Owning and running a business can be difficult and stressful in many ways. One of the most challenging steps in the process is setting up your new company. There is a lot of paperwork involved in the process, and it can be hard to know what type of business suits you best.
Luckily, many business services can help you with starting up a business entity. The business service we will be reviewing in this article is BizFilings.
Interested in BizFilings?
About BizFilings LLC Service
BizFilings is a business service team that has helped form more than 500,000 companies since its start. BizFilings provides the tools and training you will need to set up your business entity, based on the state that you live in and the entity you choose.
BizFilings offers three different packages: basic, standard, and complete. The business packages provide resources for a variety of uses in starting up your business entity.
BizFilings also offers high-standard customer support. Furthermore, you can access free services, including tools that will help you to decide which entity to form.
Using the free tools, you can see what licenses your business needs and check if your business's name is available.
BIzFilings also offers a business owner's toolkit, an interactive series of tools including checklists and many articles providing free information on various topics involving running a business.
BizFilings also has a blog with endless information about business licenses and requirements for different business entities. The blog contains countless informational articles about the different trends within the business world and tips that you can use to take advantage of those trends.
Structure Breakdown: Who is BizFilings Good For?
Here is a breakdown of the different types of businesses BizFilings can help you with, and the services they provide for each one.
BizFIling can help you set up an LLC (limited liability company). Opening an LLC has lots of benefits, including personal protection and separation from the entity as well as tax flexibility.
The LLC package offered through BizFIlings includes business name verification, help with filing and preparing the necessary paperwork, and endless assistance from their support team.
BizFilings will guide you through registration and review every order carefully to ensure there are no errors.
The process of forming an LLC is an easy one whether you file through the phone or online. Above all, BizFilings is entirely transparent with its prices. There are no hidden fees that you may find with other companies.
BizFilings can assist you with starting up both S and C corporations.
C corporations are the most common type of corporation. They provide advantages, such as limited liability for owners and the ability to easily and quickly transfer ownership. You can also maintain an unlimited number of investors or shareholders.
To be an S corporation, the corporation must elect a special tax status. Choosing an S corporation is very similar to choosing a C corporation. The most significant difference between the two is how you deal with the tax information. Unlike C corporations, S corporations do not have to deal with any form of double-taxation.
Depending on the package you choose, BizFilings can assist you with the formation of the corporation, creation of corporate bylaws, creation of an EIN, and a compliance information kit.
Starting a partnership is an easier business type to start and is usually popular with law firms and general practitioners.
BizFilings will help you with a DBA (doing business as) filing and any of the paperwork and technical aspects that come with the process. Filing for a DBA is often for companies with more than one partner and is used to assume a name for a company that is different from someone's legal name.
Bizfilings can also help create a Partnership Agreement, which is an important legal document stating the names and roles of each business partner.
A sole proprietorship is a corporation or business that has only one person as the owner and has not yet been incorporated. Because BizFilings deals mainly with corporations, there are unfortunately not a lot of options for sole proprietorships.
However, BizFilings does offer the ability to get a registered agent for your business. A registered agent can help enterprises with many things, including keeping you up-to-date on all of the legal procedures and tax information.
While many business types are required to have registered agents, you won't necessarily need one if you are a sole proprietorship. This doesn’t mean that assigning a registered agent will not be beneficial to your company.
A non-profit is a tax-exempt company that qualifies with the IRS due to the main goal of the company being for public benefit rather than financial gain.
Non-profit organizations involve a lot of paperwork and tax information, and BizFilings can help with all of the job's confusing aspects. There are many benefits to running a non-profit, especially if you are passionate about the organization.
Many non-profits can apply for tax-exempt statuses. If you are running a non-profit, you will also have access to grants and grant writers for your company.
BizFilings Packages & Pricing
Many non-profits can apply for tax-exempt statuses. If you are running a non-profit, you will also have access to grants and grant writers for your company. Each package also comes with a variety of tools. The tools that you can access depend on the package that you choose. And no matter what package you decide on, you can always expand on the tools to fit your business.
Basic Package - $99 + state fees
The basic package is the most affordable package through BizFilings. With the basic package, your business will be set up to match the required minimum state guidelines.
The basic package includes a registered agent and basic business filing in your state. To access any of the other services, you will have to pay extra.
Standard Package - $229 + state fees
The standard package will provide you with all of the tools needed to get your business to match the state guidelines, as well as keep your business up-to-date on the guidelines.
With the standard package, depending on the entity, you can get a complete package for an affordable price.The non-profit organization packages tend to be the cheapest option.
The standard package includes everything the basic package provides as well as expedited processing, samples of legal forms such as an operation agreement, and a company kit and seal.
Complete Package - $359-389 + state fees
The complete package is the package with the highest value in terms of price.
While both of the other packages have many tools to add on for an extra cost, the complete package already comes with most of the tools. The complete package allows your business to meet both state and federal guidelines along with the additional tools.
The complete package is an excellent option if you are looking to expand your business beyond your home state. As the requirements and fees for a business vary from state to state, using the complete package can help ensure that your business can function all across the country.
The complete package includes everything from the standard package as well as an EIN, a certified copy of your state filed documents, and overnight shipping. There are also plenty of other a la carte items you can add on to your package, BizFilings is very upfront about the pricing of these items.
Overall Value vs. The Competition
BizFilings is upfront about all of the costs and fees in using their packages. By accessing this page on BizFilings, you can accurately estimate the cost of the package of your choice based on your corporation type and which state you live in.
The most significant contributing factor to the change in prices is which tools you select for your package and which state you live in. Each state has its own set of fees that you must pay in order to file specific paperwork and utilize certain tools.
Due to their transparency when it comes to their fees, BizFilings does not force you to guess how much money you will have to spend on accessing tools. Above all, BizFilings is a trustworthy service to use in setting up your business entity.
It is also worth noting that if you are not sure about which business type to select, you will be able to call or chat online with the BizFilings support staff who will be able to help you make the best choice for you.
Here's how BizFilings stacks up to other service providers.
BizFilings Document Management & Online Experience
The website platform for BizFilings is user-friendly and makes the experience of managing your business effortless and organized.
You will be able to keep track of tax information and payroll information, as well as plenty of free resources and guides along the way. Some of these resources include news and articles about marketing, starting a business, and podcasts covering similar topics. There are also interactive tools.
When using BizFilings, you will be able to easily manage the documents that come along with running your business. Having your important documents easily accessible in an organized format is vital for any business owner.
The essential documents that you can manage include your sales tax registration, your federal tax ID, and any ownership certificates you might have.
BizFilings Processing Time
BizFilings specializes in filing business documents in a fast and accurate manner. Forms under the standard filing process will vary in the length of time needed to complete the filing. Delays in filing may be due to any errors that may come up in the process.
However, BizFilings will be able to quickly catch any errors and resolve them as soon as possible. Depending on the state that your business is in, you may be able to pay for a 24-48 rush filing that allows you to expedite your documents for faster results.
Keep in mind that 3rd party companies like BizFilings are not in full control of filing time frames, so they may not be able to guarantee when your company will be formed.
BizFilings Compliance & Track Record
As far as BizFilings' reputation goes, there are many people who have nothing but good things to say about the company.
In fact, by looking through the website's homepage, you will be able to access and read customer testimonials to see precisely how BizFilings can help your business.
It is difficult to find customer reviews that highlight any potential negative aspects of the company. There have been no significant complaints about the company, especially regarding BizFilings' promise to keep businesses in legal compliance with state and federal guidelines.
Overall, BizFilings is a legitimate, transparent, and trustworthy business service for up-and-coming businesses.
BizFilings Customer Service
One of the most significant assets of using BizFilings is the quality support you will get.
If you have any questions or concerns about how to use any service or questions about business in general, BizFilings has its office hours from 8 am to 7 pm (central time), Monday through Friday.
You can contact them by phone or email, and speak with the customer support team about an endless range of topics involving setting up a business and how to use the site.
There is also a webpage that allows you to read through frequently asked questions. By going through this page, you can get most of your general questions answered without contacting anyone.
However, if you have any specific or detailed questions, BizFilings has a friendly and knowledgeable support team by your side.
The Last Word: Is BizFilings Worth It?
With all of that said, there are many great benefits to using BizFilings to help you set up a corporation or partnership.
- Full price transparency
- Good customer support
- Suitable for LLC, nonprofits, standard corporations, and DBAs
- Not good for sole proprietorships
- Does not currently provide lawyers or legal advice
- The abundance of information can feel overwhelming
With many services, there will be some downsides or missed opportunities that consumers should take note of. Overall, BizFilings is a solid and reliable choice if you are looking for an affordable business service.