Mississippi
Corporate Name Endings
* The name must contain word "corporation", "company",
"incorporated", or limited" or the abbreviation corp., co., inc.,
ltd., or words or abbreviations of like import in another
language. The name may not contain language implying the
corporation is organized for any unauthorized purpose. The name
must be distinguishable from that of domestic or foreign
corporations entitled to do business in state, or to reserved or
registered name.
Articles of Incorporation Requirements
* Director Information
* Minimum Number - One or more.
* Residence Requirements. - No provision.
* Age Requirements - None.
* Directors are not required to be listed in the articles of
incorporation.
* Officer Information
* The officers are not required to be listed in the articles of
incorporation.
* Stock Information
* An increase in shares or par value does not effect initial
fees.
Yearly Requirements
* Annual Statements
* Annual reports are due within 60 days of each anniversary
date of incorporation with respect to a domestic corporation,
and within 60 days of authorization to transact business in
Mississippi with respect to a foreign corporation. A $25 fee
must accompany the annual report.
* Income Tax Rate
* Tax is based on taxable income allocated to Mississippi at 3%
of first $5,000; 4% on next $5,000; 5% over $10,000.
* Franchise Tax Rate
* Every domestic corporation and every foreign corporation
doing business in Mississippi must pay a franchise tax.
Basis and rate.
$2.50 per $1000 or fraction of the value of the capital used,
invested or employed in Mississippi. Minimum tax, $25. Based
on the corporation's capital at close of its year preceding
the filing of the return. Capital includes issued and
outstanding capital stock, paid-in capital, surplus, retained
earnings, and all true reserves as well as amounts designated
for payment of dividends unless irrevocably placed to the
credit of stockholders, excluded are debts, bonds, mortgages,
and reserves for bad debts, depreciation or valuation.
Allocation and apportionment.
Corporations doing business both in and outside Mississippi
determine the capital employed in Mississippi by multiplying
the year-end total capital by the local-to-local ratio
represented by (1) real and tangible personal property in
Mississippi plus gross receipts from business in Mississippi
(numerator) divided by (2) total of such property plus total
of such receipts everywhere (denominator). An organization
using a formula method of apportionment determines its gross
receipts from business carried on in Mississippi by applying
to total unitary receipts the ratio achieved (or which would
be achieved) by such formula and adding to the result of such
application any nonunitary Mississippi receipts. Effective
for tax years after 1998, the gross receipts of a corporation
using a formula method of apportionment will also include any
receipts from the taxpayer's operations which are not
apportioned but rather are directly allocated (or assigned)
to Mississippi. If the taxpayer is required to use a formula
method of apportionment in making income tax returns that
does not have a receipts or sales factor, then the receipts
factor for the franchise tax formula will be determined by
regulation of the State Tax Commission.
Return and payment.
Pay to State Tax Commission, by 15th day of 3d month
following close of annual accounting year. The Commission may
require the payment of any tax liability of $20,000 or more
in funds that are immediately available to the state on the
date the payment is due.
Estimated taxes.
Payments of estimated taxes are due on the 15th day of the
4th month of the income tax year together with the
declaration or in four equal installments, due on or before
the 15th day of the 4th, 6th, 9th, and 12th months of the tax
year.
* Annual Report
* Liability.
Every domestic corporation and every foreign corporation
authorized to do business in Mississippi must file an annual
report with the Secretary of State. Annual reports are due
within 60 days of each anniversary date of incorporation with
respect to a domestic corporation, and within 60 days of
authorization to transact business in Mississippi with
respect to a foreign corporation. A $25 fee must accompany
the annual report.
For more information on taxes, visit www.mstc.state.ms.us
