Mississippi law requires an LLC name to have the words “Limited Liability Company” or the abbreviations “LLC” or “L.L.C.” LLC names can also contain the names of members or managers. Names can be checked for availability by using the Mississippi business name database (https://corp.sos.ms.gov/corp/portal/c/page/corpBusinessIdSearch/portal.aspx?#clear=1). A name can be reserved for up to 180 days by filing the Application for Name Reservation with the Mississippi Secretary of State.
In order to form a Mississippi LLC, the Certificate of Formation must be filed to the Mississippi Secretary of State. The certificate must include information about the LLC’s name and address, the registered agent’s name and address, duration of the LLC’s operations, and the management structure of the LLC. The certificate is required to be filed by postal mail.
A registered agent is required for every Mississippi LLC in order to process legal documents in the state. LLC’s must have at least one member or manager and their names must be included in the Certificate of Formation.
What is an LLC?
LLC refers to a Limited Liability Company, and it is organized by business owners. They have fewer corporate formalities and can be taxed by the IRS as a sole proprietorship, S corporation, or C corporation.
Each state has different requirements and regulations regarding the formation of an LLC. Business owners should check with state laws when considering forming an LLC.
Owners of LLCs are known as members, they can be individuals, corporations, other LLCs, or foreign entities. There is no limit on the number of members an LLC can have. In most states, “single-member” LLCs are allowed, where there is only one owner involved in managing the LLC.
The IRS will treat the LLC as a corporation, partnership, or included in the LLC owners personal tax return. A domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless they file Form 8832 and elect to be treated as a corporation.
LLCs carry tax advantages over other forms of business such as limited partnerships. The owners of an LLC do not assume personal liability for business debt, and any losses of the LLC can be used as tax deductions against active income.
An LLC can be formed through the state business formation process or consulting with LegalZoom.