Searching for available business names, filing sales and payroll tax documentation, and ensuring legal compliance are all things that can pile up when starting a new business.
CorpNet is a company that offers incorporation services and assistance with many aspects of starting a business. With CorpNet, you can delegate your work and ease your professional burden. But is CorpNet right for you? Here's a comprehensive look into the company and a description of their services to help you decide if they're worth your time and money.
Interested in CorpNet?
Since CorpNet's establishment, they have partnered with many professional individuals and corporations, including certified public accountants (CPAs) and attorneys.
Since the company’s founding, they have managed to assist over 500,000 entrepreneurs and helped start more than 100,000 businesses.
Their services include:
- Business incorporation
- Formation of a Limited Liability Company (LLC)
- File a DBA ("Doing Business As," known as a Fictitious Business Name )
- Closing or dissolving a company
Above all, CorpNet aims to be wise, affordable, dependable, and convenient for all its clients by standing by each entrepreneur and ensuring good standing and corporate compliance.
Structure Breakdown: Who is CorpNet Good For?
Throughout the last two decades, CorpNet has amassed an impressive portfolio of business types they've helped build. If you're preparing to start any of the following businesses listed below, CorpNet may be right for you.
LLCs, or Limited Liability Companies, are a type of business composed of one or more members.
CorpNet can help you form your LLC, check that the name is available, and help ensure compliance. They also offer themselves as the registered agent for free for the first 60 days. There are many other options for more extensive help that can be purchased in a package or a la carte.
There are two types of corporations that you can choose between when forming a company. S corporations are ideal for relatively small businesses (they're allowed up to 100 shareholders).
C corporations (or "C corps") are taxed on their profits (sometimes twice, the second time being when shareholders receive their dividends on their tax returns).
CorpNet assists both types of corporations with everything from registering as a professional corporation to obtaining licenses, registering for payroll taxes, and S corp elections.
Partnerships exist in a few different forms, but essentially, a partnership is an entity that is run by two or more owners. CorpNet can help with everything involved with starting a partnership, including preparing a DBA (doing business as) and assistance with specific articles that ensure compliance.
The Small Business Administration (SBA) regards these as the most straightforward business type. A sole proprietorship is unincorporated and run by a single person.
Further, there is no legal distinction between the owner and the business itself, which allows you full entitlement to all of the business's profits. On the other hand, this also assigns you the responsibility for all business debts, losses, and liabilities.
CorpNet offers sole proprietorship support for filing "Doing Business As" (DBA) paperwork and managing taxes, licenses, etc.
As implied by the name, these organizations do not work for a profit. This also means that in most states, a non-profit is exempt from state taxes. There are a few different types of non-profits, including:
- Individual enterprises
- Unincorporated associations
CorpNet helps with filing non-profit articles of incorporation as well as applying for 501(c)(3) tax-exempt status.
CorpNet Packages & Pricing
CorpNet offers a vast selection of business formation and compliance services. Here are their 3 basic packages, and what is offered in the packages.
Standard Package - price varies
This is CorpNet’s most basic and cheapest package. The pricing depends on the state you live in and the entity type you wish to start.
In this package, they'll perform a company name availability check and prepare articles of incorporation or organizations (for LLCs). This package includes a free corporate compliance tool that provides company alerts and a 60-day registered agent service.
Deluxe Package - price varies
This is CorpNet’s mid-range package. The Deluxe Package includes everything in the Standard Package as well as a federal tax ID number (or employer identification number, EIN) and instead of only receiving a registered agent for 60 days, you will receive it for 1 year.
Complete Package - price varies
This is CorpNet’s all-inclusive package. The Complete Package includes everything in the Deluxe Package, along with custom bylaws, an operating agreement, banking resolution, and kit and seal. This also includes electronic delivery of state documents. You will also receive a certified filed copy of your formation documents and an incorporator resolution statement.
The Complete Package offers the best deal because of the extensive list of included services. We recommend this package for entrepreneurs that are looking for more assistance with their business.
Notes on Pricing
The price of these packages varies depending on the type of business you're incorporating, the state you are in and whether you need standard or rush service. Unfortunately, CorpNet's listed prices are a bit misleading.
In addition to their presented costs, you'll have to pay another $29 for shipping. So for example, you won't be paying $79 for a sole proprietorship Basic Standard Processing plan, but $108.
The misleading costs are disappointing and definitely a downside of CorpNet.
Overall Value vs. The Competition
We weren't super impressed with CorpNet's prices compared to the competition. Like we mentioned, they are a bit deceptive in their pricing. Their basic packages only include a couple of months of registered agent service, compared to other LLC services that will cover you for a full year for a similar price.
CorpNet Document Management & Online Experience
Generally, most customers feel that document management with CorpNet is a breeze. In fact, this is one of the favorite perks of their service packages. As mentioned above, you get a certified copy of your formation documents, electronic delivery of state documents, and 24/7 online access to your incorporation documents when you purchase the Complete Package.
This is all incredibly convenient and makes the business formation and filing process much easier, especially for budding entrepreneurs. You can even access your documents on your mobile device through the Compliance Portal and manage your details on the go with their 24/7 self-service.
Plus, the 60-day and one-year agent services are handy for managing business documentation. The agent can help relieve a bit of your burden by receiving documents on your behalf, then forwarding them to you.
While most reviews are great concerning their document management, some customers have not been happy.
CorpNet has received complaints of disorganized or inaccurate filings, resulting in unpaid fees and late charges to the business owners. Other complaints claimed that the company failed to record names and company addresses correctly.
Still, reviews overwhelmingly reflect that CorpNet is generally pleasant to work with for document management online.
CorpNet Processing Time
CorpNet's processing time varies. With their Standard services, they will complete your filings within 40-60 business days. This may seem long, but it is quite normal for most legal processes.
However, there are options for those working with a tighter deadline in the form of the Express and 24-hour rush processing times (not available in all 50 states). You can purchase these expedited services for Basic, Deluxe, and Complete packages, and the price spans a wide range, depending on the business filing type and service required.
For example, a Non-Profit Corporation will pay $299 for a Basic Package on a 24-hour rush.
CorpNet Compliance & Track Record
Like the document management services, most customers are happy with CorpNet's compliance services. Across hundreds of reviews, the company has maintained a solid track record for keeping its clients in good legal standing.
However, a handful of customers have not been so happy with their work. One business, in particular, claimed that the company had not paid state fees and instead kept the funds for the company's earnings.
Another claims to have never received their business license, tax employment commission account number, or tax account number.
It does seem that both of these negative experiences were based on miscommunication. Overall, CorpNet maintains an excellent standard of service for compliance.
CorpNet Customer Service
CorpNet’s customer service has received glowing reviews over the years yet is marked by a few negative experiences.
Most customers attest to CorpNet's ability to swiftly respond to business owners' inquiries and any problems they may face during the process of starting their company.
Entrepreneurs repeatedly praise the quick, smooth, headache-relieving experience of working with CorpNet.
Others have had a difficult time getting a hold of CorpNet staff and felt that it damaged their services' value. Some have claimed that after several attempted calls and emails, they were unable to get correspondence.
When they could get a hold of an agent, the communication was confusing, and in some cases, uninformative.
Still, they offer a 100% satisfaction guarantee, so if you're not happy, CorpNet promises you'll get a full refund within 60 days of the service purchase date.
The Last Word: Is CorpNet Worth It?
Overall, CorpNet is a reputable company that offers stellar customer service. Still, when compared to competitors, they can be quite expensive. You could save money by choosing an alternative and get a full year of registered agent service at the same time.
Their selection of services is quite impressive. From a company name search to payroll tax filing, they'll cover everything for you and allow easy access through the online portal, accessible via a mobile device.
This company is ideal for entrepreneurs who have no clue how to navigate business documentation or busy business owners with little time on their hands to do this dirty work. However, if you're fairly experienced in these processes and just need a bit of help to ease the logistical burden, you may find a better deal with a competitor.