Business Briefs
Checklist For Starting
A Small Business In Mississippi
There are many issues
to consider when you are thinking about starting a new business. Once the
decision has been made to start a small business, use the following checklist
as a guide as you go through the planning process in Mississippi:
- Request a Mississippi
Entrepreneur's
Tool Kit from the Mississippi
Development Authority (601/359-3593), or access it electronically
through the
Mississippi State University Extension Service Web site.
- Request a copy
of Mississippi
Reporting Requirements for Small Businesses from the
Mississippi Development Authority (601/359-3593), or access it electronically
through the
Mississippi State University Extension Service Web site.
- Check local zoning
regulations with city/county officials. When applicable (such as
a home-based business) also check neighborhood covenants.
- Choose a name (and
logo, if desired) for the business. To protect the name and logo in
Mississippi, complete an Application To Register a Trade Mark (form
F0023), which can be obtained from the
Mississippi Secretary of State by calling 601/359-1633 or Online
at www.sos.state.ms.us. Federal
trademark registrations are handled by the U.S.
Patent and Trademark Office. For additional information and an application
form, call the U.S. Patent and Trademark
Office at 800/786-9199 or Online at www.uspto.gov.
- Decide on the form
of business ownership (sole proprietorship, partnership, or corporation).
In order to be incorporated, articles of incorporation must be filed
with the Mississippi Secretary
of State (601/359-1633 or www.sos.state.ms.us).
Register with the Mississippi
Secretary of State if the business is a limited liability company
(LLC).
- Obtain a local
business permit or privilege license from city/county officials.
- Obtain any special
licenses and permits that some businesses may require. You may need
to meet additional regulations, as well (examples: ventures that handle
or process food; child care centers). Contact the
Mississippi Secretary of State for information at 601/359-1633 or
www.sos.state.ms.us.
- Contact the IRS
to obtain a federal employer identification number or EIN
(call 800/829-3676 and request FORM
SS-4 or go Online at www.irs.gov).
An EIN is required
for all businesses with one employee or more.
- Complete a Mississippi
Business Registration Application (FORM
70-001-00-1), which can be obtained from the
Mississippi State Tax Commission (601/923-7000).
- Purchase workers'
compensation insurance (required if you have five or more employees.)
- Open a DBA (doing
business as) bank account for the business.
- Check on needed
insurance and/or bonding coverage for business. (Note: Many homeowners'
policies usually will not cover home-based businesses.)
- Write a business
plan.
- Secure financing,
if needed.
- Establish
prices, fees, and business operation policies.
- Obtain copies of
IRS publication 334
(Tax Guide for Small Business), IRS
publication 533 (Self-Employemnt Tax), and if business is home-based
IRS publication 587
(Business Use of Your Home) by calling the IRS at 800/829-3676 or
electronically at www.irs.gov.
- Determine record
keeping requirements and set up a bookkeeping system.
- If business is
home-based, set up a work area in home and obtain an answering machine
and/or a phone line for business.
- Obtain business
cards, stationery, forms, etc.
- Do advertising
and publicity.
- Start the business!
Additional information
for Mississippi small businesses may be accessed electronically through
the Mississippi State University Extension Service at www.msucares.com/business_assistance/homebusiness/index.html#pubs.
|