Starting a business is an exciting yet daunting venture. There are many speed bumps along the way as you navigate taxes, advertisement, sales, etc. But one of the most difficult things when starting a new company is forming the legal entity.
When you’re establishing a business entity of any kind, possibly the most important decision you will make is deciding whether to do everything yourself or select an online service provider to help you get started.
There are tons of companies out there that assist new businesses, so choosing one can be a hard choice.
MyCompanyWorks is a reputable brand that has helped start up thousands of companies. Their business is to handle all of the documentation and legalities of the process so you can focus on your goals.
This review of MyCompanyWorks will help you make an informed decision about who you hire to get your new business off to the best start possible.
Interested in MyCompanyWorks?
MyCompanyWorks has been in business since 2001. Their goal has been a fairly simple one: making the business startup process simple, fast, and inexpensive. It’s clear that they know how much businesspeople love those three last words.
Much of this company’s success is demonstrated through its ever-expanding customer base. They have helped more than 60,000 businesses with startup paperwork and other legal services.
MyCompanyWorks offers several business and legal services, all of which can be extremely helpful when forming a new entity. Some of these services include:
- Incorporation and LLC Formation Filing
- Personalized Corporate Bylaws
- Operating Agreement
- Startup Checklist
- Annual Reports
- Business License Guide
- Business Closing
MyCompanyWorks is a diverse business that offers services to help establish a business, manage a business, and even close a business. As they service several different types of entities, such as LLCs and corporations, it’s likely that they can also help you.
In the next section, we will be breaking down how MyCompanyWorks can help different types of legal entities.
Structure Breakdown: Who is MyCompanyWorks Good For?
There’s a reason why MyCompany Works (formerly MyNewCompany) remains one of the country’s biggest providers for LLC and business formation. It can help various kinds of businesses reach their goals.
One of the most requested services of an LLC formation company is preparing and filing LLC paperwork in conjunction with the state. MyCompanyWorks, of course, provides this service, making it an excellent option for LLCs. The company has lots of services and offers online assistance. You can also hire them as your registered agent for $99 a year.
An LLC is a limited liability company and essentially means that business owners are not held personally liable for any corporate debts or liabilities. They function as a combination of characteristics from corporations, partnerships, and sole proprietorship.
Like most businesses, corporations operate for a profit and can be established by an individual, stockholders, or shareholders. Unlike LLCs, they can be held liable for debts and can own assets, borrow money, enter into contracts, and be sued.
MyCompanyWorks offers packages and services that benefit corporations just as they do with LLCs. They work with S corporations, which can have up to 100 shareholders and are not taxed separately. They also collaborate with C corporations, which are taxed on the individual level.
In a business partnership, two or more parties have a formal arrangement that allows them to operate a business and its profits together. Partnerships can be general, limited, or limited liability. Although MyCompanyWorks specializes in corporations and LLCs, they have plenty of experience establishing a business under a partnership.
The most important paperwork needed to file a partnership is the Partnership Agreement. MyCompanyWorks can help you draft this document and submit it.
A sole proprietorship is considered by many to be the simplest business structure when first starting out. It’s unincorporated and owned by just one person - i.e., you are the business. Therefore, it’s easy to work out all the details because you are solely responsible for everything.
Sole proprietors can easily work with MyCompanyWorks to file a DBA, get permits, or potentially convert to an LLC someday.
While non-profits are most commonly utilized by educational, religious, and charitable organizations, any company can be a non-profit if they operate without generating profits. The corporations, which are exempt from taxation, can use MyCompanyWorks to get started.
MyCompanyWorks Packages & Pricing
Like their competitors, MyCompanyWorks offers three different package options for its customers. Each package offers a bit more than the next, so each is also subsequently more expensive.
Taking a deeper dive into each of these packages can help you understand which might be a good option for you, what services are included, and how they compare to other similar companies.
Basic Package - $79
Starting at just $79, MyCompanyWorks’ Basic Package is one of the most affordable packages on the market. When you’re looking to start a business, many expenses come into play. This basic package is on the low end of what you’ll be spending overall and therefore, worth it.
The basic package is an excellent deal for anyone looking to establish an LLC or a corporation. It will lend you a hand with some basics such as business documentation.
With the cost of the package plus your state’s filing fee, you will receive the following services:
- Name Availability Search
- LLC Operating Agreement
- Prep & Filing of Your Articles of Organization
- Organizational Meeting Minutes
- Unlimited Support
- Company Alerts
- Startup Wizard & Checklist
Some of these features are pretty basic, such as phone and email customer support, while others go above and beyond, like searching the database by state to determine name availability. Keep in mind, the custom operating agreement is only available for LLCs, while customer bylaws are provided for corporations.
Entrepreneur Package - $199
The Entrepreneur Package comes jam-packed with all of the same features that the Basic Package does but is better for those forming an LLC or corporation while securing an EIN and compliance binder.
The Entrepreneur Package, which costs $199 plus state filing fees, includes everything in the basic package as well as:
- Federal Tax ID Number (EIN)
- Business Kit/Seal/Certifications: Customized compliance binder
- MyCompanyForms: Lifetime access to 200+ professional forms
In other words, MyCompanyWorks will serve as your personal agent and will handle everything that needs to be done from start to finish for $279.
These responsibilities include receiving and organizing documents and ultimately sending them your way.
The features available in this package are great for anyone who plans on hiring employees, opening business bank accounts, and maintaining business compliance with the help of paperwork.
Not only can you get everything plus the registered agent with this package, but you can choose to continue the registered agent service for $99/year after the first year.
Complete Package - $279
The Complete Package offers the most and allows a business owner to hit the ground running with very little effort on their part. It includes everything from both the Basic and the Entrepreneur packages, but it also gives you access to MyCompanyWorks Premium, which is a service that includes:
- Priority support
- Annual report filing
- Compliance Lock Alerts
- Minutes and resolutions
- Business entity monitoring
- 5 GB of cloud storage
In addition to their everyday packages and service, MyCompanyWorks also offers two add-ons. The first is the Business License Compliance Package. For an extra $99, the organization will do the leg work for any federal, state, or local licenses you may need for your LLC or corporation.
This includes research, applications, and delivery. The only thing they need from your end is to fill out the applications and send them out.
The second add-on is a business kit, seal, and member services. This upgrade costs $69/year and provides a seal and printing kit for official documents and future business agreements.
Overall Value vs. The Competition
MyCompanyWorks is a middle-of-the-road option for most businesses who need basic services like a registered agent or LLC formation. There are cheaper options out there for most small businesses. Here are some comparisons to other popular services.
MyCompanyWorks Document Management & Online Experience
MyCompanyWorks has a really comprehensive website that seems to have a page to cover every aspect of their business. It’s very hard to get lost on their site as it is well organized and clear.
The company maintains this clarity throughout the process, from start to finish, and even afterward. As we mentioned, if you purchase the Entrepreneur Package, you get lifetime access to over 200 business documents. You never know when you might need one of them quickly, so that’s a pretty solid deal.
Using your online portal is also very easy. With the portal, you can check on your order status, receive information, ask questions, and access documents. Everything is in one place.
MyCompanyWorks Processing Time
The order-placing process is also a breeze. As long as you go into the process prepared, there’s no reason why it should take anything longer than 15 minutes to select your package, choose any add-ons, and submit.
From there, your process time is going to vary depending on what you’re working with. Some timeframes change based on which state you are incorporating in. Some states may take just a few days, while others can take a few weeks. MyCompanyWorks will give you an average processing time when you fill out your order.
However, it’s safe to say that MyCompanyWorks keeps the bar high in terms of fast service. They do their absolute best to make the process quick and easy. They also offer expedited services for rush filing for an extra $20.
MyCompanyWorks Compliance & Track Record
MyCompanyWorks wears two main badges of honor that cannot be ignored. The first is their astounding number of positive reviews. From tons of verified reviews displayed on their own website and thousands of reviews from Google and other review sites, the majority are 5 or 4 stars with glowing testimonials.
Most customers agree that overall, this company offers excellent packages that are worth the money. It’s worth it to take some time to read through them because some offer very specific information that might help you make a more informed decision.
The second badge of honor that they boast is their track record of helping over 60,000 companies since launching in 2001. That is quite a large number, and it speaks to their ultimate success and capabilities without saying much at all.
MyCompanyWorks also maintains compliance with each state that it works with. When you sign up for a package, you must enter the state where you’d like to register. This is so that MyCompanyWorks can follow the correct procedures when it comes to filing, filing fees, and necessary licenses.
With a 100% satisfaction guarantee and an excellent refund policy, there really isn’t much to lose by trying it out for 90 days.
MyCompanyWorks Customer Service
The customer service team at MyCompanyWorks is high quality and maintains high standards. While other similar services outsource their customer service personnel, MyCompanyWorks keeps everything in-house. This means that when you call with a question, you won’t get transferred to someone in another country or a third-party call center.
The company’s website offers several ways to get in contact with someone or simply find an answer to your question. Their FAQ section is quite extensive and features a search bar to help you find information quickly.
Additionally, you can call their service number or use their integrated live chat right on their website. Finally, there’s an email form you can fill out with a message, and someone will get back to you quickly.
The business maintains pretty standard operating hours with the typical exclusions for federal holidays, but even so, they provide fast response rates. You can expect to speak to a live person with short wait times, and their representatives answer all emails within 24 hours.
All representative answers come in full and with great elaboration. When reaching out online, they will even send a few links to direct you to helpful places on their site.
The Last Word: Is MyCompanyWorks Worth It?
Between the overwhelmingly positive reviews, the varying package options, and quick turnaround times, MyCompanyWorks remains a strong contender in the business formation services. If you’re in a solid and secure place to start a business, this company is an excellent option for you.
Businesses looking to save a little extra cash may decide to go another route, as there are other similar services on the market for less. However, the customization that comes with MyCompanyWorks is hard to beat.
While customer service is slightly limited due to odd call center hours, the company makes up for it with fast email responses and their live chat feature.
At the basic level, MyCompanyWorks packages give customers great value. However, the two following upgrades tack on a higher price than some other available companies. Nonetheless, you will still receive top-notch service, making MyCompanyWorks a legitimate choice overall.