If you need a professional service that can do the job of handling the paperwork for you, then you might want to check out MyCorporation. This company is essentially a formation service in the USA and is one of the most popular ones in the country.
MyCorporation helps clients streamline the business startup process while ensuring compliance with the Internal Revenue Service (IRS). The company offers formation packages that include an array of essential business startup services. These packages also give customers the opportunity to save money as well.
This extensive review covers the necessary details you need to know about MyCorporation before you decide to invest in their service. Moreover, by the end of this in-depth review, you will figure out if this company suits your business formation needs or not.
The Essential Factors
This section includes a rundown of the essential business formation factors and how MyCorporation delivers in each one.
Established in 1998, MyCorporation has helped over a million business owners set up and manage their ventures. The company has an exceptional track record in the formation service industry, and it is proven by hundreds of positive customer reviews online. They deliver a top-tier level of expertise, hence why most of their customers are pleased with the business’ service.
Clients discussed through online reviews how they find MyCorporation’s features impressive and they also commend the company’s knowledgeable and responsive customer support reps. Overall, the company has a solid reputation which makes it dependable for many business owners.
Ease of Use
MyCorporation offers a straightforward procedure. The company understands that the main purpose of incorporation services is for business owners to save time and have a convenient formation process. Thus, their website is designed to be simple and user-friendly.
MyCorporation’s application is also easy to understand and fill out. Most clients wade through the entire order form within just 10 minutes. However, keep in mind that before you reach the payment page for your chosen package, there will be a handful of upsells which is definitely common among many other formation services online.
MyCorporation does not give any estimated turnaround times for its formation services. Depending on the client’s state, the entire process could take a few days or up to six weeks.
Towards the end of your application process, they will offer to expedite the whole process by 85% compared to the standard filing process if you pay an additional $100, not including the state fee.
MyCorporation’s customer support is undeniably top-notch. They offer email and phone support as well as a “leave a message” tap on their website’s homepage.
If you send a query through email, one of their reps will mostly reply with 24 hours. However, if you want to get immediate answers to your question, reaching their customer support through the phone will be a much better option. Their customer reps are knowledgeable, patient, and friendly. They will respond to client questions and concerns in the most detailed way possible.
MyCorporation’s service packages are fairly reasonable. Their price points are not bad given the generous features each package includes. The only major downside is that their “registered agent” service is only available through their Premium and Deluxe packages which are the two higher-tier ones.
Business owners can choose from MyCorporation’s four service package offerings. They have the Basic, Standard, Deluxe, and Premium package. Each package has varying features which will be discussed later on in this review.
One of the major features of MyCorporation that draws numerous business owners into using their service is their 60-day moneyback guarantee. The company will try its best to resolve issues; however, if the customer is still unhappy with their service, he or she can request to get his or her money back within 60 days of purchase.
Package Prices and Features
All of MyCorporation’s four packages come with standard features. The features included in the higher-tier packages are also offered as add-ons for the lower-tier packages. Business owners can also choose to expedite the entire process by paying an additional cost of $100, not including the state tax fee.
One of the main downsides to MyCorporation’s package price points is the separate shipping fee. However, on a good note, aside from the Basic package, all the other packages include a manual yearly report service at no extra cost to the clients. Furthermore, it is important to take note that MyCorporation offers one of the best yearly report services in the industry.
Offered at $133 plus state filing cost, the Basic package is best for business owners who need to use the essential LLC formation services without the extra features. Below are the two services included in this package:
Name availability searching – the company will do the task of searching your state’s database for businesses to see if your desired business name is available or if it has already been used by another entity.
Preparation for the filing of incorporation or organization (LLC) articles – the company will create the necessary formation documents and submit them to the client’s state government in order to officially form his or her new business.
Priced at $158, the Standard package is suitable for business owners who are in need of professional assistance with an ongoing compliance requirement. This package comes with everything the Basic package has including a single year of managed yearly report service.
With the one-year managed yearly report service, MyCorporation will take care of the business owner’s annual reports’ deadline, and they will prepare and file the necessary reports before the due date.
The Deluxe package costs $258 and comes with everything in the Standard package plus a one-year registered agent service. This package is great for entrepreneurs who want to put up a corporation or LLC through the help of a professional registered agent who does the job of receiving document deliveries, then scan and forward them to the business owner.
The registered agent is also responsible for keeping the client’s personal information private, eliminating junk mail, and diminishing the risk of missing important deliveries.
Offered at $358, the Premium package is exceptional for those who want to secure the ongoing filings of compliance requirements for their corporation or LLC. This package includes everything the Deluxe package offers plus a one-year MaintainMyBiz service.
With the MaintainMyBiz service, MyCorporation will give the client a maximum of four document filing services as well as an array of business accessories within a year of the client’s business formation.
MyCorporation’s Top Features
- Cost-free Payroll Consultation – The company offers a payroll consultation at no cost to potential customers through Paychex®.
- Customer Support – MyCorporation has a team of dedicated customer support reps that are available 24/7. They can be reached through phone, live chat, and email.
- Learning Center – For those who want to learn more about the formation services, MyCorporation features a Learning Center page which is packed with resources and online information.
- Registration Services – MyCorporation offers S Corp, C Corp, LLC, Benefit Corporation, Professional Corporation, and Non-Profit Corporation options. The company also offers copyright registration, trademark searches, Federal tax ID, and registered agent services.
- Incorporation Articles – The company will draft the incorporation articles and other essential documents to form the client’s business officially with the government. They will then proceed to file the documents with the client’s formation state to create his or her company.
- Yearly Report Service – MyCorporation’s Standard package includes a free annual report service.
- One-year Registered Agent Service – Every LLC in the USA is required to hire a registered agent to do the task of accepting important document deliveries and forwarding them to the business owner. MyCorporation offers this service for free within a year of purchase of the Deluxe or Premium package. After a year of use, the client will then be required to pay an additional $120 a year to continue using this service.
MyCorporation Pros and Cons
- MyCorporation has an excellent track record. They have been in business for over 20 years and have helped over a million business owners.
- The company’s customer support is stellar. Their reps are friendly, responsive, and knowledgeable. They are also very easy to reach by phone, live chat, and email tickets.
- The company offers four service packages that include essential business formation features and services.
- The price points of the packages are fairly reasonable given the generous features and services each package includes.
- The majority of customer reviews online for MyCorporation are positive and most business owners are fairly satisfied with the company’s service.
- MyCorporation offers an array of additional services such as income tax professional assistance and unemployment insurance which are essential for business formation.
- MyCorporation offers an exclusive service called MaintainMyBiz which is included in the Premium package.
- The Basic package has very limited features and is not as reasonably priced.
- Unlike other competitor companies, MyCorporation’s Basic and Standard packages do not include a registered agent service. Clients may choose to use this service for an additional cost.
- The company’s fees for the LLC formation are fairly expensive compared with its competitors. An application for EIN alone costs about $79 which is quite pricey.
What is the biggest perk and downside of using MyCorporation?
The biggest advantage of using MyCorporation is the inclusion of a managed yearly report service with their packages except the cheapest one. Having a professional annual report service is extremely beneficial for all business entities, especially those who are only starting up.
On the other hand, one of the main downsides of MyCorporation is their fairly expensive shipping fee just for mailing a handful of documents. This is a crucial disadvantage given that other leading formation services offer all-inclusive packages which include the shipping charges as well as a registered agent service.
Does MyCorporation offer a publication service?
Unfortunately, MyCorporation does not offer any types of assistance related to the publication. However, it is important to know that some states require business owners to publish their business formation in a local newspaper.
States including Nebraska and Arizona require entrepreneurs to publish their corporations and LLCs. On the other hand, Georgia and Pennsylvania only require publication for corporations while New York only requires LLCs.
If you belong to a state where your type of business is required to be published, you might want to look for another formation service that offers publication assistance.
Which MyCorporation service package should I invest in?
The Deluxe package of MyCorporation is probably the most recommended package the company offers. This package includes a formation service for incorporation and LLC, a free one-year service of a registered agent, as well as a one-year annual report service.
The Deluxe package comes with pretty much everything entrepreneurs need for their company’s formation, and it is not as expensive as their highest-tier package which is the Premium.
Will MyCorporation help me with current compliance requirements?
Definitely yes. MyCorporation’s Deluxe package comes with a managed yearly report and a registered agent service. These two essential features ensure a business’ good standing while abiding by ongoing compliance.
Will I get a refund if I’m not satisfied with their service?
Although MyCorporation’s refund policy is not as concise, the company generally allows unsatisfied customers to request a refund within 60 days. However, if you are having any issues with your physical purchase or you need document changes, they can only assess you if you pay their “reprocessing fee” of $25.
Which is better, LegalZoom or MyCorporation?
LegalZoom is undeniably one of the most popular incorporation services in the US. This is because they put great effort into advertising their business across the country.
MyCorporation, on the other hand, doesn’t invest in adverts as much as LegalZoom, though it is still preferred by many business owners given its stellar reputation. MyCorporation’s online client reviews are mostly positive which proves that most of their customers are fairly satisfied with their service.
Is using a formation service essential?
Generally, using a formation service is not a necessity since all business owners form their own non-profit business or corporation anytime they want to. In fact, many entrepreneurs in the US do the entire incorporation process on their own.
However, if you are someone who is not well-versed with the entire incorporation process or you simply don’t have the time to do the work, then using a formation service will be worth the investment.
MyCorporation’s incorporation service is widely popular for a number of good reasons. They have an excellent track record, years of experience, stellar customer support, and raving customer reviews. Their packages also come with an array of essential features such as an annual report service and a registered agent service.
However, their price points are undeniably not the most budget-friendly. They also have a lot of additional charges such as the shipping fee and reprocessing fee. Additionally, only the two most expensive packages include the registered agent service.
Overall, MyCorporation has loads of perks which most of their clients are very pleased with. However, if you are looking for a formation service with more affordable price points, then you might want to skip this service provider.