If you’re reading this, you’ve probably heard all about the benefits incorporating your business affords you. Unlike a sole proprietorship, a Corporation offers tax saving, liability protection, ease of raising capital, etc.
But, where do you start? Back in the day, you would probably have to hire an attorney and part ways with thousands of dollars to incorporate your new business legally. But, there’s a way more accessible, faster, and cheaper alternative to using a lawyer.
MyCorporation and Inc Authority are online LLC formation service firms specializing in setting up a Corporation or Limited Liability Company (LLC). These services range from as little as $45 to $800, depending on the package you select and the state of incorporation.
Most business formation service firms list three levels of their LLC formation packages. The first level is the basic level package. The second-level package may throw in a few goodies to sweeten the deal.
They may include features like an incorporation kit and other additional features for roughly $250.
For the discerning small business owner with a broader budget, the third level package is the most expensive. It includes perks such as rush filing, free Registered Agent Service for one year, Employer Identification Number, Operating Agreement, and so on.
With so many LLC formation firms out there, how do you go about picking the right one? In this MyCorporation vs. Inc Authority review, we will pit the two firms against each other. This way, you can make an informed decision.
However, before we proceed, here are a few points to note:
Selecting an Online LLC Service Provider: Avoid These 3 Pitfalls
As you conduct your research and comparisons, please ensure that you address these three pitfalls, thereby avoiding surprises, lengthy delays, and problems.
- LLC Formation Completion Timing
A good number of online LLC formation firms don’t clearly state their turnaround period on their websites. However, in all fairness, this depends on several factors in some instances beyond their control.
As much as most firms claim to offer rush filing, which should theoretically shorten the waiting period, this may also be misleading. Why? Because an LLC firm isn’t in control of the state’s speed of processing your application.
However, they may still have a bit of sway on the State officials. Consequently, if you are in a hurry, then you could try out expedited filing services.
2. Teaser Rate Service Fee
When shopping for a suitable nationwide incorporation service provider, you look at the service fee first. The first is the cost of their service. It’s common for businesses to offer introductory teaser rates, and a good number of these sites provide base services for super low prices.
However, if you keenly look at the fine print, you will notice the added fees, including processing costs, elevated shipping costs, administrative fees, etc. More often than not, the base service will lead to your filing taking weeks to process. Of course, this is a ploy to get you to upgrade to a higher fee package.
3. Additional Service
As with the teaser fees, it’s common for these internet-based filing firms to offer other features as an additional service, such as business structure and web domain registration in an LLC formation package. It serves to entice you into picking a package.
Try and stick to the fundamentals of incorporating a business which includes an LLC Operating Agreement, Registered Agent Service, Articles of Organization, and so on.
As the adage goes, old is gold. As a business owner, you need a solid, reliable business partner to succeed. Nothing speaks trustworthy and reliable than a firm that’s been around the block the longest. I don’t know about you, but I always go with the oldest firm on the list. That’s just me.
MyCorporation is one of the oldest LLC service providers out there and has played a crucial role in introducing and adopting online business filing. The company first opened its doors in 1998. The firm makes it possible for you to register a business entity across all 50 States.
For over 20 years now, the filing giant has successfully managed to help set up over a million new businesses. For a detailed MyCorporation review, please check the blog for an extensive read.
Going by “Inc For Free” during its earlier years, Inc Authority is undoubtedly the oldest business formation firm. Since 1989, the company has been supporting small business owners to register new businesses legally.
Apart from registering businesses, Inc Authority also offers a comprehensive list of start-up business services designed to help you start, run, and grow your new business. These include- Legal Advice, Business Plans, Marketing Packages, Business Funding, and much more!
Winner: With over 30 years of experience, Inc Authority is more than capable of handling any business filing. Thanks to its long track record, I have to assign the first point to the firm.
As part of the requirements, while filing for a Corporation or Limited Liability Company, you need to ensure you have Registered Agent Service, Employer Identification Number, Articles of Organization, etc.
While comparing the various business formation packages, ensure that they offer many of these services in the package and not as add-ons. For comparison, we shall stick to Basic/Entry level packages.
Unlike other filing companies that offer three packages, MyCorporation offers its clients four business registration packages: Basic, Standard, Deluxe, and Premium plans. Their entry-level package- Basic retails for $99 plus the State filing fee.
The Basic plan features Articles of Organization, Business Documents, MyCorp Vault Document Storage, and Name Checks.
Unlike its competitor, the firm offers a FREE business formation process, whereby they waive all service charges, overhead, and labor costs. You only have to pay the mandatory State filing fee- which you’ll pay regardless of which firm you use.
So, what’s the catch here? Through the 100% FREE offer, the company strives to build and earn your trust; this way, you can become a lifetime client.
With your FREE package, you’ll get a Business Name Check, Preparation & Filing, Registered Agent for one year, INC Care Support, Digital Storage & Delivery, Tax Planning Consultation Business Credit & Funding Analysis.
Apart from the FREE Inc Authority LLC offer, the filing firm offers three Business Bundles- Starter, Executive, and Tycoon. If you are wondering how come you can’t access these packages at this point, it’s because you need to speak with the sales team first.
Winner: At $45, very few companies offer such low rates as Swyft Filings. However, even fewer firms like Inc Authority allow entrepreneurs to set up an LLC or Corporation for FREE. The company offers free Registered Agent Service for a year and much more. For that, I award the firm another point.
Products and Services
Running a business can take a massive toll on you. As your business starts and grows, you are going to require various tools and services. The right products and support can lessen the burden on your shoulders.
Start My Business
- EIN Registration
An Employer Identification Number is a nine-digit number issued by the IRS for tax purposes. You can opt to have MyCorporation register one for you or apply one for FREE.
2. Operating Agreement
As a legal document, an Operating Agreement outlines a company’s management, ownership, individual member rights, and responsibilities. This document is the only record of the company’s ownership, as ownership isn’t listed with the state.
3. Registered Agent Service
A Registered Agent is an individual or entity that acts as a go-between the government and a business. They are in charge of receiving all legal documents relating to the company from the government, notifying you, and delivering the papers.
4. Name Reservation
The first thing you need before registering a business is a name. Do you have a particular name in mind? If so, MyCorporation can facilitate the reservation of the said name for you for future use.
5. Business Compliance Check
To ensure that your business remains in good standing with the local and Federal government, you will abide by various rules and regulations, including regular annual report filing. With the business compliance check, you can rest easy knowing you’ll always remain compliant.
Run My Business
- Foreign Qualification
- Suppose you are looking to conduct business outside your state of formation for whichever reason. In that case, you’ll have to file for Foreign Qualification, which legally permits you to run your business in the new state.
- Corporate Resolution
A corporate resolution is a record of any significant decision made by a company’s board of directors or shareholders during a meeting. It covers a wide variety of actions, including the sale of shares, purchases of an existing patent, and when to vote for new members.
If you have made any changes regarding the business, including changing the business’s official name, location, etc., then you are legally required to notify the state of these changes.
As the name suggests, a reinstatement enables you to effectively re-open your business. MyCorporation makes this process easy, accurate, and seamless, effectively bringing your business back into good standing with the state.
Maybe you’ve outgrown the company, or the business has outlived its purpose, and it’s time to shut it down. MyCorporation will do this, ensuring correctness. When improperly handled, this could open you fines and liabilities.
- Business Plan
A business needs to stand on a firm foundation which means your business plan must be thorough and highly detailed. With our Business Plan, you can kick-start your business empire the right way.
2. Business Funding
Quickly book an appointment with our business executives to discuss potential funding. While at it, this won’t affect your credit score, nor are there any financial or other obligations on your end.
3. Website and Marketing Package
This package enables you to make a private booking with website developers and discuss how to design an intuitive website to market your products or services.
4. Business Credit
With this package, you can build business credit rapidly for your current or new business by working with business credit experts and proprietary web tools.
5. Revocable Living Trust
A revocable living trust is a legal document created by an individual to avoid probate and protect the trust beneficiaries and owner’s privacy.
6. Federal Trademark
Trademarks make it easy for customers to identify and relate with a business’s services and products. Registering a trademark ensures that no other person can use them and, in case they do, are liable for a lawsuit.
Winner: Clearly, MyCorporation offers tons of business services and products meant to support your business during its lifespan. Therefore, the film scores a point for itself.
Customer Support Team
You can get in touch with the team through phone support Mon – Fri, 7:30 A.M to 4:30 P.M PT. You can call them on 1-877-692-6772. You can also send them an email: firstname.lastname@example.org.
Do you have any questions? Call the support team on (877) 462-6366 and Info@IncAuthority.com (Mon to Fri 8 A.M to 5 P.M PST). Alternatively, you can access the team via the customer support form on the website.
- Platform: Using the platform is simple. All you have to do is fill up a short questionnaire.
- Guarantee: MyCorporation will try to solve any issues. However, if you are not satisfied, you can expect a refund after 60 days.
- Longevity: Since 1998, the company has been assisting small business owners with registering their businesses. To date, they’ve managed to open over a million new businesses.
- Customer Review: Like any successful company, the filing firm has very few customer complaints.
- Packages: Like Swyft Filings, their business formation packages are among the most competitively priced in the market
- Ease of Use: The formation process is easy and straightforward. You don’t have to be a computer genius to register a business entity.
- Registered Agent: Inc Authority offers FREE Registered Agent Service for a whole year.
- Free Incorporation: The fact that the company offers clients the ability to register a company for free is fantastic. This way, nearly anyone wishing to reap the benefits of a corporation or LLC can do so. All you need to do is pay the state fee.
- Consultation: Easily undergo free consultation to weigh possible business funding for your business’ operational needs.
- Name Checks: As an aspiring sole proprietor of an upcoming new business, you can check whether your desired name is available or not for free.
- Experience: The LLC service provider has been around for over 30 years.
- Customer Support: Despite the few hiccups, the company has a strong customer support team.
- Registered Agent: The Company doesn’t include Registered Agent Service in their Basic package.
- Live Chat: It’s a bit disappointing they don’t offer live chat; however, most LLC formation firms don’t either.
- Packages: Unlike most online LLC services, you can’t pick a business formation package for the formation service.
- Upsells: During the formation process, there is way too much upselling going on for my liking.
- EIN Registration: Charging $45 for something that’s FREE sucks.
If you are in the market for a rounded, seasoned, and professional LLC service provider, there’s no need to look further than Inc Authority. There’s a reason why they are known as a leading authority in their niche.
A man may lie, but facts, figures, and numbers don’t. The filling giant is in a league of its own with its state-of-the-art suite of business tools, including legal service, annual report service, and so on.
You can get started on the platform for FREE, therefore leading to more savings. I would recommend the firm to anyone seeking professionalism and a timely turnaround period! Happy filing.