The first year of business is both exciting and stressful. Beyond legally forming your LLC or corporation in Mississippi, you’ve probably gotten well acquainted with writing various documents, from business plans to operating agreements to filing for the required licenses and permits. Maybe you even had to go through the process of formally electing a board of directors and drafting corporate bylaws. One more important step for your business is submitting an annual report.
It may feel stressful to file an annual report if it’s something you haven’t done before. The consequences of incorrect or late filing can range from fines to administrative dissolution, which can strip away all your liability protections and your business’s tax status.Thankfully, annual report filing is a straightforward process, and if you run a business in Mississippi, this guide can walk you through it.
Table of Contents
- What is a Mississippi annual report?
- Mississippi annual report for corporations vs LLCs
- Where do I file my Mississippi annual report?
- When is the Mississippi annual report due?
- How much does the Mississippi annual report cost?
- What information do I need to file my Mississippi annual report?
- What happens after I file my Mississippi annual report?
- What if I miss the deadline to file my Mississippi annual report?
- Who do I contact if I have issues filing my Mississippi annual report?
What is a Mississippi annual report?
Mississippi makes an annual report a requirement for all limited liability companies (LLCs) and for-profit corporations. They are filed with the Mississippi Secretary of State using an online business portal. The primary purpose of annual reports is to update the state on your business’s vital information like principal office, members, directors, etc. You must file one even if none of this information has changed during the past year.
Mississippi annual report for corporations vs LLCs
Annual report filing in the state of Mississippi is similar for both LLCs and corporations. The main difference is the cost, as corporations pay more. Additionally, this form is important for both business entities because it allows them to make some crucial changes with the state. Mississippi pre-populates their form with the previous year’s information and allows you to change:
- Your corporate officers or LLC members
- Your business’s principal address
Unfortunately, you can’t change everything on your Mississippi report. If you’d like to change your business’s name or the name and address of your registered agent, you’ll have to file an amendment. This is done through the same online filing system, in the business filings section, but you’ll need to navigate to the amendments section and click the option to “File an Amendment on an Existing Business.” In the past, business owners would have to file a form specifically for registered agent changes, but the Secretary of State moved it all into the same amendment process.
Where do I file my Mississippi annual report?
Mississippi annual reports can only be filed online through the Secretary of State’s online business portal. Once you log in, navigate to the “Business Filings” portion of the website. This is the same place you can file an amendment if you need to make changes beyond what’s allowed on your annual report.
Annual reports can be filed by either an LLC member, a corporate director, or someone with prior authorization to file. The system should automatically validate your entries and inform you if you make an error. You’ll receive an email update once it’s accepted, and the information you submitted will become public knowledge.
When is the Mississippi annual report due?
Annual reports in the state of Mississippi are due every year by April 15th. Business owners can file as early as January 1.
How much does the Mississippi annual report cost?
Mississippi has filing fees associated with the annual report, and they vary based on the type of business entity. Filing fees are as follows:
- Domestic LLCs: $0
- Foreign LLCs: $250
- Domestic Corporations: $25
If you’d like to file an amendment along with your annual report, it will cost an extra $50 filing fee. The state does not have late fees and accepts all major credit cards, e-checks, and ACH payments.
What information do I need to file my Mississippi annual report?
Once you’re ready to file an annual report for your Mississippi business, you’ll need to create an account for their online filing system if you haven’t already. Business owners should have created an account when they filed their Certificate of Formation or Articles of Incorporation, but if not, you can always register.
After logging in, navigate to the annual reports section of the business filings portal and click “File and Annual Report.” Now it’s time to collect the information. In order to file, all businesses will need:
- Business ID, which you can find using Mississippi’s business search
- The filer’s email and phone number
- The business’s federal tax ID number. If you didn’t obtain one from the IRS yet, you can apply for an employer identification number (EIN) through their website.
- The name of the corporation or LLC
- The state, country, or jurisdiction where the entity was organized
- The address of the principal office
- The name and address of the registered agent
- A brief description of your nature of business
- Your NAICS code (North American Industry Classification System code). This is for the “Nature of Business” section and is used by the government to classify your industry and your business activities. You can search for your code online.
LLCs will need the following additional information:
- Manager-managed LLCs must list the names and business addresses of all managers
- Member-managed LLCs must list the name and address of at least one member
- Whether or not you have an operating agreement
Corporations will need the following additional information:
- The name and business addresses of directors and principal officers
- Total number of authorized shares, itemized by class and series
- Total number of issued and outstanding shares, itemized by class and series
If you submit an annual report that’s missing some of the required information, you’ll receive notice from the Secretary of State and have 30 days to make all corrections before your annual report is considered late.
What happens after I file my Mississippi annual report?
After you file your annual report, you should receive an email confirmation. As stated above, if you neglected to include some required information or made an error, the Secretary of State will give you an opportunity to fix it.
Once a report is filed, it does become public record. The information is stored by the Secretary of State, and anyone can look it up using Mississippi’s business search, with the exception of your company’s EIN and phone number.
What if I miss the deadline to file my Mississippi annual report?
Mississippi doesn’t have any late fees, but that doesn’t mean you should miss your filing due date. Businesses that fail to file face administrative dissolution, and the process starts with notification from the Secretary of State. Once you’re notified, you have 60 days to get back into good standing before the Secretary of State signs a certificate of dissolution. After that, you’re no longer considered an LLC or a corporation for any other purposes beyond winding down and liquidating your business.
If your business is administratively dissolved, you can remedy the situation, but it’s a lengthy process. You’ll have to file an application for reinstatement, and you’ll need to obtain a tax clearance letter from the Mississippi Department of Revenue to submit alongside the reinstatement papers. This proves that you’re up to date on all your taxes. The general process can be done through the Secretary of State’s online filing system. When reinstatement is complete, your corporate or LLC status is reinstated retroactively, as if there was no legal gap.
Who do I contact if I have issues filing my Mississippi annual report?
If you have issues filing your annual report, you can contact the Secretary of State’s Business Services Department at (601) 359-1633 or via their email form.
Filing Your Annual Report FAQs
- How much does it cost to file an annual report in Mississippi?
Annual report filing is free for domestic LLCs, $250 for foreign LLCs, and $25 for corporations. If you need to update your registered agent or business name, you may also file an amendment for an additional $50.
- Are there any fees or penalties if I don’t file my Mississippi annual report?
Mississippi doesn’t have any late fees, but businesses that fail to file risk administrative dissolution.
- What happens if I don’t file my annual report at all in Mississippi?
After 60 days of failing to file, your business will be administratively dissolved by the Secretary of State. You’ll need to apply for reinstatement if you want to continue to operate as a corporation or an LLC within the state.
- How long does the Mississippi annual report process take?
As long as you have the required information, you can file online within about 10 minutes. You should receive a confirmation within the same day you’ve submitted it, if not within minutes.
- Do Mississippi annual reports need original signatures?
The entire process is done online, so no actual signatures are needed. You still must be authorized to file a report, and an unauthorized person filing a report on behalf of a business is committing a misdemeanor crime.
- Who can file a Mississippi annual report?
A member, director, or authorized person can file your Mississippi annual report.