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Starting a Business in Mississippi

A complete step-by-step guide to start your business and get on the fast track to financial success.

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Doing Business In Mississippi

Business facts:

Mississippi’s target industries include aerospace, agribusiness, advanced manufacturing, and healthcare. Mississippi has proven to be a popular location for aerospace companies — including Aurora Flight Sciences, Northrop Grumman Unmanned Systems, and Stark Aerospace — that are researching and producing unmanned aerial systems. The FAA has named Mississippi State University home of the Center of Excellence for Unmanned Aerial Systems, a coalition of university, government, and industry partners to integrate unmanned aerial systems into the national air space.

Businesses in Mississippi benefit from customized training programs and enhanced incentives, as well as the state’s investments in infrastructure.

Small business:

Mississippi has 197,586 small businesses, according to the most current federal data available. Of those 197,586 small businesses in Mississippi, 52,403 have employees. The remaining 145,183 are Mississippi small businesses that have no employees.

In addition to favorable tax policy and low rental rates, Mississippi also has taken a proactive step in encouraging small business development when it passed first-of-its-kind occupational licensing reform in 2017, which brought all occupational licensing boards under the direct jurisdiction of the governor, secretary of state, and attorney general. Considering 66 out of 102 common lower-income occupations in Mississippi required a license to work in a given field as of November 2017, this legislation will provide much-needed relief. Low tax rates, affordable office space, and sensible economic deregulation set the stage for an economy primed for a small business revolution.

Major companies:

Mississippi is home to large companies such as: Sta-Home Health & Hospice, ms.gov – Mississippi’s Official State Website, Sanderson Farms, Commerce Bancorp LLC, Greek Orthodox Church Of Holy, Island View Casino Resort, Ameristar Casino Vicksburg, The Yates Companies Inc, NMMC, University of Mississippi Medical Center

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STEPS TO STARTING A BUSINESS IN MISSISSIPPI

Business Structure

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Business Name

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Business Registration

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EIN Tax Number

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Bank Account

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Licenses & Permits

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Branding & Marketing

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Resources

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Step 1: Choose A Business Structure

The most common business structures are sole proprietorship, partnership, limited liability company (LLC), and a few different types of corporations—the standard corporation (often called a C corporation or “C corp”), the small business corporation (often called an S corporation or “S corp”), and the benefit corporation (often called a B corporation or “B corp”).

The most common business structures are:

Step 2: Choose The Right Business Name

Choosing a business name is important, you want to make it easier for your customers to remember it, here are some tips:

  1. Avoid hard-to-spell names.
  2. Don’t pick a name that could be limiting as your business grows.
  3. Conduct a thorough Internet search.
  4. Search and purchase a domain name.
  5. Use a name that conveys some meaning.
  6. Conduct a trademark search.

Step 3: Register Your Business

Depending on the business structure you chose you will need to register your business.

Resale license 

https://www.dor.ms.gov/Business/Pages/RegistrationSalesUse-Tax.aspx

Department of corporations 

https://corp.sos.ms.gov/corp/portal/c/page/corpBusinessIdSearch/portal.aspx?#clear=1

Step 4: Obtain an EIN Tax Number

With limited exceptions, most businesses require an Employer Identification Number (EIN), also known as a Tax ID Number. An EIN is used to identify a business in its federal tax filings. Without an EIN, you can’t hire employees or open a business bank account.

Click Here to Apply for EIN number online

Step 5: Open A Bank Account

– Open a business bank account:

  • Separates your personal assets from your company’s assets, which is necessary for personal asset protection.
  • Makes accounting and tax filing easier.

– Get a business credit card:

  • Helps you separate personal and business expenses.
  • Builds your company’s credit history, which can be useful to raise capital later on.

Step 6: Licenses & Permits

Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).

Here are some links for Mississippi Businesses:

Selling products? Check Mississippi Resale Permit

Business Licensing for the State of Mississippi

Step 7: Branding & Marketing

Your brand is the image customers have of your business, so it’s important to determine who is your audience and what is the message that you want to project. That way, your company’s image will be what you intend it to be. It should be strategic and intentional.

Step 8: Establish a Web Presence

Creating an optimized website helps you to gain important visibility for the right terms. A website is a powerful sales tool and one that allows you to address your customers’ concerns, give them the information they need to make a decision and create compelling calls to action.

In addition to a website, you should also consider other avenues for promoting your business online:

Join Local Networks

Entrepeneur Center 

Business Incubators 

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