Frequently Asked Questions
- Do I need a sales tax number?
- Do I need a business license?
- How do I register my small business?
- How do I finance the startup of a small business?
- What legal form of business should I use?
- Do I have to register my business name?
- Is my business name ok to use?
- How do I register to become an employer?
- If I am self employed, how do I report my taxes?
- What type of insurance should I obtain for my small business?
- Are grants available for starting my business?
More information is available at : http://www.mssbdc.org/resources/faqs
Sample Business Plans
A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan as a roadmap for how to structure, run, and grow your new business. It’s a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners. Investors want to feel confident they’ll see a return on their investment. Your business plan is the tool you’ll use to convince people that working with you — or investing in your company — is a smart choice.
Before you write your business plan, read these example business plans written by fictional business owners. Rebecca owns a consulting firm, and Andrew owns a toy company.
Minority Business Certification Information
Your firm must meet the following requirements to qualify as a Minority Business Enterprise (MBE) and/or Woman Business Enterprise (WBE) under Mississippi’s Minority Business Enterprise Act Section 57 Chapter 69. The Mississippi Development Authority (MDA) uses the following and supplemental regulations to the Mississippi Minority Business Act.
- Small Business Act 15 USCS, Section 637(a)
- Federal SBA Regulations 13 CFR Parts 121 and 124
- For the purposes of certification, MBE/WBE owners must be a resident in the State of Mississippi and, for the purposes of financing through the Minority Business Enterprise Loan Program, MBE/WBE owners must be a resident of the State of Mississippi.
- For the purposes of certification, a firm must be at least 51% owned and controlled by socially and economically disadvantaged individuals and, for the purpose of financing through the Minority Business Enterprise Loan Program, a firm must be at least 60% owned by socially and economically disadvantaged individuals and their net worth cannot exceed $500,000. The net worth requirements apply to any owner/partner with at least a 20% ownership of the company.
- Firms and owners must meet the requirements of the Small Business Act 15 USCS, Section 637 (a) and Federal SBA Regulations 13 CFR Parts 121 and 124.
- MDA’s Certification will have a duration of 3 years. However, if the certification is a unification/reciprocation of another entity’s certification; then MDA’s certification shall be based on that certification and shall have the same expiration date.
- Firms must be a “for profit” business.
Note: All firms shall be subject to an on-site review at the discretion of the Mississippi Development Authority.
A list of required documents will be supplied when the completed application is submitted for review and approval. The list is generated based on responses to the application items. A master list of most required documents and who they apply to is shown below:
- Work experience resumes that include places of ownership/employment and corresponding dates
- Personal Financial Statement/Personal Statement Affidavit
- Affidavit of Certification Statement
- Affidavit of Social and Economic Disadvantage
- Entire copy of personal tax returns (Federal and State) with W-2s for the last 3 years
- End of Year Balance Sheets and Income Statements for the past 3 years (or life of firm if less than 3 years or Schedule C’s – A new business must provide a current Balance Sheet)
- Copies of relevant licenses (city priviledge tax, trade, state tax, etc.)
- Bank Authorization and/or Signatory cards for business account
- Business Plan/Executive Summary and Business Projections
- Assumed name, fictitious name or other registration certificate from appropriate government agency (verify with business card, letterhead, etc. if available)
Partnership or Joint Venture
- Partnership or Joint Venture Agreement
- Certificate from appropriate government agency, if applicable
- Tax returns for 3 years, if applicable
Corporations, LLC or PLLC
- Articles of Incorporation (must be an active corporation)
- Corporate Tax Returns for the last 3 years, if applicable
- Operating Agreement
- Recent Shareholders/Board of Directors minutes (within the past year)
- Corporate By-Laws and Amendments