The most common legal structures for a small business are: There also are special versions of some of these structures, such as limited partnerships and S corporations. Professional and occupational licenses. How will you get their attention and convert them into buyers? If you hire employees, you will have to register for Unemployment Insurance Tax and Employee Withholding Tax on behalf of your employees. Start your business today with our simple step-by-step guide and get on the fast track to financial and personal independence. Using dedicated business banking and credit accounts is essential for personal asset protection. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. Do Not Sell My Personal Information, How to Start a Business in Your State: A 50-State Guide, How to Establish a Sole Proprietorship in Mississippi, How to Form a Limited Liability Partnership in Mississippi, How to Form a Professional LLC in Mississippi, Mississippi LLC Annual Report and Tax Requirements. Partnerships. When developing your brand, you should consider: Once you feel confident about your answers to these questions, it’s time to move onto your business name. 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. The most common types of business insurance you should consider are: We recommend that all small businesses, including home based businesses, purchase a general liability policy. 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. Moreover, the corporation itself is subject to Mississippi corporation taxes and a corporate franchise tax. State: Use the State of Mississippi's Official State Website Local: … Builds your company's credit history, which can be useful to raise capital (e.g., Setting up social media profiles (Facebook, Twitter, etc), Creating accounts on review sites (Yelp, Google Reviews, etc). A website allows potential customers to find your business online and discover the products or services you offer, and it also enhances your business’s credibility. | Corporations. Without an EIN, you can't hire employees or open a business bank account. Our recommended insurance provider can set you up with an insurance policy that is right for your business. If you will be selling goods in Mississippi, you must register to collect sales tax with the Mississippi Department of Revenue (DOR). People and PartnershipsWhat roles will you need to hire and what professional relationships will you need to form in order to succeed? jdonovan@mississippi.org. Now it’s time to get right with the tax man. What may seem like a daunting task may be accomplished with relative ease, once you have chosen the type of business which best fits your needs. See Choose and Register a Domain Name for more information. Must be a technology or manufacturing oriented business. Find out if your business is required to file a DBA. Shareholders must pay states taxes on their dividends from the corporation. Recommended: Learn about the best small business credit cards here. Business Name In addition, the LLC itself must file Form 84-105, Pass-Through Entity Tax Return. Members pay state taxes on their share of LLC income on personal tax returns. Businesses selling professional advice or services, such as consulting and accounting firms, should also consider a professional liability policy. STEP 1 - WRITE A BUSINESS PLAN. Even if you don't plan to create a business website today, you may want to buy the URL in order to prevent others from acquiring it. Determine Your Tax Obligations. The attorney listings on this site are paid attorney advertising. That includes if you work from home. smallbusinessincubator@gmail.com. The spaces range from 150-6,000 square feet. You can reserve an available name for 180 days by filing anApplication for Name Reservation with the Mississippi SOS. Then, create a logo with our free Logo Maker.
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