Mississippi Changing state of incorporation
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How to fill out Changing State Of Incorporation?
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FAQ
One common reason for changing a corporation to an LLC is to avoid double taxation. A corporation faces double taxation because the income it earns is taxed first within its hands, and then a second time in the hands of its shareholders.
The LLC in this example is the converting entity, or the existing entity before a conversion takes place, and the corporation would be the converted entity, or the entity resulting from a conversion. Companies can change their legal structure for different reasons.
Step 1: Name Your Mississippi LLC. ... Step 2: Choose a Registered Agent. ... Step 3: File the Mississippi LLC Certificate of Formation. ... Step 4: Create an Operating Agreement. ... Step 5: File Form 2553 to Elect Mississippi S Corp Tax Designation.
In a corporation, the assets and cash flows of the business entity are kept separate from those of the owners and investors, which is called limited liability. Though incorporation, a company's tax liability is also treated differently than that of a sole proprietorship or partnership.
Secure a certificate of good standing from the previous state. Submit the certificate of good standing along with articles of domestication to the secretary of state or other applicable agency responsible for business filings in the new state. Dissolve the business in the former state.
Strictly speaking, the term domestication refers to a change in governing law; the term conversion refers to a change in the form of entity. But many state LLC acts have blurred this distinction by using the same procedure for both types of changes.
A company formed in Mississippi is considered ?domestic.? Mississippi encourages foreign companies to do business in Mississippi. If your out-of-state company will be conducting business in Mississippi, you are likely required to register with the Secretary of State.
In some states, this is called a conversion. In other states, it is called a domestication. A statutory business conversion is one entity transaction. There is no need to form a new corporation or LLC in the new state or transfer any assets, liabilities or properties from one entity to another.