DOWNLOAD PDF HOW TO START A BUSINESS IN MISSISSIPPI

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1 Chapter 1 : Business blog.quintoapp.com Take Action: Start close to home. Start with your neighbors. Start with local clubs and organizations. Use local internet search. No matter what state you do business in, because of the size of today's marketplace you simply have to refine your approach or you'll get lost. Plan Your Business Successful businesses are built through careful planning. Before committing a significant amount of money and other resources toward your business, critically analyze your idea and create a game plan. At a minimum, you should have good answers to the following questions. Product Development What problem does your business solve? What will set your product or service apart from the competition? How will you get their attention and convert them into buyers? People and Partnerships What roles will you need to hire and what professional relationships will you need to form in order to succeed? Financial Planning How many clients or sales will you need in order to break even? How much money will it take to get there, and where will you get the funding? Start Planning Our Business Planning Guide helps you analyze your business idea and gets you access to free planning tools. Find organizations in your local area that can assist you with planning. Form your Business Registering your company as an Mississippi business entity, such as an LLC or a Corporation, has two major advantages: Increased credibility Protection from personal liability in the event your business is sued For most small businesses, registering an LLC is a great option. In comparison to other business entities, LLCs are easier to set up and manage and they have favorable tax treatment. If you choose not to register your company as a business entity, you will be held personally responsible for the debts and liabilities of your business. An EIN is used to identify a business in its federal tax filings. You should also be aware of important mississippi taxes that may apply to you business: If you hire employees, you will have to register for Unemployment Insurance Tax and Employee Withholding Tax on behalf of your employees. Create Business Banking and Credit Accounts Using a dedicated business bank account and credit card for all business related transactions simplifies accounting and makes your business appear more credible to customers and clients. Set Up Accounting An accounting system helps you track the performance of your business and simplifies annual tax filings. Quality accounting software lets you download your bank and credit card transactions, making accounting fast and easy. Learn more about the importance of accounting and how to get started with accounting today. FinancePal is a one stop shop to meet all your accounting and tax filing needs. Obtain Permits and Licenses To operate your new business legally, you will need to comply with federal, state, and local government regulations. For example, a restaurant will likely need health permits, building permits, signage permits, etc. Page 1

2 Chapter 2 : How to Start a Business in Mississippi How to Start an LLC The Mississippi Secretary of State's Office would like to assist you in starting your new business. What may seem like a daunting task may be accomplished with relative ease, once you have chosen the type. Business planning is a critical element to creating a successful business. Since this is probably your first business plan, a little guidance will help. Here are some resources to get you started: Read more about how to write a business plan and what goes into one. Here is a free Business Plan Template we created to help you get started. If you need more inspiration, try these free Sample Business Plans. The business entity is sometimes referred to as the business structure. This is how a business is legally organized to do business. The four primary business entities include the sole proprietorship, partnership, corporation and LLC. A brief description of each is below. A Sole Proprietorship is an individual entrepreneur that decides to go into business for themselves. This is the easiest and least expensive of the four entities to set up. The owner is personally responsible for all debts and actions of the company. This is called unlimited liability and is the biggest downside to the sole proprietorship. The owner will also pay self-employment tax on all business profits and may pay more in taxes than other entities. There is no filing for a sole proprietorship in Mississippi. Learn more about the sole proprietorship advantages and disadvantages. General Partnerships consist of two or more people conducting a business together. Like the sole proprietorship, there is no required formal filing. Also like the sole proprietorship, the partnership has unlimited liability. The partnership itself does not pay tax from business income. This income is subject to self-employment tax. A partnership can voluntarily register with the Secretary of State, which can be useful if there are disputes on ownership. A Corporation is a legal business entity that is separate from the individual. There are multiple ways a corporation can elect to be taxed. Also, there is no self-employment tax with a corporation as income to the owner s will come from either a salary or dividends. To form a corporation, the Articles of Incorporation need to be filed with the Secretary of State. It provides the liability protection of a corporation with the ease of operation like a sole proprietorship. The Limited Liability Company does not have the many burdens a corporation such as holding a board of directors meeting, shareholders meeting, taking minutes, etc. The LLC also has the greatest tax flexibility of the four entities. Income can be taxed as a pass-through entity like the sole proprietor or partnership or as a corporation. To compare the pros and cons of each of the entities, see our comparison chart of business entities. Some popular services include: This is voluntary but registering can put other businesses on notice that a particular name is already in use and may be less likely in using the similar name. To check the availability of names, visit the Mississippi Secretary of State. Legally Protect Your Business Name A trademark can legally stop others from using names, slogans, or logos that are associated with another brand, product or service. Registering your business name will not necessarily stop anyone else from using the name you choose. To protect your business name, consider registering for a trademark. This number identifies a business operating in the U. S, tracks tax returns and is used to open a bank account. Much like what a social security number is to a person, the EIN is a social security number for a business. While most businesses will need to get an EIN, some do not. Filing the EIN online only takes a few minutes and the number is available immediately. For more information about how to apply and to see our video with a step-by-step guide, check out how to file for an EIN. While there is no general state of Mississippi business license, a business may need to register with a variety of agencies before opening. This permit comes with a sales tax identification number. Generally speaking, physical products sold at retail are taxable within Mississippi, while most services are not subject to sales tax. A separate permit is required for each location. There is no cost for the Sales Tax Permit and usually takes less than 2 weeks to process. In addition to professional licenses, there are a number of other licenses that may be needed: Page 2

3 Chapter 3 : Starting A Business In Mississippi Start An American Company The Entrepreneur MDA provides financial, marketing, management, and technical assistance to entrepreneurs interested in starting a business. Its team of experienced small business consultants will assist you in analyzing your small business idea, your current situation, and the dynamic business environment you are about to enter. In Mississippi, not all businesses require a state business license. However, depending on your type of business, you may need local or state licensing or both. State licenses are generally required for professional licenses, such as contractors, real estate agents, and medical professionals. Most cities and counties have their own licensing requirements that must be obtained by most types of businesses. How do I know if my business has a specific license needed? A good place to start is by contacting the state online or by calling. You may be able to find links to the Mississippi agencies for specific licensing, permits, or regulations. It is best to check with your local cities clerk to find the required licensing for your business. Most cities in Mississippi do require their own business license. There may also have specific regulations needed to be met by the zoning department. Local city or county general business licenses may have different names. How do I register my business? Business registration is different than licensing. The business registration depends on the type of entity you operate your business with, such as a corporation or limited liability company. To register your business, you will first need to determine what type of business entity you choose and what type of business activity you will do. If you choose to do business as a limited partnership or decide to incorporate, you will need to register with the Business Services Group at the Office of the Secretary of State. If you decide to do business as a general partnership or sole proprietorship, you do not need to register with the state. Click the link to your city below to apply for a business license Jackson There has never been a better time to get a degree. Even top Universities across the U. Business degrees are the perfect stepping stone for building a career, increasing earning potential, and ultimately growing your business. Find out how to improve your knowledge and increase your earning potential by getting an online business degree. Page 3

4 Chapter 4 : How To Start A Handyman Business in Mississippi - Startup License Registration Requirement The Entrepreneur Center at Mississippi Development Authority offers information, referrals, guidance, and other assistance to new and early-stage businesses and entrepreneurs to plan, start, finance, market, operate, and grow businesses based in Mississippi. Start An American Company. UCI Ltd is a holding company which encompasses the following websites: Open A European Company. By submitting your data, you agree that UCI Ltd can send you promotional materials on behalf of and relating to these subsidiaries. We only collect basic personal data about you, which does not include any special types of information or location based information. This does however include your name, , phone number etc. Why we need it We need to know your basic personal data in order to provide you with information on our services, offers and discounts, and news pertaining to those services. We will not collect any personal data from you that we do not need in order to provide this service to you. What we do with it All the personal data we process is handled by our staff in the UK. However for the purposes of IT hosting and maintenance, this information is located on servers within the United States. This data is protected by the EU-US Privacy Shield, ensuring that your information is stored and treated with equivalent privacy and security laws. This information is stored in a secure account on Mailchimp, an marketing service. Mailchimp cannot use your data for their own marketing or promotional purposes, and no 3rd parties have access to your personal data unless the law allows them to do so. As part of our integrated marketing service, we also collect information on user interaction. This includes collecting data on actions such as opening the newsletter or clicking on links within the newsletter, which is then used to optimise future marketing materials. We have a Data Protection regime in place to oversee the effective and secure processing of your personal data. More information on this framework can be found on our website. How long we keep it for Your data stored for marketing purposes will be kept with us until you notify us that you no longer wish to receive this information. More information on our retention schedule can be found in our longform privacy policy. What are your rights? If at any point you believe the information we process on you is incorrect, you can request to see this information, and even have it corrected or deleted. If you wish to raise a complaint on how we have handled your personal data, you can contact our Data Protection Officer who will investigate the matter. Page 4

5 Chapter 5 : Startyourdaycare How to Start a Daycare in MISSISSIPPI - Startyourdaycare The Mississippi articles of incorporation cost $50 with the Mississippi Secretary of State. We custom draft your Mississippi articles of incorporation when you hire Northwest to start your Mississippi business. The basic requirements of Mississippi corporations are: Business address. Whether you are forming a profit or nonprofit MS corporation. After registering a domain name, consider setting up a professional account yourcompany. Try it for free FAQ: It is a simple business structure that offers much more flexibility than a traditional corporation, while at the same time providing many of the same benefits. Or you can watch our 2 minute video, What is an LLC? However, you may wish to register a DBA if you would like to conduct business under a name other than that of your LLC. What is a Registered Agent? Such papers include service of process of legal action if you are sued and state filings. Who can be a Registered Agent? You may elect an individual within the company including yourself. Learn more about the role of a registered agent and why you should consider hiring a professional service. You or anyone else in your company can serve as the registered agent for your LLC. Is a Registered Agent service worth it? Using a professional Registered Agent service is an affordable way to manage government filings for your LLC. For most businesses, the advantages of using a professional service significantly outweigh the annual costs. This can be done online. When filing, you will need to state whether your LLC will be member-managed or manager-managed. We recommend learning more about these two options before you file. What is an operating agreement? An operating agreement is a legal document outlining the ownership and operating procedures of an LLC. Why are operating agreements important? An operating agreement is an important document because it ensures that all business owners are on the same page and reduces the risk of future conflict. For more information on operating agreements, read our Mississippi LLC operating agreement guide. Creating an Operating Agreement Do I need to file my operating agreement with the state? The operating agreement is an internal document that you should keep on file for future reference. However, many states do legally require LLCs to have an operating agreement in place. It is essentially a social security number for the company. Why do I need an EIN? An EIN is required for the following: This can be done online or by mail. Page 5

6 Chapter 6 : How to Form an LLC in Mississippi: 12 Steps (with Pictures) Get Help Starting a Business in Mississippi We understand that creating an LLC and getting your business up and running comes with many challenges. To help you succeed, we compiled the best local resources in every major metro area in Mississippi. Typically, such a document is approved by the local city or county where the business operates, and while it does not necessarily condone business practices it does prove the company is legal to operate. Specific regulations vary for each jurisdiction, but there are several general guidelines that apply for those wishing to get a business license in Mississippi. Most business owners choose to get their own business license, but there are also several firms that specialized in filing such applications for other companies. Visit or call your local city or town hall to find out what is required for getting a business license. The usual department is Licenses or Planning and Zoning in the state of Mississippi. Also, many jurisdictions have business license forms available online. Whether you got them in person or printed them from the Internet, follow the instructions on the forms and complete them honestly and completely. You will need to answer questions such as the nature of your business, owner name, and location of operation. Some jurisdictions require that you have your application notarized. Take your forms to the applicable Mississippi local city or town hall. You will be required to pay fees for your business license depending on the number of employees you have. This is a general rate throughout most of the state. Before going to file your application and pay your fees, call the office and find out what form payment must take - many offices accept credit or debit cards, but some accept only cash or money order. Submit to any required inspections or additional licensing regulations if you are in a special business, such as a restaurant, pawn shop, dance hall, or massage parlor. Mississippi requires restaurants have Health Department inspections, and charges additional fees and investigates applications for businesses such as massage parlors, car washes and pawn shops. In addition, you may be required to pay additional fees for amusement machines you place in your establishment. Get a copy of your local Mississippi business license once all fees and relevant inspections are completed, and display it in a visible place in your company location. Renew your Mississippi business license each year to keep your company in good legal standing. Tips Remember that if you are a sole proprietor self-employed individual you do not have to get a business license in Mississippi. Even if you do not collect sales tax from your customers - for example, if you manufacture a product for resale - you generally must have a sales tax certificate in addition to your business license. Consider hiring a firm to apply for your Mississippi business license on your behalf. There are several links to such companies in the Resources section near the end of this article. Page 6

7 Chapter 7 : How to Start a Business - MDA Are you thinking about starting your own business in Mississippi? If so, then you have come to the right place! On this page, you can find step by step DIY instructions on how to incorporate your business in Mississippi. More and more households and offices are in need of cleaners due to the growing number of women in the workforce and the increasing affluence of families that are able to afford professional help; and economic progress that has given rise to more commercial establishments. Those engaged in the cleaning business has found it to be lucrative. Operations can start at a very minimal budget, sufficient to purchase the necessary cleaning implements and supplies. The business can be run at home without the need for several employees since the business owner can do the cleaning himself. In most cases, spouses team up for this kind of trade, helping each other out in carrying out the cleaning tasks and accomplishing the marketing and administrative responsibilities necessary to run the business. However, before anyone can start operating a business, certain requirements have to be fulfilled. This is needed in order to avoid problems in the future because the said requirements are in compliance with regulations set by the government. Since the rules vary from state to state, it would be a good idea to be acquainted with the local business laws before initiating any profit-making endeavor. Starting a Cleaning Business in Mississippi is Easy! For example, if someone chooses to start a cleaning business in Mississippi, he must familiarize himself with the opportunities that are available in the state for the specific type of business as well as the state itself. Aside from being famous for being the birthplace of Elvis Presley, Mississippi is also known as the hospitality state. It ranks as the 31st most populous state in the United States with an estimated population of almost three million mostly inhabiting the capital city of Jackson and the major cities of Gulfport and Hattiesburg. One business opportunity worth considering for the potential cleaning service provider is the climate that the state possesses. The area experiences several hurricanes in a year that move inland from the Gulf of Mexico, especially in the southern part. On average, twenty-seven tornadoes occur annually, with the frequencies shifting during the year. The northern part gets more tornadoes in the early months while the south gets it in the later months. A potential business owner could specialize in providing after-storm cleaning services, since this would be in great demand during certain periods of the year. The state provides several free counseling and training programs for those who are engaged in a small business such as a cleaning business, to help them get started or expand operations. There are also several local small business centers that cater to women and minorities, helping them with start-up counseling and financial assistance. Although it has been ranked as having the lowest per capita personal income among the states, it also has the lowest cost of living. The efforts of the government are geared towards improving the economy of the state and diversifying its industries, being mainly agricultural. This means that a small business owner can look forward to a progressive growth in proportion to that of the economy. Chapter 8 : BUSINESS SERVICES The Mississippi Small Business Development Center is an accredited member of America's Small Business Development Centers and is funded in part through a cooperative agreement with the U.S. Small Business Administration through The University of Mississippi. Chapter 9 : Mississippi Business License Applications Looking to start a small business in Mississippi? You may need to obtain one or more state licenses or permits, or complete one or more kinds of state registration, as part of the start-up process. Here's a quick look at some of the main informational resources available and a few of the steps you may need to take. Page 7

Chapter 33. entrepreneurial concepts. Section 33.1 Entrepreneurship. Section 33.2 Business Ownership

Chapter 33. entrepreneurial concepts. Section 33.1 Entrepreneurship. Section 33.2 Business Ownership Chapter 33 entrepreneurial concepts Section 33.1 Entrepreneurship Section 33.2 Section 33.1 Entrepreneurship CONNECT Think of some successful entrepreneurs. What are possible reasons for their success?