Filing a Mississippi Corporation
Many first-time business owners will find that a Mississippi Corporation is advantageous because it offers numerous tax benefits and gains them instant credibility with customers and other entities. However, those looking to form a business must be sure to be diligent and thorough with all administrative and regulatory requirements.
Steps When Filing
Choose A Name
The first thing that new owners will have to do is choose a name for their new company. The state of Mississippi mandates that businesses include an indicator in their name. In this case, owners would need to add something like, “Corporation,” “Incorporated,” “Limited,” “Company,” or any abbreviation of those words, such as “Inc.” Additionally, each business in Mississippi must have a name that is unique to them. To ensure that they will not attempt to register a name that is already in use, owners should use the DoMyLLC Name Availability Check Page.
Choose An Agent For Service Of Process
After selecting a name, owners will then need to choose a registered agent. The registered agent is responsible for accepting all legal correspondence on behalf of the company. The registered agent position is integral to a company’s success. Because the position is so critical, many owners choose to hire a professional third-party company, such as DoMyLLC, to serve in the role.
File Articles Of Incorporation & Pay Filing Fees
Once owners have picked a name and registered agent, they can begin filing the Articles of Incorporation with the Secretary of State’s office. There is a $50 fee to do so. Owners will need to include relevant information on this form, including:
- The name of the company
- Name and address of the registered agent
- Name and address of the officers
- Number of shares the Corporation will authorize
- Signature of the incorporators
File Initial Report
The state of Mississippi does not require a Corporation to file Initial Report. However, owners should be mindful of Initial Reports moving forward, as other states may need them during expansion.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After filing the Articles of Incorporation, members of the Mississippi Corporation can hold an initial corporate meeting. Those who filed Articles of Incorporation are responsible for overseeing the initial meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records. Directors will serve on the board until the next annual meeting of the shareholders, where they will be up for re-election.
Once in place, the board can elect officers and define their roles. They will also need to draft corporate bylaws. Bylaws are an internal operating manual and a matter of corporate compliance. That’s because a Corporation cannot exist or conduct business until the board of directors has adopted a set of bylaws. Although bylaws are not made public, many insurers and banks require proof of them before entering into an agreement with a Corporation.
While at the initial corporate meeting, the board of directors will need to issue stock. They are the only ones with the authority to do so. The board is responsible for issuing stock throughout the life cycle of the Corporation. The Articles of Incorporation should have outlined the amount of stock that the board can issue. The board should also begin to maintain a stock ledger. This should provide significant transparency to investors, thereby protecting the corporate veil.
Obtain Employer Identification Number
Upon request, the IRS will provide an Employer Identification Number to the Mississippi Corporation. The organization will need this number to secure a business banking account and file taxes. The Corporation will also need the number if it wishes to hire employees.
File Mississippi Required Annual Reports
Mississippi requires Corporations to file an Annual Report each year. The report is due by April 15. Companies must pay a filing fee of $23.25. Officers can learn more at the DoMyLLC Mississippi Annual Report page.
In addition to filing Annual Reports, there are other yearly requirements the company must meet. Officers must file both state and federal taxes each year. They must also ensure that all permits and licenses are renewed.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we want to help your business grow. That’s why we offer to handle your administrative and regulatory processes so that you can focus on developing your brand. We’ve streamlined the process to make this more accessible than ever for new business owners. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Mississippi’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
Investing in the services of a quality third-party company like DoMyLLC could help ensure the success of your Mississippi Corporation. Contact us today to learn more.