When you're starting a new company, you may be surprised by all of the things you need to consider. You can pay for a business formation service to assist you in your exciting new venture. Yet, there are so many choices available. Today, MyCompanyWorks and Incfile will be compared side-by-side to help you decide which is best for you.
Incfile vs. MyCompanyWorks: The Verdict
MyCompanyWorks is cheap; though nothing can beat free, they have critical advantages. Incfile is difficult to beat with a free LLC formation package that includes a free year of registered agent service. One of Incfile's unique points is its wealth of positive reviews online. They also have an array of positive reviews, and they guarantee their LLC formation orders will be processed and filed in the state within one business day. They're both great companies with excellent selling points, but Incfile represents better value for money.
Key Similarities
- Excellent reputations
- Affordable LLC formation services
Key Differences
- Incfile offers a free service
- MyCompanyWorks can guarantee your order will be processed within one business day
Services Offered & Pricing
You can purchase several distinct packages with either company, and many of their services overlap considerably. However, only MyCompanyWorks can help you with a partnership. Incfile doesn't support partnerships. Incfile offers a free LLC formation package, whereas MyCompanyWorks starts at $79.
Key Similarities
- Pricing is fair, affordable, and transparent
- You can start a non-profit, LLC, or corporation
Key Differences
- Incfile offers free LLC services
- MyCompanyWorks will help you start a partnership
MyCompanyWorks Packages & Pricing
MyCompanyWorks offers three packages, just like Incfile. Each package provides progressively more. Taking an in-depth look at each of these will help you understand your options and how they compare to Incfile's packages.
Basic Package - $79
The basic package starts at just $79 and is an affordable option for anyone looking to create an LLC or corporation.
With the cost of the package plus your state's filing fee, you will have access to the following services:
- Name availability search
- LLC operating agreement
- Prep and filing of your Articles of Organization
- Organizational meeting minutes
- Unlimited support
- Company alerts
- Startup wizard and checklist
You should know that the custom operating agreement is only offered for LLCs, while customer bylaws are provided for corporations.
Entrepreneur Package - $199
The Entrepreneur package has yet more features, including what the basic package offers, including:
- Federal Tax ID Number (EIN)
- Business Kit/Seal/Certifications: Customized compliance binder
- MyCompanyForms: Lifetime access to 200+ professional forms
This package is excellent for those who want to hire employees and open business bank accounts or want a little extra help to maintain compliance.
Complete Package - $279
The complete package is comprehensive and will help you hit the ground running. You receive everything in the entrepreneur package, but you also benefit from the registered agent service.
Essentially, MyCompanyWorks acts as your agent and handles everything that you need from start to finish for $279.
Responsibilities include receiving and organizing documents and ultimately sending them your way.
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.
Incfile Packages & Pricing
Incfile has three different packages, each offering more than the last. Their silver package is most impressive, offering a free service (minus the cost of state filing fees).
Silver Package - $0 (not including state fees)
Incfile charges $0 for the silver package, and you'll only pay the filing fee (which varies depending on the state you file from). The silver package includes the following:
- Filing and preparation assistance
- One year of free registered agent services
- Statement of the organizer
Gold Package - $149 (not including state fees)
The gold package is a higher-tier package for those who want more assistance. The gold package does cost, but it's an excellent option for business owners who want more than the silver package offers but still value affordability. Offered in the package is:
- Unlimited name searches
- EIN tax number
- IRS form 2553
- Help with making an operation agreement
- Banking resolution
- Company notifications
- Online dashboard access
- Unlimited email and phone support
- Business banking support
- Business tax consultations
Platinum Package - $299 (not including state fees)
The platinum package is Incfile's all-inclusive package, and it's pretty expensive, so it's not suited for those on a tighter budget.
The platinum package includes everything that is included in the gold package and additionally includes:
- Business contract templates
- Expedited filing
- Domain name + business email
Document Management & Online Experience
Incfile and MyCompanyWorks offer a smooth online management experience. MyCompanyWorks goes to great lengths to offer every feature online - which sounds complex but is easy to navigate. Incfile's online experience is more basic but just as smooth. You can easily manage, download, and scan your documents without any issues with either company.
Key Similarities
- You can manage all of your documents online
- The websites are secure and easy to navigate
Key Differences
- Incfile's interface is more fundamental
Processing Time
MyCompanyWorks does the best in this category. Processing times are faster in the first instance, though they vary by state. But expedited services are an optional add-on, available for as little as $20. While Incfile also offers expedited services, you'll pay up to $150 for the privilege.
Key Similarities
- Fast processing that is easy to upgrade
Key Differences
- Incfile's expedited service is much more expensive
Compliance & Track Record
MyCompanyWorks has an excellent compliance record, with over 60,000 companies formed since 2001 and the vast majority of their customer reviews being positive.
Incfile also has excellent customer feedback online. Their page on the Better Business Bureau (BBB) shows over 200 customer complaints. Their drawback comes in the form of their BBB accreditation being revoked; The BBB resorted to this because Incfile didn't maintain a positive track record. Incfile has hired more customer support staff and seems more dedicated to fixing their prior issues, but it's certainly something to keep an eye on.
Key Similarities
- Most online reviews are excellent
Key Differences
- Incfile has known compliance issues
Customer Service
Shopper approved's score for Incfile reveals an average rating of more than 4 out of 5 stars. Incfile's ratings for customer service, satisfaction, and affordability are all 4.4 stars or above. Incfile has recently had an upsurge in their customer support staff, doubling their team and re-committing to offer excellent customer service.
Overall, Incfile offers better customer service. But their spotty reputation cannot be ignored. On the other hand, MyCompanyWorks provides a satisfaction guarantee and promises to respond to all emails by the next day.
Key Similarities
- Support is available over the phone and via email
Key Differences
- MyCompanyWorks doesn't have compliance scandals and their customer service is very reliable
Structure Breakdown
When considering a particular service provider, it's not enough to look at what the company offers. You must analyze how they work for each business model too.
Choosing Incfile makes sense here. You can use their silver package to start your limited liability company, the only additional fees being state filing fees. While MyCompanyWorks has better customer service and turnaround times, Incfile will help you for free.
Combining their comprehensive packages and excellent customer services, as well as additional services like expedited filing for just $20, MyCompanyWorks is the obvious choice for the incorporation of a new S-corp or C-corp.
MyCompanyWorks has to win in this category, as Incfile doesn't help partnerships throughout the formation process. However, MyCompanyWorks is still an excellent choice with same or next-day processing, an easy-to-use website, and top-tier customer support.
The Last Word
MyCompanyWorks is an excellent option if you want exceptional customer service, expedited processing times, and a great reputation. They're a good option for small businesses that want to save money with their free silver package. Incfile has some compliance issues, but they seem dedicated to working on it and re-gaining BBB accreditation.
Filed under: Head-to-Head
