How Much Does Mississippi LLC Cost? (All Fees Revealed)
Thinking of forming an LLC in Mississippi? With potential benefits including limited liability protection, asset protection, and pass-through taxation, an LLC can be a great choice for many businesses. However, understanding the full cost of setting up and maintaining an LLC in Mississippi is key to making sure you are making the right choice. This article will reveal exactly how much an LLC costs in the Magnolia State, taking into account all the total fees one needs to consider before starting your business journey.
Ready to Start your own LLC? Let’s get going but if you don’t know how to start your own LLC take a look at our easy step-by-step guide on how to start your own LLC in Mississippi.
- Hire Professionals for Mississippi LLC (from $0 + state fees)
- Quick Costs for Mississippi LLC Breakdown & Best Options
- How Much Does an LLC Cost in Mississippi?
- Other LLC Filing Costs (Additional)
- Main Pros & Cost-Efficiency of Incorporating a Mississippi LLC
- Five Basic Steps to Start an LLC in Mississippi
- Key Steps for Maintaining a Mississippi LLC
- Keep In Mind: Plan Your Expenses
- Get Professional Help in Forming an LLC in Mississippi
Quick Costs for Mississippi LLC Breakdown & Best Options
|Who forms the LLC?
|You form the LLC in Mississippi yourself
|$114 =($50 Filing fee+ $25 Name + $25 DBA+ $14 Certificate of Good standing)
|by using ZenBusiness
|$0 + state fees
|by using Northwest Registered Agent
|$39 + state fees
|see our other best-rated LLC service providers
How Much Does an LLC Cost in Mississippi?
If you’re looking to start an LLC in Mississippi, the process is simple and affordable. For just $50 paid directly to the Mississippi Secretary of State upon filing your LLC’s Certificate of Formation, you can be well on your way toward business ownership!
Mississippi LLC Online Filing Fee ($50)
One of the primary expenses associated with forming an LLC is to pay the modest $50 fee when submitting your Certificate of Formation online to the Mississippi Secretary of State.
Along with the LLC filing fee in Mississippi, you must take into consideration additional costs when forming an LLC (Limited Liability Company).
Learn more about LLC expenses in each state by exploring our How to Form an LLC guide. Take a look today, so you can get your business off the ground running!
Mississippi Annual Report Fee ($0)
Mississippi mandates Limited Liability Companies (LLC) to file an annual report with the Secretary of State, and it’s free of charge.
Mississippi Registered Agent Fee ($29 or $125)
By utilizing a registered agent service in Mississippi, you can ensure that your enterprise will remain compliant with all regulations and avoid any late fees by keeping track of crucial filing deadlines. Furthermore, being able to be your own registered agent allows for even more control over these processes.
- Northwest Registered Agent is the perfect choice for those seeking to establish a new business and gain access to a registered agent, with packaging starting at only $29 + state fees!
- When you only require a registered agent, Northwest Registered Agent is the perfect solution. Their exceptional service comes at an unbeatable price of $125!
Cost to Form a Foreign LLC in Mississippi ($250)
If you seek to extend your business into Mississippi and currently have an LLC registered in another state, registering as a foreign LLC is necessary. To do this in the Magnolia State, registration of your outside-state LLC with Mississippi’s Secretary of State is required.
To register a Mississippi foreign LLC, you need only pay the reasonable fee of $250. You can do so by submitting an Application for Registration of Foreign Limited Liability Company to begin your business journey!
For more Information Visit:
Cost of Filing Formation Certificates
The main expense associated with forming a Mississippi LLC comes from the Certificate of Formation. The cost may vary depending if you are setting up a domestic or foreign LLC; however, both can be filed at the Mississippi Secretary of State’s office.
|Annual Report Fee
|Name Reservation fee
Business Permits and Licenses
If you’re looking to form an LLC or any other business structure in Mississippi, then understand that it is necessary for your company to acquire the appropriate federal, state and local permits/licenses based on its industry and location. Without these documents, your organization will not be legally allowed to progress with operations.
Depending on where you are and what business you’re in, the fees related to obtaining a license or permit can range from low cost to high. Licenses often come at the state level while permits originate from cities, townships, and counties. You’ll find that most of these costs won’t be too significant.
Other LLC Filing Costs (Additional)
Forming an LLC can come with additional costs beyond the basic fee – be sure to consider these when budgeting for your business!
LLC Name Reservation ($25)
If you want to guarantee that your LLC name is reserved for up to 180 days, simply fill out an online LLC Name Reservation form and pay the $25 filing fee.
“Doing Business As” (DBA) Name ($25)
Create a unique business name for your LLC by filing a Fictitious Business Name Registration and paying the nominal $25 fee.
Certificate of Good Standing ($14)
Are you in need of a Mississippi Certificate of Good Standing? Then the Secretary of State has just what you need! For only $14, it can provide your financial institution with all the proof they require. Don’t wait around; order yours today and get back to business as usual.
LLC Taxes (varies)
Establishing an LLC in Mississippi comes with a range of taxes that vary from year to year, making it difficult for owners to estimate their annual costs.
Some of the taxes LLC owners pay include:
- Federal taxes
- State income tax
- Local income tax
- Business Insurance taxes
- Self-employment taxes
- Mississippi sales tax (aka sales and use tax)
- Payroll tax (if you have employees)
- Property tax (if the LLC owns property)
With Mississippi LLC taxes depending upon the industry and volume of business, we cannot offer an estimated calculation. Every Mississippi Company is unique and your specific situation will dictate what taxes are applicable to your LLC.
Cost for Hiring an Accountant
To ensure that your small business in Mississippi is paying the most accurate taxes, it’s essential to work with a professional accountant.
The cost of hiring an accountant can vary, but on average they may charge around $300 annually for a straightforward tax return and up to around $900 if you require something more intricate.
Costs Change Often. Where Can I Find the Most Up-to-date Cost & Tax Info?
If you have any inquiries regarding the price of establishing a Mississippi LLC, don’t hesitate to reach out to the Mississippi Secretary of State.
Main Pros & Cost-Efficiency of Incorporating a Mississippi LLC
Incorporating a business entity in the form of a Mississippi LLC provides a host of benefits, particularly when it comes to cost efficiency. Not only is there no corporate or business income tax associated with an LLC, but business documents are easy to file and business licenses need to be acquired one time only.
Additionally, filing fees are generally much lower than other business entities. With all this taken into consideration, along with many other advantages that come with an LLC, it becomes clear why the Mississippi LLC is such an attractive option for business owners looking to enjoy the benefits of a business entity without breaking the bank.
Five Basic Steps to Start an LLC in Mississippi
To know everything on how you can start an LLC in Mississippi yourself — check out our guide here.
- Name Your Mississippi LLC
- Choose a Registered Agent
- File a Certificate of Formation
- Create an Operating Agreement
- Get an EIN
Key Steps for Maintaining a Mississippi LLC
When you complete each item in the previous sections you should concentrate on keeping your LLC up to date. This process begins with opening business bank accounts. It helps keep business and personal expenses separate and it also helps greatly in the administration of your taxes. You should also maintain an accurate history of all transactions relating to the LLC. The resulting documents will contain all your invoice sales as well as information relating to your employees.
Keep In Mind: Plan Your Expenses
Your budget spreadsheet will probably seem quite crowded, but don’t worry! This usually represents just one fee and is not worth paying again. Plus, there are no surprises in the registration process for LLCs in Mississippi. Once this fee is gone, it gives you a chance to expand your business and make profits. You should pay recurring fee to your business to avoid financial failure in the future.
Get Professional Help in Forming an LLC in Mississippi
It can be difficult and time-consuming to form a Mississippi LLC all by yourself.
That’s why we decided to give you a few of the best options for professional services that can help you start an LLC in no time & with 0 effort!
#1 – Create an LLC in Mississippi Using Northwest Registered Agent
Northwest has vast experience in creating LLCs and Corporations. They by far have the best support and client satisfaction rate. We’ve used and tested them ourselves and can guarantee that they’ll do an exceptional job for you.
You can read our full & extensive Northwest review here.
Review count: 4850+
Form an LLC today with Nortwest. They have 98% customer satisfaction rating and over 4150+ verified reviews. They will include 1 year of free registered agent service!
#2 – ZenBusiness can help you form an LLC in Mississippi
ZenBusiness is one of our top-rated LLC services as well. They have a super value-to-price ratio. And it’s perfect for those who are looking for the cheapest option to form their LLCs. When we tested their service — they’ve done a great job, so we can honestly recommend them.
To know more about them — read our full ZenBusiness review here.
$0 + State Fees
Review count: 4830+
Form an LLC today with ZenBusiness for only $0 + State fees. They Have 98% customer satisfaction rating and over 4830+ verified reviews.
Do you have to pay for a Mississippi LLC every year?
Mississippi LLCs are exempt from state fees annually, yet they must file an annual report.
Is an LLC really necessary?
Forming an LLC can be a valuable decision, as it offers protection to your personal assets in the case of any business-related loss. This includes instances like lawsuits and unpaid debt that might otherwise leave you vulnerable. Regardless of how little risk or liability your small business may have, we highly recommend forming an LLC for optimal security!
Can I pay myself a salary from my LLC?
If your LLC has been taxed the default way by the IRS, you can offer yourself a salary from it; however, this payment will be known as a draw or distribution.
Is an S corp better than an LLC?
An S corporation (S corp) is an IRS classification, not a specific business structure. In actuality, an LLC can be taxed as either the default or an S corp method. Depending on the nature of your enterprise, embracing the taxation of your organization as an S corp could offer many advantages.
What’s better: sole proprietorship or LLC?
For businesses that have an insignificant risk of liability, a sole proprietorship is the ideal business structure since it provides no protection from personal accountability.
How much does a Mississippi business bank account cost?
The prices of a bank’s monthly fees can range anywhere from $10 to $20. Fortunately, there are ways you can avoid them altogether – such as making direct deposits or maintaining the minimum balance required by your financial institution. Doing so will enable you to evade those pesky charges and help maximize your finances!
How long does it take for LLC to be approved in Mississippi?
The LLC’s filing time normally varies between 3 and 7 business days, depending upon the company and the state of Mississippi. A fee can be incurred for completing your application faster. However, document processing may change depending on different factors.
How much is it to add a agent to a LLC in Mississippi with Secretary of State?
How do I become a Registered Representative Online? You will also be able to get information on registering an attorney and forming an LLC online. A $50 filing fee is required.
Do I need to hire an attorney to form an LLC?
It is not mandatory to employ a lawyer in order to form an LLC in Mississippi. In fact, you are free to complete the process yourself if it suits your needs! Although, some may choose to hire legal counsel as their LLC has intricate ownership and management structures, investors or necessitates industry-specific paperwork. While there’s no one set fee for business attorneys across the board, generally speaking they charge between $800-$2500 for forming an LLC.
What is the cheapest way to get an LLC?
You can save a great deal of money when it comes to establishing an LLC by taking care of the formation process yourself, creating your own operating agreement, serving as your own registered agent and obtaining your Employer Identification Number (EIN).