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When it comes to incorporating a business, Delaware is by far the popular choice due to the strength of the corporate law structure. Delaware is known to protect owners’ personal assets. Clients from all over the world choose to incorporate in Delaware, rather than in their home state.
When incorporating in Delaware, your business is domestic to Delaware and foreign to every other state. The process by which a foreign state gives you the authority to operate there using your Delaware Company is called foreign qualification. This blog will discuss the process of foreign qualifying your Delaware LLC or Corporation to do business in Mississippi.
Mississippi, like many other states, has an application process, a state fee, and requires a Certificate of Good Standing from Delaware in order to foreign qualify to do business there using a Delaware Company. They also require a physical address in Mississippi to be designated as the Registered Agent in Mississippi. A lot of times, clients work with their Delaware Registered Agent in order to prepare the foreign qualification paperwork. Harvard Business Services, home of the $50/year Registered Agent fee, helps clients to foreign qualify every day. We prepare the application, obtain the Certificate of Good Standing from Delaware and email them to the client for signature. The approval time to foreign qualify in Mississippi is often 5-15 business days. You do not need to be a current client with Harvard Business Services in order to get assistance with the foreign qualification process in Mississippi. Harvard Business Services can also act as your Mississippi Registered Agent for $99/year.
When registered as a foreign entity in Mississippi, you are still responsible to maintain a Delaware Registered Agent and pay the Delaware Franchise Taxes, in order to remain in good standing. You are responsible, as well, for annual compliance matters for Mississippi. It is the job of the Registered Agent to keep you notified of matters of annual compliance for each state.
If you would like assistance registering your Delaware LLC or Corporation to do business as a foreign entity in Mississippi, or if you have questions, please contact Harvard Business Services at 1-800-345-2677 ext. 1 or email firstname.lastname@example.org.
THE AUTHOR OF THIS BLOG ARTICLE IS NOT A LAWYER AND HARVARD BUSINESS SERVICES, INC. IS NOT A LAW FIRM. THE ARTICLE ABOVE IS NOT INTENDED AS LEGAL ADVICE AND SHOULD NOT BE TAKEN AS LEGAL ADVICE. THIS SHORT ARTICLE IS STRICTLY TO MENTION SOME ASPECTS OF DELAWARE'S CORPORATION LAWS AND/OR LAWS RELATING TO OTHER FORMS OF ENTITIES WHICH YOU MAY NOT BE FAMILIAR WITH. WE RECOMMEND THAT YOU CONSULT WITH A LAWYER BEFORE FORMULATING A STRATEGY WHICH WILL BE SUITABLE FOR YOUR SPECIFIC CASE.