Mississippi Limited Liability Company Definition
Mississippi Limited Liability Company
DEFINITION
A Mississippi limited liability company may be owned by one or more persons. The owners are called “members.”
All members may participate in managing the company or one or more members may be chosen to
make decisions. Forming an LLC requires filing a Certificate of Formation with the Secretary of State.
Members of an LLC are not personally liable for the debts or liabilities of the company. Earnings may be
taxed in several different ways. An LLC may have different levels of membership. The members may
develop an operating agreement to govern the company. Limited liability companies generally have
fewer formal record keeping requirements than corporations.
Mississippi has one of the most modern and comprehensive LLC statues in the country.
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