Starting an LLC in Mississippi is not for the faint of heart. Maintaining one isn’t, either. There’s a bunch of annual requirements: annual taxes, business licenses to renew, and of course, annual reports. A lot of the annual requirements can be pretty complicated, too.
Annual reports can be pretty complicated…but only if you don’t know what to expect. That’s what we’re here for. In this guide, we’ll cover all the essentials to annual reports in Mississippi: LLC filing fees, where to file, due dates, and if you want, where to go to get help filing. By the end, the annual report won’t feel so daunting anymore.
What is an annual report?
An annual report is a lot like an annual newsletter for your LLC—except you only send it to one place: the state government. Each year, the state needs updated information about your business. And this isn’t a requirement that’s unique to Mississippi. In fact, nearly every state requires some form of annual (or similar timeline) update.
That said, the newsletter analogy falls short because you don’t need to tell the state what you did each month. You don’t even have to tell them the highs and lows of your year. And thankfully, you don’t have to write it out as a letter. All you’ll have to do is fill out the requested information.
Here’s a quick glance at the information Mississippi will require from you:
- LLC business ID
- Phone number and email address for the business
- Tax ID number from the IRS
- NAICS code for your business type
- If your LLC has an operating agreement
- Principal office address
- Name and address of your registered agent
- Names and addresses of members/managers
Sound overwhelming? Don’t panic. It’s actually a lot easier than you might think! In the rest of this guide, we’ll cover all the essentials to annual reporting—including a DIY approach and how to get help if you’d rather not file on your own.
Where do I start?
When the time comes to file your annual report, your gut might tell you to head to the Secretary of State’s website. That’s a good instinct, since you’ll need to head there each year.
More specifically, you’ll need to head to the state’s Corporations Registered Filers Login page. And understandably, you do need to have an account (you created one while forming your business). Once you log in, you can file the report.
Mississippi has moved away from paper filings. If you’re a little confused by the process, Mississippi provides a complete guide to online filing procedures. There you’ll find detailed instructions (and detailed photos) to guide you through the entire process.
The annual report isn’t extremely difficult to fill out, honestly. But if you’re extremely busy (and who isn’t these days?), the report can seem overwhelming—it’s yet another thing you have to do. That said, you can hire a Mississippi LLC Service to handle the work for you. Not only will these services actually form your business for you (if you need it), but they’ll also help you handle annual requirements like the annual report.
How much does Mississippi’s Annual Report cost?
Some states have a pretty hefty price tag of several hundred dollars for their annual report. Other states charge more reasonable fees of less than $100. In Mississippi, if you’re a domestic LLC, you get off easy; there’s no fee for domestic entities. Foreign LLCs, however, have a tougher rap. They’ll pay a $250 fee instead.
If you do owe a fee, make sure you have a credit card on hand to pay while you’re filing online.
When is the Annual Report due?
In most states, the annual report is due, well, annually. In other states, entrepreneurs often refer to it as an annual report even though it’s due every other year. But in Mississippi, the annual report fits its name; you’ll file every year.
More specifically, all Mississippi LLCs will file their annual report by April 15. In a way, that’s pretty convenient. You’ll already be dealing with paperwork for taxes, so you can knock out those filings and the annual report at the same time. That said, if you’d rather file earlier, you can do so. Mississippi lets you file as early as January 1st.
What happens if you don’t file your annual report?
Sometimes annual check-ins are a pain, right? And we get it: with some things, like annual physicals, dental cleanings, and eye appointments are tempting to skip. Usually, there isn’t a big penalty if you skip them for a year or two (aside from a minor scolding from your doctor).
However, that isn’t the case with annual reports. You should never skip filing your annual report, and you should always do it on time. For one thing, filing on time ensures that you don’t spend any more than you have to.
Technically speaking, there isn’t an upfront late fee if you don’t file your report on time. But that doesn’t mean you can just blow it off. The state has the right to dissolve your business if your report is delinquent. Essentially, they’ll close your business by force.
If that happens, don’t panic; you can get reinstated. But it’ll cost you both time and money to do so. You’ll need to file for reinstatement using the state’s online business filings portal. A $50 fee comes with it, too. It’s far easier to simply file the report on time and avoid this hassle entirely.
Conclusion
Maintaining a Mississippi LLC is no laughing matter, and the annual report is without a doubt one of the most important annual filings. Thankfully, it doesn’t have to be too complicated. Hopefully this guide has helped take out some of the guesswork. And don’t forget: an LLC Service can make things even easier.