The Mississippi Limited Liability Company law is a relatively new statute for those who do business in the state. In 2021, the secretary of state began posting the information on the web sites for all of the member states. All of the information is posted in the order that it was received by the Secretary of State. If you have any questions concerning your legal status and need to register with a mississippi llc, contact the office of the Secretary of State.
According to the Mississippi Limited Liability Company law, a mississippi llc is a separate legal entity from its owners or ownerships. The legal name of the company is called a "holder" of the LLC. The members are called "assignees." The primary purpose of a Mississippi LLC is to operate a business entity. It is very similar to how corporations are formed, except that a number of differences appear in the operating agreement between a sole proprietorship and a Mississippi Limited Liability Company.
To incorporate in the state of Mississippi, you must first obtain an operating agreement. The name must be the same as the name of the company. Your address, capital, and daily operation must be exactly the same as the name of the company. You cannot incorporate two different business entities.
What Is a Mississippi Limited Liability Company?
All of the information that you provide to the Mississippi secretary of state must include a complete list of the LLC's members, each person's address, and each person's designation. The name and address of each member must be exactly the same as the name and address of the company. If any member should change, the new name and address must be recorded on the current certificate of formation. Your certificate of formation will be filed with the Mississippi Corporation Commission. This means that your company will need to obtain a new license to do business in the state.
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Forming a Limited Liability Company is not difficult. But there are several considerations that you must make before you begin. First of all, when you are forming a Limited Liability Company, you must comply with the applicable federal and state laws. This means that you must comply with the Income Tax Code, the IRS Code, and the state laws concerning corporations. You must inform the state of your intent to form a liability company promptly. Failure to do so will result in the cancellation of your certificate of formation.
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Another requirement of the Mississippi Limited Liability Company law is that the personal assets of the business owner or owners are protected from the creditors of the company. This protects the assets of the personal liability protection owner from the lawsuits of the creditors. The Mississippi Limited Liability Company law also requires that the owners of the company have their personal assets in a separate bank account. It is also required that the company name is included on the books of the bank.
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Forming a Limited Liability Company is often much less expensive than most people believe. The costs of incorporating can vary widely depending on the type of corporation that you choose to incorporate. For instance, when you incorporate a sole proprietorship, you will not be required to pay the filing fees for the Mississippi Limited Liability Company. Forming a partnership also has a wide range of costs; there are fees associated with incorporating partnerships, as well as the need to provide public reports regarding the business and its profits.
Although the Mississippi Secretary of State issues permits to corporations and limited liability companies, they may only cover the costs of recordkeeping, advertising, and publishing the annual reports. Forming an LLC does not require a permit to conduct business in the state. The Mississippi limited liability company law does require that you register and pay taxes on your new business.
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