Mississippi Corporation Definition
Mississippi Corporation
DEFINITION
A Mississippi corporation may be owned by one or more persons. Owners are called “shareholders.” A corporation
is created by filing Articles of Incorporation with the Secretary of State. Corporations have officers
elected by a board of directors that are elected by the shareholders. Corporations operate by a set of
rules called “bylaws,” which are drafted by the company and adopted by the shareholders. Bylaws are
not filed with the State.
Shareholders of a corporation are not personally liable for the obligations of the company. Unlike an
LLC, a corporation is subject to corporate income taxes on its revenues. Profits distributed to the
shareholders may be taxed as income.
An “S corporation” under the Internal Revenue Code is formed in the same fashion as a regular
corporation. Sub-chapter S corporations may have some tax advantages but also must follow very
specific rules. Obtaining tax planning advice when deciding to set up this type of company is
recommended.
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