According to recent statistics, now could be a favorable time to start a business in Mississippi. The Small Business Administration’s (SBA) 2024 Small Business Profile shows a net increase of 1,563 businesses opening between March 2022 and March 2023, and the Bureau of Economic Analysis (BEA) reports that in the third quarter of 2024, Mississippi was one of the top states for increases in real gross domestic product (GDP) and personal income. The increase in new establishments opening and real GDP and personal income suggest that the state is experiencing a period of economic growth that can support new businesses.
If you’re starting a business in Mississippi, it’s essential that you meet state requirements to ensure your business operates without disruption. Corporations (both for-profit and nonprofit) and LLCs in Mississippi are required to file an annual report with the Mississippi Secretary of State.
Here’s what you need to know to file a Mississippi annual report.
What is an annual report?
An annual report contains information about a business, including any updates to its name, address, registered agent, or officers or managers. Mississippi corporations and LLCs must submit an annual report to comply with Mississippi law and remain in good standing.
What information must a Mississippi annual report contain?
A Mississippi annual report typically contains the following information:
- Business contact information. You will need to provide your business name, phone number, and email address. Your phone number will be redacted from public records on the Mississippi Secretary of State’s website.
- Business ID number. You will get a business ID number when you register your business with the Mississippi Secretary of State.
- State of incorporation. If you have a domestic business, your state of incorporation will be Mississippi. If you have a foreign entity, you must put the state where you formed your company.
- Principal office address. This is the address where your business is located or where your primary business activities take place.
- Employer identification number (EIN). The IRS requires certain businesses to get an EIN. Whether you need an EIN depends on factors such as your entity type, whether you have employees, and your business activities. If you are required to have an EIN, you will need it to register your business with the Mississippi Department of Revenue. Your EIN will not appear publicly on the Mississippi Secretary of State’s website.
- Names and addresses of officers, directors, members, or managers. Your annual report should list the names and addresses of each member, manager, officer, and director.
- Registered agent's name and address. A registered agent receives official mail and service of process on behalf of a business. LLCs and corporations in Mississippi are required to have a registered agent.
- Whether the business has an operating agreement. If you have an LLC, you can indicate whether you maintain an operating agreement.
- North American Industry Classification System (NAICS) code. An NAICS code is used to classify businesses by industry. Federal agencies use NAICS codes to collect, analyze, and publish data about the U.S. economy.
- Electronic signature. An authorized person must submit their name and address as an electronic signature, certifying that the information in the report is accurate and complete.
Who qualifies as a senior officer?
A senior officer is a top executive who influences the strategic direction of a business. Corporate officers can include chief executive officers (CEOs), chief financial officers (CFOs), presidents, and vice presidents.
Who qualifies as a director?
A director is a member of a board of directors who puts corporate policies into action. A director can be an executive director who is responsible for managing a business’ daily operations or a non-executive director. A non-executive director monitors the actions of executive directors and represents the best interests of the business’ stakeholders.
How to file your Mississippi annual report in 3 steps
The process for filing a Mississippi annual report includes collecting necessary information, navigating the Mississippi Secretary of State website, and completing and submitting your report.
Step 1. Gather the necessary information
You will need your business ID number to complete your annual report. You can look up your business ID number on the Mississippi Secretary of State’s Business Search page.
If you don’t have a business ID number, you’ll need to register your business with the Mississippi Secretary of State to get one.
Step 2. Go to the Mississippi Secretary of State's website
All Mississippi annual reports must be filed online on the Mississippi Secretary of State’s website. You can create an account on the Mississippi Secretary of State’s Business Services page to start the filing process.
Once you have a username and password, you can log in to the portal and select File an Annual Report from the Business Filings menu.
Step 3. Complete and submit your report
After you’re logged in, you can enter your business ID number and make any necessary changes to the pre-populated information in the report.
It’s important that the information in your annual report is accurate and that your report is submitted on time. Failure to meet the Mississippi annual report deadline can result in administrative dissolution.
How to file a Mississippi annual report with LegalZoom
LegalZoom’s annual report services make it easy to keep your business compliant. We’ll file your annual report for you and deliver the filing by mail and digitally. We also provide optional expedited filing and delivery.
Upgraded services include attorney-tracked updates about any changes made to filing requirements, personalized compliance alerts and support, amendment and Beneficial Ownership Information Report (BOIR) filings, and custom summaries about federal, state, and local license and permit requirements.
How much does it cost to file an annual report in Mississippi?
The cost of filing an annual report in Mississippi depends on your business entity.
Here are the annual report filing fees for the following entities:
- Domestic for-profit corporation: $25
- Foreign for-profit corporation: $25
- Domestic nonprofit corporation: $0
- Foreign nonprofit corporation: $0
- Domestic LLC: $0
- Foreign LLC: $250
When is the deadline to submit a Mississippi annual report?
For-profit corporations and LLCs can file their annual report between Jan. 1 and April 15 each year; nonprofit corporations must file between Jan. 1 and May 15.
The Mississippi Secretary of State sends reminders via email and regular mail to let businesses know about upcoming annual report filing deadlines, but it is your responsibility to ensure that you file your report on time.
What are the penalties for not filing an annual report in Mississippi?
If you are required to file an annual report in Mississippi and miss the deadline, your company may be administratively dissolved.
Do all business entities need to file an annual report in Mississippi?
Not all business entities need to file an annual report in Mississippi. For-profit and nonprofit corporations and LLCs are the only types of businesses that are required to file an annual report in Mississippi.
The following types of entities do not need to file an annual report in Mississippi:
- Sole proprietorships
- General partnerships
- Limited partnerships (LPs)
- Limited liability partnerships (LLPs)
Mississippi annual report FAQs
Can you submit an annual report early?
If you have a for-profit corporation or an LLC, you can submit your annual report between Jan. 1 and April 15 each year. If you have a nonprofit corporation, you can file your annual report between Jan. 1 and May 15 each year.
Do I need to pay a franchise tax in Mississippi?
If you have a corporation in Mississippi, you are required to pay a franchise tax. It doesn’t matter if your corporation is a franchise; a franchise tax is a business tax that is imposed on all corporations that do business in Mississippi.
For tax years beginning on or after Jan. 1, 2024, but before Jan. 1, 2025, the franchise tax is calculated at the greater amount of either $1.00 per $1,000 of capital in excess of $100,000 or the assessed property values in Mississippi. For the tax year 2025, the amount is $0.75 per $1,000 of capital exceeding $100,000.
The minimum franchise tax is $25.
Franchise taxes are due annually as long as your corporation is incorporated, domesticated, or conducts business activities in Mississippi.
Can you file an annual report by mail?
All annual reports must be filed online on the Mississippi Secretary of State’s website.
Do nonprofits need to file an annual report in Mississippi?
As of July 1, 2024, all nonprofit corporations registered in Mississippi are required to file an annual report with the Mississippi Secretary of State. Annual reports for nonprofits can be filed online (for free) between Jan. 1 and May 15 each year. Nonprofit corporations that fail to file an annual report will be administratively dissolved.
Mississippi’s annual report requirement for nonprofit corporations is separate from the state’s annual charity registration filing. Nonprofit corporations that solicit contributions in Mississippi are required to file both types of reports. In addition, corporations may need to file a status report if requested by the Mississippi Secretary of State.