Every aspiring entrepreneur would love to begin their journey by laying a solid foundation. Without the right structure, business owners will have difficulty focusing on the entity’s true goal; to expand and make profits.
Modern LLC formation firms are every small business owner’s best friend. They simplify the start-up process by ensuring you have all the right paperwork and comply with the IRS.
In the past, start-ups and upcoming businesses had to part with thousands of dollars in legal fees. Operating on a measly budget, some find the process of formalizing a business challenging.
LLC registering companies have not only streamlined the entire process but have significantly lowered the cost. In turn, this has spurred the growth of a new breed of business owners.
A quick glimpse over the internet for the term “company formation” yields thousands of results. From Rocket Lawyer, LegalZoom, SwyftFilings, Corpnet, IncFile, etc., you are spoilt for choice, making the selection process daunting.
During my early days as an online entrepreneur, information regarding the BEST LLC formation agencies was scanty. I had to learn everything from scratch. Along the way, I made a few mistakes which almost dealt a fatal blow to my aspirations.
As a result, I’ve taken it upon myself to share my experience and opinion on some of these LLC service formation agencies. This way, you may avoid similar pitfalls to come out ahead. Please stick around; I promise you won’t regret reading this.[toc]
MyCorporation Review- Background
In its 22 years of business, MyCorporation has managed to support over one million businesses. They specialize in providing online document filing services for entrepreneurs wishing to form a corporation or a limited liability company.
Their business partners range from small business owners to multinational real estate investors, looking for cutting-edge filing services at a reasonable fee. Besides forming corporations, MyCorporation is a leader in copyright registrations, DBA registrations, trademark searches, etc.
True to their word, the entire registration process is easy and seamless. You don’t require tons of computer skills to use their services. The user face interface is smooth and very reactive. The website speed is fast, and I experience little to no interference.
MyCorporation LLC Review- Business Entities
Unlike other business formation firms that offer 3- 4 entities, MyCorporation offers many options to start a business. This has made the firm popular with small business owners and start-ups. These include:
Limited Liability Companies
Across the US, most businesses operate as LLC than any other form. A limited liability firm serves to separate a business owner’s assets from the enterprise’s liabilities and debts. With an LLC, businesses can attract potential investors and helps with building credibility.
Like an LLC, corporations protect your assets and creates a business structure for investment. Additionally, forming a corporation could provide a tax advantage for some businesses- by allowing deductions for advertising, employee compensation, etc.
MyCorporation business experts take care of all the necessary paperwork for your Canada Corporations filing. Franchises enjoy continuance, small business tax deductions, tax benefits, limited liability, and tax benefits.
Any individual looking to open a charitable organization ought to consider filing as a non-profit corporation. Furthermore, you gain credibility and access to both private and public grants. By filing form 501(c)(3), non-profits have the ability to receive tax exemptions, making it a worthy investment.
DBA (Fictitious Business Name)
DBA stands for Doing Business As. This business entity allows you to receive payments and operate as a name that’s different from your legal business name. This is vital toward building trust and confidence with your suppliers and vendors.
This form of corporation is popular with leading professionals, including lawyers, doctors, physicians, engineers, etc., by extending limited liability and asset protection. Professional corporations enjoy similar benefits as regular corporations, including perpetual existence, the ability to offer shares, and favorable taxation.
Filing for a Benefit Corporation offers similar personal asset protection and business structure like any regular corporation. Moreover, businesses gain community support, with whom they share your vision and mission.
MyCorporation LLC Review- Product Features
If you’ve gone through several LLC service provider, you will notice that most offer three packages. In contrast, MyCorporation boasts a total of 4 LLC formation packages. These are Basics, Standard, Deluxe, and Premium.
This LLC formation package is the firms’ entry-level LLC package. For $99 plus the state fee, you get articles of incorporation and a Name availability search.
This is the second level LLC formation package on site. Going for $124 plus state filing fee, small business owners receive all the Basic package benefits, Annual report service, and Bylaws, Minutes, and Waivers.
For the selective entrepreneur in search of value for money, this is undoubtedly the best of the four. With the Deluxe package, you get all the Standard benefits plus registered agent services, all for $224 plus state fee.
As the name suggests, the Premium package is the most expensive option offered by MyCorporation. For $324 plus state fee, business owners receive all the Deluxe benefits along with MaintainMyBiz services.
At first sight- like thousands of other happy clients- I was impressed with the company’s website. It undoubtedly foretold what I was to expect moving forward. Getting started is straightforward. You need to select the business type and your desired state of incorporation from the drop-down menus.
I would recommend you do your research on both. Understand the benefits offered by the different business entities and states. In my case, I opted for an LLC for my online business and Delaware, thanks to its favorable business climate.
This page introduces you to the 4 service packages discussed earlier. MyCorporation offers rush processing to businesses in need of priority processing. Pick a package that matches your business’s needs and click on “Continue.”
As the title of the page suggests, this is where you fill in your contact information. Unlike registering on social media accounts, please don’t use a pseudonymous name. This information needs to match your government documents, as they will go into registering the business.
Step four involves providing your desired business name and official business address. In case you didn’t carry out a name search, don’t worry; MyCorporation offers this service across all four packages.
An LLC is run and owned by members. With MyCorporation, you can add up to 8 members during filing. You can also allocate a percentage of ownership to each member.
This is step involves picking the various filing options. This includes Registered Agent, EIN- Employer Identification Number, S-Corp Election Form for $120, $79, and $49, respectively.
These options are designed for individuals looking to reduce the stresses of setting up a business. But, in most cases, you can get the same documents for free. The choice is yours.
Opening a new business involves lots of paperwork. Once again, MyCorporation goes the extra mile and presents you with the opportunity to apply for them. These vary from state to state, and yes, it will cost you.
Among these additions includes rush filing services that cut your waiting time by up to 85%. Using the delayed filing services ensures you never miss the renewal period permits and license.
This is the last and final step, the payment stage. As an online business, I tend to transact a lot via PayPal. You can imagine how pleased I was to find that they offer this as a payment method.
For those that prefer alternative methods, MyCorporation supports Visa, MasterCard, American Express, and Discover payments. Ensure to double-check all the information before settling the bill.
I didn’t like the fact that you need to consent to the storage of your credit card details- this is part of the terms and conditions.
MyCorporation LLC Review- Rating
Online incorporation firms tend to lack human interactions, giving them a cold, robotic feel. With MyCorporation, the company remedies this by providing impeccable customer service. This has led the agency to enjoy favorable ratings with leading business reviewing entities.
Here’s how MyCorporation performed across various platforms:
MyCorporation LLC Review- Customer Review
Going by the tons of positive reviews left by happy clients, you can tell that MyCorporation clients are mostly happy with the firm’s services- including customer care. In the past, I’ve heard terrible experiences with other LLC registration firms when it came to communication.
Despite having a slightly terrible starting with MyCorporation, the rest was reasonably pleasant. My journey began with a quick mail- which sadly went unanswered for 3 days. Upon which, I decided to give them a call—this bore fruit. I spoke to Jeniffer Briseno, and as they say, the rest is history.
Don’t take my word. Have a look at what others have to say:
MyCorporation LLC Review- Business Products
Maintain A Business
- Annual Report
To remain compliant, LLCs and Corporations are expected to file their annual reports without delay. Failure to do so will attract fines and possible revocation of any licenses and permits. MyCorporation filing experts will prepare, file, and submit your papers to the Secretary of State, all for $99 plus state fees.
- Certified Copies
This service ensures that your LLC formation papers are up to date.
- Foreign Qualification
If your business wants to operate in a state other than that which it’s incorporated, you have to apply for Foreign Qualification. This way, you can avoid any fines and penalties, open a business bank account in another state, and expand to new territory.
Whether things didn’t work out, got a better venture, or bored by your current business, if you need to shut things down, you are required to file for dissolution. Failing to do this, you can face litigation and be held liable to pay any fees associated with the business.
With an article of dissolution, you save money and legally end your liability.
The foreign qualification offers you access to new markets and the possibility of making significant profits. It also means you need to comply with the state’s regulations, such as annual taxes. When the time comes to leave the state, it’s best to file a business withdrawal, and this lets the state know that you are leaving and are not liable for any payments.
Has your business suffered involuntary closure? Don’t worry. With this option, you could be back to business ASAP.
MyCorporation business professionals can help you determine any fees owed to the state, complete the reinstatement paperwork, submit the documents, and notify you when the process is completed.
Also referred to as Certificates of Amendment, businesses can make any necessary alterations such as moving headquarters and business names. An amendment notifies your state of incorporation of these changes.
- 501C3 Tax Exemption
Non-profits mostly use a 501(c)(3) application. It makes it possible to apply for tax exemptions by the IRS. MyCorporation specialists will help you navigate the murky legal water and prepare the documents.
The firm has partnered with leading payroll providers, among other professionals, to make managing payroll for your business easy and accurate. With the Payroll service, you might also take the guesswork out of running an efficient payroll.
- Corporate Resolution
MyCorporation offers free samples of most Corporation Resolution drafts. A typical document contains the most formal actions and decisions approved by your board of directors/members. Such decisions include selling real estate, terminating a lease, assigning a lease, and so on.
- Register Agent
A Registered Agent can either be a third party- usually assigned to you by a business registration firm like MyCorporation- or yourself. This party acts as a state’s means of communication with a corporation, LLC, or incorporation. They accept any legal or official document on the business’s behalf.
- Minutes & Bylaws
From offering liability, favorable taxation, ease of raising capital, etc. Corporations and LLCs come with immense benefits. At the same time, they require lots of work, mostly paperwork. This package includes the most common corporate documents, drafted by filing experts, making your life easier.
- Corporate Kits
Spruce your business by getting this package, including company seals, Corporate/LLC Embosser, Stock Certificate, Member Certificates, and sample documents.
This package is unique to MyCorporation. Although your business is up and running, you will be required to make additional filings more often than not. The package assists LLCs and Corporations to maintain ongoing filing requirements. It goes for $250 a year.
- Certificate of Good Standing
This essential certificate indicates that you are certified to operate a business in that particular state. Additionally, it proves you comply with the states’ regulations, including taxation.
A Certificate of Good Standing is needed if you want to renew your licenses and permits, sell your business, obtain funding, etc.
- The business has been around for 22 years. The internet remains awash with scammers out to make quick money, and it’s good to see a firm that’s stood the test of time.
- They’ve successfully helped open over a million businesses.
- Even though they are not accredited by BBB, the business scores high with other similar sites like Yelp and TrustPilot.
- Customer feedback is mostly positive. In cases when the client was upset, the agency was quick to resolve the issue amicably.
- They have products tailored specifically to assisting entrepreneurs with opening and running a successful business.
- Fast and easy application process
- Unlimited customer support
- At $99 plus state fees, their “Basic” package is one of the costly on offer.
- There’s way too much upselling.
- While other firms offer Registered Agents, MyCorporation doesn’t offer this with their “Basic” and “Standard” packages.
While I have a love-hate feeling about this company, its clearly not another simple click and wait LLC formation firm. Having set-up over a million businesses and strong customer support service, MyCorporation ticks most of a start-up’s fundamental needs.
On the other hand, the business features some of the most expensive packages in the industry. Their “Basic” package retails for $99 plus state fees, whereas their rival- ZenBusiness’s “Starter” package goes for $49 plus state fees.
This makes it unsuitable for businesses operating on a shoestring budget. In the end, I guess you pay for the experience and expertise.