Starting a business is becoming easier than ever. There is a large selection of business formation services that provide the right services for almost any circumstances. Today, we offer a review of one of the services that has been around the longest: MyCorporation.
We will take an in-depth look at their offerings and services and also compare them to two of the most popular alternatives. Ultimately, we hope that this MyCorporation Review will help you decide if they are the right fit for helping you form your new business.
MyCorporation initially opened its doors in 1998. Since that time, they have helped more than one million businesses.
The website is extremely easy to navigate. Menus are clear and there is a great deal of information available. In addition to traditional LLC and non-profit business formations, they will also help benefit corporations (B-Corp) and Canadian corporations. When the time comes to place an order, their process is straightforward. They even offer a free consultation to help you get started.
MyCorporation helps you decide if an LLC formation is what your company needs. Once you know that an LLC is the right type of business, the application process is very easy. They offer four different packages that can be customized to your needs. They even offer some services that you will not find with the competition.
MyCorporation offers trademark and copyright filing as well as a tool to help you design your new company logo. They also offer an Intellectual property YouTube video to explain the difference between the various intellectual property offerings
One of the things we like best about MyCorporation is its Learning Center. They have an easy-to-access area that offers guidance on both forming and maintaining your business. The articles are informative, and their blog is extensive. Almost any aspect of running your business is addressed in the Learning Center.
They have one of the best customer support departments in the industry. They are quick to respond to any e-mailed questions, and it is easy to get hold of one of their customer support specialists by phone during their business hours. If you still need more answers, the CEO of the organization makes herself accessible to their clients.
They have a great track record. With one million business formation and business maintenance subscriptions, there are a large number of great reviews out. Most of their customers are extremely satisfied, and those who post negative reviews are usually contacted by MyCorporation to solve the problem.
The overall value for the money you spend for MyCorporation to handle your business formation is generally comparable to the other business formation companies in the industry. The lack of a presence of a free first year of registered agent services in the two lower-tier packages will be felt if you spend the $120 a year asking price for those services. If you need intellectual property services as part of your business formation, then the value of your investment with MyCorporation becomes greater.
MyCorporation offers four different packages of LLC formation services: Basic, Standard, Deluxe and Premium. The prices shown do not include required shipping fees.
The Basic package costs $99 plus state fees. This package includes:
The Standard Package costs $124 plus state fees. This package includes everything found in the Basic package as well as:
The Deluxe Package costs $224 plus state fees. This package includes everything in the Standard Package as well as one year of registered agent services.
The Premium Package costs $324 plus state fees. This package includes everything in the Deluxe Package as well as MaintainMyBiz services, which includes your choice of four additional products and services at no extra charge.
Following is the list of additional products and services offered by MyCorporation. This includes the standalone pricing for some of the services offered in the packages as well as an analysis of which services are necessary to form and maintain your business.
Almost every state requires an annual report from each business owner. This report updates the state on basic things such as your address and your designated registered agent. The cost of this service is $99 per year.
Registered Agent Service
Registered agent service is a requirement of all US corporations. The registered agent is who you designate to receive your process service and all other communications from the state and federal government regarding your business. This service is included in the Deluxe and Premium packages. As a standalone offering, this service is available for $120 per year for MyCorporation to be your designated registered agent.
This is an ongoing business document filing plan. It includes four filings per year and is offered as a part of the Premium package. As a standalone, this service is offered for $250 per year.
Every LLC requires an operating agreement that outlines the business structure for operational purposes. MyCorporation offers a customized operating agreement for your business for an extremely fair price of $59.
S-Corporation Tax Election
If you would prefer to have your LLC taxed like an S-Corporation, MyCorporation will file the documentation on your behalf for $49 which is an affordable price.
The EIN is the employer identification number that serves as the tax identification number for your business. It is available for free from the IRS, or MyCorporation will take care of it for a one-time fee of $79. This pricing is comparable to that charged by other business formation services.
Business License Research Package
This package will research all of the licenses and permits that you need to remain in compliance with your federal, state and local requirements. This only includes the list of requirements and you will still have to file all the forms yourself. It is still a good idea to make sure that you remain aware of all of your requirements. While the competition offers this service for slightly less, MyCorporation will provide it for $149.
Unemployment Or Withholding Tax Registration
MyCorporation will help you register your business for withholding tax or unemployment tax in your state. The service is offered for $200 each. The price is a little high for this, but the convenience of having MyCorporation take care of this may be worth it to you.
Sales Tax Registration
This service registers your business for sales and use taxes required by your state or local government authorities for $200. Their price for this service is on average with the competition.
The LLC Kit is a binder with your LLC’s name imprinted on it. It is a good organizational tool but it is not an absolute necessity. The $100 price tag is about average for comparable products offered by the competition.
You can design a professional logo for your business for the price of $39.
There are many times as a business owner that you will be required to have a document notarized. Since it is not always convenient to go find a notary, MyCorporation will notarize your documents for $35. Their notarization is good for all 50 states.
DBA Name Registration
A DBA (doing business as) name registration is an alternative option to forming a corporation. It allows you to legally use an assumed name to do business. MyCorporation charges $129 for this service, which is slightly more than the competition.
MyCorporation will prepare and submit your copyright application for $99 plus the federal filing fee of $65 which you will need to submit to the government separately. The $99 fee is about average for the industry.
If your LLC exists in a different state, you will need to file Foreign Qualification instead of a new business formation. The price of $199 is about average for the industry.
If you find yourself in a position of needing to close the doors on your business, MyCorporation will take care of all of your dissolution documentation. Their price of $129 is lower than most of the competition.
To reinstate an LLC that has been previously dissolved, MyCorporation can handle the documentation and filing to get your business back into compliance. The price of $199 is substantially lower than that charged by the competition.
When there are changes made to your business, you will need to file an amendment to your LLC formation documentation. They charge $129 plus the state fees for this service which is a little more than that charged by competitors.
Certificate of Good Standing
A Certificate of Good Standing is documentation showing that your LLC is documentation showing that you are in compliance with all of your state regulations. These certificates are important for opening business bank accounts. However, the price of $99 is almost double the industry standard.
They offer certified copies of your state-filed business documentation for $99. This is double the price offered by the competition.
There are several pros and cons for MyCorporation.
Overall, customer experiences with the company have been exceptional. It is one of their strongest qualities. There are hundreds of reviews around the internet that are mostly positive. TrustPilot rates them 4.4/5 stars, while Google gives them a solid 4.9/5 star rating. Negative reviews seem to all be related to difficulties with their refund policy and unsubscribing from services.
They are a good company. It has far more advantages than disadvantages. With that said, they will not be a perfect fit for everyone. They will be a good fit for your business if annual report service or reinstatement is important for you. If you prioritize registered agent services and services included in packages that tend to be lower priced you will be better off looking elsewhere.
Here we compare MyCorporation to of the most highly rated business formation services in the industry: ZenBusiness and Northwest Registered Agent.
ZenBusiness opened its doors in 2015 and has been successful in its short 6-years in business. They have automated a good portion of their LLC formation process, and their revenues have doubled in the past year. They are one of the most popular LLC formation companies, and for good reason.
ZenBusiness and MyCorporation have the following things in common:
The two companies differ in the following ways:
If you believe that they would be a better fit for your business, visit ZenBusiness today.
Like MyCorporation, Northwest Registered Agent has been in business since 1998. They have formed more than two million businesses in that time.
Other things that Northwest Registered Agent has in common with MyCorporation are:
Northwest Registered Agent and MyCorporation differ in the following areas:
If you believe that they would be a better fit for your business, visit Northwest Registered Agent today.
MyCorporation is one of the oldest online business formation services. They have assisted more than one million businesses since opening their doors in 1998.
They have a managed annual report service that is included with most of the LLC formation packages. They also have one of the best customer support teams in the industry.
Their LLC Formation packages do not include as many services as the competition, and they do so for a higher price. They also do not offer registered agent services with all of their packages and include a pricy $34 shipping charge with all of their packages.
They are completely legit. Since 1998 they have provided exceptional business formation and business maintenance services to over one million satisfied clients.
If you do a google search, you can usually find current promo codes for MyCorporation services.
They have great customer support. They are available by phone, email or chat, and if you are still not satisfied with the answers you receive, the CEO makes herself available via her LinkedIn profile.
The features you want with MyCorporation depend on your business circumstances. If you are looking for annual report services and a basic LLC formation, then a basic package is all you need. If you are looking to design and register a logo, you may want to take advantage of the logo design and intellectual properties services. The most valuable services offered are the sales tax registration services. It all depends on your needs for your business.
They have a business compliance check service for $29 that can help you keep your deadlines and remain in compliance.
To be perfectly honest, they would not be our first choice in LLC formation providers. There are a number of other providers that are less expensive and who offer more services making much of the competition a better value for the money.
The current language on their website makes their refund policy confusing. On one hand, they claim that you can request a refund up to 60 days following your purchase, but they also state that they will not issue refunds other than state filing fees under certain circumstances.
If you are ready to form your business, there is no reason to reserve your business name beforehand.
Yes, you can. You will need to appoint a registered agent in the state you wish to run your business in.
They do not handle state-specific requirements such as New York publications.
The speed with which they process your LLC formation depends on the state you are filing in. Overall, their turnaround time is pretty quick, and there are ways to expedite your orders.
MyCorporation has been successfully forming and helping businesses operate for more than 20 years, and they do have more than one million satisfied customers. The lack of free registered agent services as part of the two lower-tier packages is an important point to consider, and the fact that several other services will give you a greater value for your money should be considered. They do offer some services that others do not, and the price point for their reinstatement services is good. If you require only the basics and are interested in the annual report services, then MyCorporation could be a good deal for you. If you do choose to go elsewhere, keep their learning center bookmarked because it provides a wealth of free information. For more information about the company or to start the LLC formation process, visit MyCorporation today.