Mississippi LLC Annual Report – File an LLC Annual Report in Mississippi


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The objective of the annual report is three-fold. The annual report keeps the Government informed about all the updates, communicates about all the modifications or changes, & keeps the LLC members informed about the necessary taxes and costs. This article has all the information about Mississippi LLC annual report filing in Mississippi.

An annual report can be called an address book, as it features all the relevant addresses of the company & the members. This yearly report is a record of all the company’s activities in an entire year. It is also referred to as the Annual Franchise Tax Report because it helps in filing the franchise tax.

Contents of the Annual Report

Typically the annual report filed by an LLC in Mississippi (or any other business entity for that matter) will include all the information related to its business & members. The standard contents of the annual report  or the annual franchise tax report are

  • Office Address of the LLC
  • Names & Addresses of the Members & managers.
  • Identification Documents
  • Social Security numbers of the key members of LLC
  • The objective of the business of LLC
  • List of all the signatories of the LLC
  • Information of the registered agent, if any

Mississippi LLC Annual Report

An Annual report is essential for all business types. It authenticates that the information provided to the Secretary Of the State is accurate & updated. The information provided in the annual report helps the State officials to ensure that all the companies pay taxes. The Mississippi Annual Report is filed with the Mississippi Secretary of State.

Does the State of Mississippi Mandate an Annual Report Filing?

All the business entities in Mississippi are bound to file the annual report with the Mississippi Secretary of State. This includes all the legal entities such as C Corporations, Limited Partnerships, Limited Liability Companies, bound to file the Annual Report.

Annual Report Deadline

As mentioned above, filing the Annual report is a mandatory requirement even for an LLC. An LLC operating in Mississippi has to file the Annual report with the Mississippi Secretary of State on April 15th every year.

Penalties for Non-filing or late filing

Any business failing to file the report by April 15th may lose its good standing with the Mississippi state. Failing to file the annual report altogether may cause the dissolution of the LLC.

Why Do LLCs Have to File the Annual Report?

Some of the states are not required to file this yearly report, commonly known as the Annual Report. However, there are some reasons why states should file an LLC Annual Report. Here are some reasons,

To Maintain the Accuracy of the Information

An annual report filed by the LLC has all the updated information about its official addresses & the names or addresses of all its officials. This updated information allows the State authorities to track down any LLC when communicating.

To Provide the Correct Correspondence

Many times, any creditor or other entity willing to transact with the LLC requires the correct correspondence address. If this information (which can only be modified with the help of an annual report) is not updated every year, such entities will not be able to communicate with them.

To Notify the Government About All the Significant Changes

If you have changed your main business address or had new business appointments of managers or members, the annual public information report notifies the State Government Entities about it. So, the next time someone questions a newer reform that you have introduced in your LLC, you will be saved because you had submitted the information with the Government.

To Provide an Activity Log of an LLC

The Annual Report is like an activity log of the LLC. It brings on record; all the transactions, new associations, appointments, etc. & keeps those records intact for all future references.

To Help You With the One-time Filing of Taxes

The annual report is an excellent means to keep you on your toes in case of your dues payment. Every LLC must pay the taxes through the annual report filing. By filing the report on time, the LLC can manage the exemptions & can avoid penalties imposed by the Government. 

To Enable the State to Track the Payments

The government authorities use all the information filed through the annual report, for tracking the payment of State Taxes.

How to File a Mississippi LLC Annual Report

The Mississippi LLC Annual Report can only be filed online. An LLC operating in Mississippi has to file the Annual report with the Mississippi Secretary of State on April 15th every year.

Steps to File Mississippi LLC Annual Report Online

Time needed: 5 minutes.

Below is the procedure to file the Mississippi LLC Annual Report online.

  1. Visit Mississippi’s online filing portal.

    The first step in filing the Mississippi Annual Report is to visit Mississippi online filing portal.mississippi-llc-annual-report

  2. Sign in to your account.

    Sign in if you have an existing account or register by creating a new account. mississippi-llc-annual-report

  3. Click on the “Annual Report” tab.

    After logging in, click on the “Annual Report” tab under “Business Filings”

  4. Enter Business ID Number.

    Enter your Business ID Number in the given box.

  5. Submit the Report.

    A pre-filled annual report will appear on the screen; submit that after reviewing the information.

Mississippi LLC Annual Report (Domestic & Foreign)

State Office:Mississippi  Secretary of State, Annual Report, P.O. Box 17052, Baltimore, MD 21297-1052.
Link to Website
Due Date:Annual reports are filed on April 15th every year.
Filing Fee:$0
Penalty:Any business failing to file the report by April 15th may lose its good standing with the Mississippi state. Failing to file the annual report altogether may cause the dissolution of the LLC.
Filing Method:Online
Forms:No printable form is available because the filing can only be done online.
Important Information:Once a Domestic or Foreign Mississippi Limited Liability Company submits the Annual Report along with the prescribed fees to the Mississippi Secretary of State, the filing is said to be complete.

Seek the Help of a Registered Agent

Every State will have a different rule for filing the Annual Report. Usually, it is submitted every year, but it is submitted once in two years in some states. Some states require the filing of the report only once in ten years.

Not only the timing, the mode of filing, the proper addresses, exemptions, legality, annual report compliance, etc., have to be taken care of while paying the taxes or filing any reports with the State authorities. In many such scenarios, it is advised that an LLC appoints a Registered Agent to manage all this. Check out the best LLC service that offers all the services at an affordable price. An experienced agent is required for:

  1. Streamlining the mandatory processes & filing.
  2. Sending or receiving any documents.
  3. Reminding you about important dates of filing or payment of taxes. 
  4. Simplifying the filing procedures.
  5. Avoid any penalties.
  6. Flexibility in working.
  7. Maintaining Privacy (as it keeps your personal records off the public record)

You can read more about a Mississippi Registered Agent here.

How Fast Can I Fill Mississippi LLC Annual Report

How Fast Can I Fill the Mississippi LLC annual report? The process of filing the annual report can be complicated, but fortunately, it can be automated and you can stay on track of your documents through a personalized dashboard. If you’re a new company, the first year of operation is both exciting and stressful. You’ll have to worry about business plans, filing required licenses, and even drafting corporate bylaws. But, once you’ve done all that, you can now focus on what’s most important: the annual report.

To get started, you’ll need to create an account with the online filing system. You may already have done this when you filed the company formation documents, but if not, you can sign up for an account online. Then, provide your federal tax ID number. You’ll also need to provide an employer identification number (EIN), which can be obtained through the IRS website. You can also use the NAICS code for your business’ “Nature of Business” section. The government uses this code to classify businesses and industries.

Filing the annual report for a Mississippi LLC is an intricate process. While you can do it yourself, you may not have the time to sit through the filing process every year. That’s why there are registered agent services that will handle this for you and notify you when it’s time to submit the report. Before you use a registered agent service, you’ll need to create an account. Remember to create an account when filing your LLC formation documents!

FAQs

Is it essential to file an Annual Report?

Yes, an annual report is essential for every business entity in most states. Some states also ask to file biennial or decennial reports to be filed.

What are the contents of the Annual Report?

A Yearly Business Report or the annual report typically incorporates the address of the business, names & addresses of the members, a list of all the signatories, SSN of the members, & details of the registered agent.

Why is hiring a Registered Agent necessary in filing the Annual Report?

A Registered Agent is well-aware of all the filing requirements, annual report filing fee, & overall Annual Report compliance. The knowledge & proficiency of the registered agent allows the smooth filing of reports & other fees.

What do I have to do for the annual business report preparation?

The most important thing for filing an Annual Report is record keeping. Make sure that you document every other transaction well.

Do the filing fees change as per the types of companies?

Yes, the fees may vary depending on the type of entity or the type of legal entity you are representing.

In Conclusion

An LLC has to file many types of reports, such as Application for Reinstatement, Periodic Report of a limited partnership (usually filed by the exempt nonprofit organization), etc., which are required depending on the type of entity. The Annual Report is mandatory irrespective of the entity type. It requires compliance across entities.

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