"Domestic" means your business is formed in and operates under the laws of the State of Mississippi.
A company is considered "foreign" if it is already formed in another state and under the laws of that state. A company formed in Mississippi is considered "domestic."
Choosing the right business entity structure protects you from liability and determines tax treatment by the federal and state governments, management structure, future ownership, and capitalization. A lawyer, CPA, tax advisor or financial advisor can help you decide which structure is best for your business.
Depending on the type of business you are opening and the products and services you will be selling, there may be specific city regulations, permits and licenses that apply.
The Federal Employer ID Number (EIN) is used to report withholding taxes. Almost all businesses are required to obtain one.
You should complete all business formation filings with the Secretary of State before applying for a Tax ID.
Businesses with employees are required to file federal and state employee verification documents.