nominate yourself as the registered agent or engage a reputable registered agent service. Legal paperwork and notifications must be delivered to the registered agent on behalf of the company.

Although LLCs have several advantages, like limited liability protection and pass-through taxation, there are some drawbacks to take into account. An LLC can be more expensive to establish and manage than other business arrangements, which is one of its main drawbacks. Additionally, investors and lenders might not view LLCs as having the same level of credibility as corporations.

In conclusion, the type of business structure you decide to establish will affect how much it will cost to register a business name in Mississippi. While corporations and limited liability companies (LLCs) must submit Articles of Incorporation or Articles of Organization with the Mississippi Secretary of State, respectively, sole proprietorships and partnerships are not required to register their company name with the state. The amount of business tax varies depending on the type of business and the amount of revenue earned, and all businesses operating in Mississippi are obliged to file a state tax return. You must fulfill specific standards and can either appoint yourself or use a professional agency to become a registered agent in Mississippi. Finally, while LLCs have a lot of benefits, there are a few drawbacks to take into account.