Mississippi may not be the first state that comes to mind when pursuing business as a female entrepreneur. After all, the city still suffers from one of the biggest pay gaps between men and women as a whole. It’s also lagging behind in terms of tax laws that benefit minorities and diversified workplaces.
That said, there are still a few benefits worth looking into if you’re simply planning to establish an LLC. The Chamber of Commerce even notes a promising early survival rate for startups in the state, with 81.97% surviving their first year. Many entrepreneurs and small businesses decide to go the LLC route as it offers many benefits in terms of flexibility and business continuity. More importantly, it also offers limited personal liability. If you’re looking at starting your LLC in Mississippi, there are a few extra perks that may make it a solid option.
LLC naming is more flexible in Mississippi
Having a name is obviously one of the core components of having an LLC. It’s your identifier and allows you to stand out from the rest of the competition. Naturally, you also need to have a name that isn’t already legally taken.
When figuring out how to start an LLC, it’s worth noting that Mississippi allows the use of a “Fictitious Name.” This allows you to take on an assumed name for your brand that will then be attached to your business entity. This is a good way to give yourself a recognizable brand without necessarily having to register as that.
Mississippi has business certification programs dedicated to women
The reality is that men still tend to get more financial backing from institutions when it comes to business despite the fact that 82.5% of lone entrepreneurs are actually women. With that in mind, it’s always helpful to have resources and avenues that empower women looking to start up their own LLCs. In Mississippi, there are business certification programs that focus on enabling women and minorities to pursue entrepreneurship.
This has led to many successful women being able to lead businesses despite varying backgrounds. For instance, the popular eatery and local community hub The Magnolia Diner is led by NaTonya Parish. She launched the place in 2021 to great success, overcoming the challenges of running a household and a business at the same time post-pandemic.
There is already a solid pool of women-owned businesses here
It’s great to establish yourself in a community where you feel supported. Despite preconceived notions about business in Mississippi, it does have a good pool of businesses that are owned and run by women. Whether you need advice or simply want a network with like-minded individuals that understand the journey of a female entrepreneur, it can be a good thing to have as you navigate your LLC.
A great example of a successful woman that built her business on the Gulf Coast is Bonnie Teichert, who owns the local franchise of PuroClean. Her business inherently serves other properties and businesses, so it’s good to see an established base of entrepreneurs who know the struggles and triumphs that come with the territory.
Mississippi has a reasonable cost of living
The inflation brought on by the global upheaval of the economy can really be a major factor in your decision to set your LLC up. If you can’t afford rent, taxes, maintenance, and transport on top of your own living expenses, it will be hard to conduct your business.
With that in mind, you may find relief knowing that Mississipi’s cost of living is about 15% lower than the national average. The World Population Review reports that this is one of the ten cheapest states you can live in, giving it an 83.3 rating. With a lower cost of living, you can have more ease budgeting for operating expenses, pricing, adjusting to inflation, and any compensation should you have employees or suppliers.
Filing fees are low
When you file for an LLC, you will have to pay for filing fees. This will include any agent fees and those imposed by the state where you are planning to register your LLC. Mississippi has some of the lowest fees in the United States.
The State of Mississippi only has a filing fee of $50 for a Certificate of Formation. There are also no fees for LLC annual reports. If you want to get an Application for Name Reservation, this only costs $25. Of course, fees are higher if you are registering as a foreign LLC. That would only apply if you are running your business from another state, so it may be best to stay local if you want to get the benefit of lower fees.