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.
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.
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:
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.
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.
Annual reports in the state of Mississippi are due every year by April 15th. Business owners can file as early as January 1.
Mississippi has filing fees associated with the annual report, and they vary based on the type of business entity. Filing fees are as follows:
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.
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:
LLCs will need the following additional information:
Corporations will need the following additional information:
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.
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.
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.
If you have issues filing your annual report, you can contact the Secretary of State’s Business Services Department.
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.
Mississippi doesn’t have any late fees, but businesses that fail to file risk administrative dissolution.
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.
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.
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.
A member, director, or authorized person can file your Mississippi annual report.
Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.
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