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Mississippi recognizes the federal S corporation election and does not require a state-level S corporation election.
Some states do impose a separate tax or fee on LLCs for the privilege of doing business in the state. Mississippi, though, is not one of those states.
In Mississippi, LLCs pay a franchise tax and personal income tax. Both taxes must be paid to the Mississippi Department of Revenue. Mississippi LLCs are also required to pay a Federal Self-Employment Tax. This tax is based on the value of business property and capital.
Mississippi also has a 4.00 to 5.00 percent corporate income tax rate. Mississippi has a 7.00 percent state sales tax rate, a max local sales tax rate of 1.00 percent, and an average combined state and local sales tax rate of 7.07 percent.
An LLC is typically treated as a pass-through entity for federal income tax purposes. This means that the LLC itself doesnt pay taxes on business income. The members of the LLC pay taxes on their share of the LLCs profits. State or local governments might levy additional LLC taxes.
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The District of Columbia, New Hampshire, Tennessee, New York City and Texas do not afford special treatment to S corporations. Similarly, Louisiana taxes S corporations as C corporations, but allows an exclusion regarding the portion of income with respect to which Louisiana shareholders pay income tax.
How much does it cost to form an LLC in Mississippi? The Mississippi Secretary of State charges a $50 fee to file the Certificate of Formation. You can reserve your LLC name with the Mississippi Secretary of State for $25.
Every member or manager of the Mississippi LLC earning profit from the LLC has to pay the Federal Self-Employment Tax (also called the Social Security or Medicare Tax). The Federal Self-Employment Tax applies to all the earnings of an LLC member or manager. The Federal Self-Employment Tax rate in Mississippi is 15.3%.
Here are the basic steps to forming a partnership: Choose a business name. Register a fictitious business name. Draft and sign a partnership agreement.
applying for relevant licences. Consider the Scope of the Partnership. A partnership can be between two or more: Form a Partnership Agreement. Register Your Partnership. Consider Your Taxation Registrations. Open a Partnership Bank Account. Obtain Relevant Licenses.