Although starting your own business might be challenging, it can also be quite rewarding. What kind of business entity to incorporate will be one of your initial decisions. For many small business owners, an LLC, or limited liability company, is a popular alternative. But is a lawyer required to form an LLC?
No, you do not require legal counsel to form an LLC, to put it briefly. Actually, you can complete it yourself. But there are certain advantages to working with a lawyer to guide you through the procedure. A lawyer can give you legal guidance and make sure your LLC is set up properly. Additionally, they can assist you in creating your operating agreement and other crucial paperwork.
Starting an LLC is a pretty simple process if you decide to do it alone. The Secretary of State’s office in your state will need to receive your LLC’s articles of incorporation and the name you have chosen for it. Additionally, you’ll need to request an EIN from the IRS, which stands for employer identification number. This ultimately serves as your company’s tax ID number.
How do I submit my business taxes in Mississippi in light of this?
You must submit a Form 1065, a partnership tax return, as an LLC. Additionally, you must submit a Mississippi state tax return. To make sure you are completing your taxes properly, it is always a good idea to speak with a tax expert.
Does Mississippi require a business license for online sales? Yes, a business license is required if you are selling goods or services online in Mississippi. Through the Secretary of State’s office, you can do this.
You must register with the Mississippi Department of Revenue in order to receive a seller’s permit in Mississippi. This can be done by mail or online. After registering, you will receive a permit that will enable you to charge sales tax for purchases made in Mississippi.
In conclusion, employing a lawyer has advantages even though you do not need one to form an LLC. If you choose to go it alone, the procedure is rather simple. Just be sure to get an EIN, submit your taxes accurately, get a company license, and, if required, register for a seller’s permit. You may launch a prosperous small business on your own with some effort and drive.