Are you ready to turn your business idea into an actual business? Whether it is a side hustle or a full-time job, one of the first things you should come up with is a unique name for your Mississippi business.
Thinking of a name might not be as simple as you think, especially if you are entering an industry with many competitors. The state of Mississippi will not allow two businesses to exist with the same name, so you need to think of a unique name that is available. How do you know if a name is available? We’ll help you explore how to name a business and how to check name availability in Mississippi.
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How to check business name availability in Mississippi
Now that you have a better idea of how to come up with an exciting name for your new business, here is how to check if the name you had in mind is available for you to use:
1. Go to the Montana Secretary of State website
You will need to register and log in to an account to use the Secretary of State business entity search tool.
2. Create an account
To create an account, all you need to do is register and fill out the required fields. You can create an account in less than 5 minutes.
3. Open the name search tool
Now that your account is ready, log in and look for the name search tool and enter the business name of your choice to search for its availability.
4. Run the search
After signing up for an account on the Mississippi Secretary of State website, you can enter the business name you had in mind and click on search to get results. If you entered the name with no exact matches in the results, that name is available for you to use.
5. Consider reserving a name
After running a Mississippi business name search, you have two options: You can reserve a name or you can register the name. You should register and log into a business service account to reserve your name if you aren’t planning to set up the business immediately.
Mississippi allows business owners to reserve a name for 60 days for $25.
To do so, you’ll fill out a quick form and provide the payment.
Again, you don’t need to reserve a name if you plan to officially set up your business with the state of Mississippi, but if you’re just doing some homework and plan to set up your business later, reserve the name now so it’s not taken when you’re ready.
6. Check domain name availability
We created a tool that makes it easy.
How to name your Mississippi business
Now that you know a little more about the business landscape in the state, it’s time to start generating a list of names for your business. To do so, follow these steps:
1. Write down basic details about your business
Start by creating a verbal picture of your business. Think about what your business will offer and who it will serve. Will you sell a specific product or service? Who’s going to buy it? Jot down a few details about your company as a starting point.
Next, start creating a list of adjectives that describe your business. Think in terms of keywords. What keywords would your customer use to find the product or service that you offer? Write them down.
2. Stay away from initials and hard-to-say words
There are plenty of businesses that include initials, like A&J Plumbing, but consider upping your game with something a bit more creative and descriptive.
The same goes for names that are hard to say. If your last name is Stackowaski, for example, it’s not conducive to a business name because it’s too hard to pronounce.
3. Don’t pigeon-hole your business
Be careful not to select a name that limits your company’s potential growth. Think about where your business will be in five, ten, even twenty years, and take that into consideration when creating a name.
A company named Bob’s Bargain Books, for example, is a good name, but what if they plan to sell vintage records and cassettes down the road? The name only refers to books, so when vintage music is added people won’t associate it with the store.
4. Consider using a name generator
At this point, you probably have a list of a few ideas. Rather than brainstorm a bunch of different combinations, why not try a name generator? You simply enter a few of the adjectives that you came up with into the search bar and you’ll get a list of possible names.
Name generators can take some of the hassles out of creating a name. Most name generators will only show you available names too, which is helpful.
Check out some of Namechk’s name generators below:
What kind of business structure is right for your Mississippi company?
As you research available business names in Mississippi, you’ll also want to think about what kind of business you want to establish. There are a handful of options to choose from, but some of the most common are Sole proprietorship and LLC.
- A sole proprietorship is ideal for small businesses with no employees that want to test their business out. There’s virtually no paperwork to set up this kind of business, which is a plus. However, a sole proprietorship is not a separate business entity, which means you’re financially and legally responsible for any problems that might arise.
- An LLC, or limited liability company, provides a certain amount of liability protection. Your personal assets and your business are separate with this business structure, which means if the business is sued or goes bankrupt, you will not be forced to use your personal cash reserves to bail the business out.
Steps to register your Mississippi business
Ready to set up your business in MS? Here’s what you do:
1. File your Articles of Organization
Visit the Mississippi Secretary of State website and fill out the Articles of Organization. To fill this out, you’ll need to have an available business name, address, and contact information.
2. Name a registered agent
You’ll also need to name a registered agent. A registered agent is the point-person for your company who will receive important documents like tax notices or legal documents.
A registered agent must be trustworthy and be available during regular business hours when documents are delivered. The business owner can serve as the registered agent in Mississippi, or another person or company can be named.
You might decide to name your accountant or co-founder, for example. You can also hire a registered agent service to serve in this role. Northwest Registered Agent, ZenBusiness, and Bizee are a few examples. These companies will receive documents on your behalf and notify you of their arrival.
3. Pay the filing fee
Every state charges a filing fee to file LLC formation documents with the government. In Mississippi, the cost is $50.
4. Wait for approval
Mississippi will review your application and typically provides approvals within five business days. Once approved, your business is officially set up.
Our picks of the best registered agent services
Mississippi small business facts
Before opening a business and brainstorming the right name for your business, you might want to learn a couple of facts from the small business industry in Mississippi. The U.S. Business Administration has some facts that entrepreneurs should be aware of:
- In the state of Mississippi, there are a total of 262,272 small businesses which take up 99.3% of all Mississippi businesses.
- There are 34,152 self-employed minorities in Mississippi, which is a very small number compared to the more diverse states.
- There are 1,545 small business exporters that sell their products throughout the states and overseas.
- In the fourth quarter of 2019, the Mississippi economy grew up to 2.1%, which was the same as the United States’ growth rate in the same year. In the previous years, Mississippi’s grothe rate was only at 1.3%, which is a good sign if you are planning to open a small business.
- 2020 had one of the highest unemployment increases in the state of Montana, increasing from 5.3% in 2019 to a whopping 15.4% in 2020. This unemployment rate is higher than the national average of 14.7% in the same year.
- The largest share of small business employment are firms with fewer than 20 employees.
- In 2017 alone, Mississippi small businesses employed over 470,000 people, which is 46.5% of the entire Mississippi private workforce.
- The employment rate in the private sector decreased 12.3% in April 2020 because many firms had to let go of some of their employees and eventually shut down.
- In 2019, small businesses created 9,212 net jobs.
- Just like most states, the health care and social assistance industry and the accommodation and food services industry leads with the most number of employees.
- Other services and construction except for public administration have over 80,000 firms combined, generating jobs for over 120,000 employees.
FAQs
To further help entrepreneurs, check out these frequently asked questions about starting a business in Mississippi:
Why is it so important to check on business name availability?
Mississippi will not allow two businesses in the state to have the same name. There are many reasons for this, but at its core, it’s to avoid any confusion. For example, if someone plans to sue Bob’s Fruit Stand and there are two of these companies in the state, things can get complicated quickly.
All businesses must have a unique name. And, you can’t just add a hyphen to a name to make it different. Each name must be “distinguishingly different.”
How do you dissolve an LLC in the state of Mississippi?
If you want to dissolve a business in the state of Mississippi, the state requires you to submit Articles of Dissolution. You can either file by mail or online. For online users, you need to log into the Mississippi Secretary of State Website website and select File Articles of Dissolution or Certificate of Withdrawal.
There are also professional service providers that can handle and take care of all the requirements for dissolving your business. These third-party filers will cost you more than doing it yourself, but it can be worth the convenience.
How much will it cost to register an LLC in Mississippi?
The state filing fee in Mississippi is only $25. However, this is just the cost to register an LLC with the state. There are additional fees that will likely accompany launching a business, like the cost of licenses, permits, and insurances, for example.
Is it possible to get a small business grant in Mississippi?
Getting a grant from investors and money lenders is possible in Mississippi. However, planning a business and doing an in-depth study is the hardest part if you want to achieve a grant for your small business.
You will need to dedicate your time to planning everything from creating a full-proof business plan to satisfy potential investors and lenders. It will include a lot of research to make sure that the business you plan on opening has the potential to make money to pay the amount you borrowed plus interest.
The state has a list of grant and loan programs on its website.
Does every Mississippi LLC need an EIN?
Most businesses in Mississippi do need an EIN, or Employer Identification Number, to get started. It is similar to a social security number, but it is specifically made for businesses. It’s needed to pay employees and taxes.
How can an entrepreneur get an EIN in Mississippi?
With an EIN, you can open a bank account under the business name, apply for licenses and permits, and file tax returns. The fastest way to get an EIN is through the IRS website during business days from 7 am to 10 pm EST.
Alternatively, you can apply for an EIN by phone, and there is no cost to filling for one as long as you have the necessary requirements, such as the legal name of the business, business address, date when the business was established, contact information, number of employees you plan on hiring, and whatever is stated on the online application.
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