When you're forming a new business, one of the first things you'll need to deal with is the legal process of company formation. You can save yourself a lot of stress by turning to one of the many business formation services on the market. Two popular providers are MyCompanyWorks and InCorp; let's take an in-depth look at what both have to offer.
MyCompanyWorks vs InCorp: The Verdict
MyCompanyWorks isn't the biggest name, but they do have some distinct advantages. The best selling point is their excellent customer feedback; almost all reviews found online were positive. They also have a satisfaction guarantee that promises all LLC formation orders will be processed within one business day.
InCorp is a popular option that is best known for offering volume discounts, and they have an impressive catalog of active clients. Mainly, they provide registered agent services for the low price of $99+ per year. Though they provide LLC formation services, they don't provide additional services. Both have their own merits, InCorp offers an excellent registered agent service, but MyCompanyWorks is better for LLC formation. InCorp may represent better value for money, as the website claims that they'll price match any competitors offering a like-for-like service.
Key Similarities
- Excellent reputations
- Similar price points
Key Differences
- MyCompanyWorks provides faster services
- InCorp offers more discounts
Services Offered & Pricing
InCorp and MyCompanyWorks offer similar services but with some differences. Their services are similarly priced, but InCorp offers bulk discounts, including 33% off if you commit to a 5-year contract with them. But you should be aware that using this option means that you could be charged a hefty fee for breaking the contract. MyCompanyWorks doesn't offer any discounts like this, but they also don't charge you hefty fees.
Key Similarities
- Registered agent services
- Affordable pricing
Key Differences
- InCorp offers more discounts and price matching
MyCompanyWorks Packages & Pricing
MyCompanyWorks offers three packages, just like InCorp. 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 InCorp's packages.
Basic Package - $79
Starting at just $79, the basic package is affordable for anyone looking to create an LLC or corporation.
With $79 (plus any state fees), you'll get:
- Business name availability search
- Limited liability company operating agreement
- Preparation 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 and represents the most complete package, encompassing the basic package in addition to:
- Federal Tax ID Number (EIN)
- Business kit/seal/certifications: customized compliance binder
- MyCompanyForms: lifetime access to 200+ professional forms
This is an ideal package if you want to extend your business, hire employees or open a business bank account.
Complete Package - $279
As the name suggests, this is the complete package and will allow business owners to get up and running with minimal effort. It includes everything from the entrepreneur package and gives you a registered agent service.
Not only will you receive everything and the registered agent service, but you can continue with the service for $99 after the first year.
Add-On Services
In addition to their usual packages, MyCompanyWorks offers add-on packages to help you remain compliant. The first is the Business License Compliance package, costing $99 and offering you full licensing support at the federal, state, or local level (for corporations and LLCs).
The BLC package includes research, delivery, and all applications.
The other add-on is the MyCompanyWorks Premium upgrade. This upgrade will set you back $99 per year and provides services such as annual reports. It also includes compliance alerts, so if anything is amiss, you'll be notified immediately.
InCorp Packages & Pricing
Unlike MyCompanyWorks, InCorp only has one package and their registered agent service. Let's take an in-depth look at InCorp's packages and their additional services.
LLC formation - $99
InCorp provides just one LLC formation package. Included are the essential elements of launching a company:
- Business name availability check
- The preparation and filing of the articles of organization
InCorp has a unique 'EntityWatch' feature that provides real-time info regarding your business entity's status, helping you prevent corporate identity theft. You also have access to a convenient compliance calendar to remind you of annual reports and other upcoming issues. You will also need to pay any state fees, in addition to this.
Registered agent service - $99 per year
If you pay annually, you'll pay $99 for InCorp's registered agent service. However, if you pay in advance, you can receive a discount. Pricing is as follows.
- Two years of service: $89.10/year
- Three years of service: $80.52/year
- Five years of service: $66.59/year
However, you should be aware that you may have to pay fees to break the contract if you purchase this discounted bundle.
Additional Services
Business owners can purchase a la carte services from InCorp, which range from $35 to $150. Their cheapest service is filing a Certificate of Good Standing at $35, though the preparation and filing of a foreign qualification will set you back $150. Sometimes, shipping fees are also added, so you should be mindful of that.
Document Management & Online Experience
MyCompanyWorks has an easy, accessible online portal with everything you need, but InCorp takes it one step further. InCorp has an iOS app called Entity Management System (EMS). You can manage your documents on the go with your smartphone, which is brilliant. However, InCorp's main website does seem to try to do too much. They could benefit from simplifying it; as it stands, the website is full of pop-ups, confusing navigations, and unnecessary drop-down bars. Overall, MyCompanyWorks has an easier-to-use website.
Key Similarities
- You can do everything you need online
Key Differences
- InCorp has an app
- MyCompanyWorks is easier to use
Processing Time
While InCorp claims to have the fastest turnaround times in the industry, it's difficult to verify this as they don't publish their lead times. MyCompanyWorks, on the other hand, completes filings within one business day and offers an expedited service for $20.
Key Similarities
- Processing time varies on a state-by-state basis
Key Differences
- MyCompanyWorks offers expedited filing for $20
Compliance & Track Record
InCorp and MyCompanyWorks are registered with the Better Business Bureau and receive positive customer reviews. Most clients give them 5-stars. InCorp has more negative reviews, primarily revolving around customers' issues with breaking contracts. There have been no significant compliance issues with either company.
Key Similarities
- Excellent online reviews
Key Differences
- InCorp has negative customer reviews due to its rules surrounding breaking contracts
Customer Service
MyCompanyWorks has high standards for customer support, with a large, helpful customer support team that promises to respond to your inquiry within one business day. The FAQs are extensive and cover a multitude of topics. InCorp also offers phone and email support but has less extensive FAQs. Overall, MyCompanyWorks provides a more professional service with fewer upsells.
Key Similarities
- Phone and email support are available
Key Differences
- MyCompanyWorks has a live chat and more extensive FAQs
- InCorp reps focus more on upselling, according to customer reviews
Structure Breakdown
When considering a particular service provider, you need to look a little deeper at what they offer, including how they work for each business model.
MyCompanyWorks and InCorp offer excellent LLC formation services. Each company offers unique benefits; InCorp offers several discounted packages for their registered agent service (required for the formation process). MyCompanyWorks doesn't provide this, but they offer slightly cheaper packages and excellent customer support. While the discounts InCorp offers look attractive, customers report issues with canceling.
With its Business License Compliance Package, MyCompanyWorks is an excellent choice for your corporation. Their add-on services are a must for anyone looking to start a corporation. Many MyCompanyWorks reviews are from clients that are impressed with the compliance offerings, such as the regular compliance reviews that promise to keep your new corporation in good standing and the annual reporting service.
MyCompanyWorks offers support for partnerships, but their pricing model is unclear and leaves a distinct impression that partnerships aren't their primary offering. InCorp, on the other hand, can help partnerships set up under DBA (Doing Business As) for just $99. This category is a toss-up because MyCompanyWorks' excellent offerings can't be ignored, but InCorp's affordability, price match, and simple DBA service are also helpful.
Churches and charitable organizations usually use non-profits, and they have a specialized tax-exempt status. You can use MyCompanyWorks to set up a non-profit company; however, InCorp doesn't offer support for non-profits.
The Last Word
MyCompanyWorks is an excellent formation company that can assist large corporations and small businesses alike, with excellent compliance services and many add-ons that make their services worthwhile. InCorp also has excellent offerings, mainly at a lower price, though they've received some complaints due to their contracts being challenging to break. If you're looking to save some money, you could look into InCorp's bulk discounts. But MyCompanyWorks offers superior customer service and more significant compliance upgrades.
Filed under: Head-to-Head
