Entrepreneurs and business owners have long been stumped by the legal requirements involved in creating their businesses. That's why business formation services have taken off. There are several popular ones, including MyCorporation and MyCompanyWorks. They'll be compared side-by-side to help you decide which is best for you.
MyCompanyWorks vs. MyCorporation: The Verdict
MyCompanyWorks, formerly MyNewCompany, has been in business since 2001. They have a clear goal, making the business process simple, fast, and inexpensive. Despite being relatively small compared to MyCorporation, they've carved out a great reputation. MyCorporation has an extensive reach and excellent reputation, and it seems to be well deserved. This one is a close call, and while we'd rate MyCompanyWorks better for LLC formation services (particularly, their basic package).
MyCorporation wins out if you're looking for more than that or if you're unsure. Their website offers a comprehensive Q&A that'll help you choose your business entity structure, and if you purchase their premium package, you'll get bespoke 1-1 business support.
Choose MyCompanyWorks if:
- You're starting an LLC
- You want a more prolonged moneyback guarantee
- You would want additional compliance services
- You're looking to save money on a basic package
Choose MyCorporation if:
- You're unsure of which business structure is best
- You want 1-1 service
- You're starting a corporation
Services Offered & Pricing
MyCompanyWorks offers three pricing tiers versus MyCorporation's four, but they can both help you achieve everything you need. One thing that should be pointed out is how much of a money saver MyCorporation's second package (the standard package at $129) could be - as it's inclusive of the essential registered agent service. You can be assured of customer satisfaction either way, though, as both offer a moneyback guarantee (60 days and 90 days, respectively).
- Excellent moneyback guarantees
- MyCorporation's registered agent service seems more affordable
- MyCorporation has an additional pricing tier
- MyCompanyWorks offers a cheaper basic package
MyCompanyWorks Packages & Pricing
MyCompanyWorks, like most providers, offers three price tiers for you to choose from. Each package offers a bit more than the last, so each is more expensive. You can take a critical look at these individually to help you choose one.
Basic Package - $79
The basic package is inexpensive; money could be tight when you're launching a new business. It makes sense to get an excellent deal without necessarily compromising on service. For just $79 + filing fees, you'll get:
- Business name availability search
- The operating agreement for LLC's
- Articles of organization
- Meeting minutes for your organization
- Custom bylaws for corporations
- Customer support
- Company compliance alerts
- Checklist and business startup wizard
Some of these features are basic, such as customer support. But some are pretty impressive, such as the meeting minutes and business name availability search.
Entrepreneur Package - $199
With this package, you get everything in the last package plus an array of additional features such as:
- Tax ID Number (EIN)
- A customized compliance binder
- MyCompanyForms: unlimited access to 200+ professional business documents
These features are ideal for expanding their business, hiring employees, or maintaining business compliance with some assistance.
Complete Package - $279
The complete package is their most comprehensive package, letting you hit the ground running with minimal effort. You'll receive everything from the last two packages and get the registered agent service.
MyCompanyWorks can serve as your personal agent and handle everything you need for a cool $279. After the first year, you can continue with the registered agent service for $99.
MyCompanyWorks also offers additional add-ons, the first being the Business Compliance Package. For an extra $99, the organization can deal with all of your local, state, and federal licensing requirements, including (but not limited to) research and applications. The only thing you need to do is fill the applications in. The second add-on is the premium upgrade; for $99, you can use their annual reporting service and have your own compliance dashboard, too.
MyCorporation Packages & Pricing
MyCorporation has a transparent and easy-to-understand four-tier pricing system, starting at $99 for their basic package and getting progressively more expensive until you reach their premium package.
Basic Package - $99
In this basic package, you'll receive everything you need for an LLC or general for-profit company. For $99 (plus state filing fees), you'll receive:
- Articles of incorporation
- Business name verification
- Dedicated customer service
You'll also receive access to MyCorp vault storage, which lets you access all of your incorporated documents in one place.
Standard Package - $129
For $129, you'll get everything in the basic package plus an annual reporting service. Since all corporations and LLCs are legally obligated to report financial activities, the extra security offered by this service makes tax season much less daunting.
Deluxe Package - $229
The Deluxe package starts at $229 and offers you everything from the above packages plus a registered agent service, which is a great way to ensure you're following all legal compliance requirements.
Premium Package - $324
The Premium package offers the highest level of service; you'll gain access to everything MyCorporation has to offer.
In addition to the above, you'll get an exclusive suite of benefits known as MaintainMyBiz, which will grant you 1-1 communication with dedicated employees trained to supervise your business and assist business growth.
Document Management & Online Experience
These are professional companies, and it shows - MyCompanyWorks offers an easy-to-use website with an array of support options available, including lifetime access to over 2,000 business document templates (with the Entrepreneur package).
It feels like MyCorporation goes a step further, though. When you sign up, you'll be taken through a step-by-step Q&A that'll help you understand what kind of business entity is best for you. Once you've completed signing up, the ''Run My Business'' tab will give you access to all of your current applications and documents.
- You can run your business online quickly, without any worries about security
- MyCompanyWorks offers document templates
- MyCorporation offers step-by-step Q&As to help you understand which business type is best for you
Precise turnaround time will vary state-by-state, so this is a difficult category to nail down. But what can be said is that customer reviews on MyCorporation usually sing their praises for their processing times, and the same is true for MyCompanyWorks. MyCompanyWorks is generally a bit more transparent, though, offering expedited processing (promising to file your documents within one business day) for just $20.
- Customers love their processing times
- MyCompanyWorks offers expedited processing for $20
Compliance & Track Record
MyCorporation has completed over a million business formations; they have one of the most solid track records in the industry. While MyCompanyWorks also has an excellent reputation, they are novices compared to MyCorporation, with around 60,000 formations under their belt. Either company is worthy of your trust with satisfaction guarantees and excellent moneyback terms.
- Excellent moneyback guarantees
- Great reputations with no noted compliance issues
- MyCorporation has a more substantial reputation
MyCorporation is often praised for their no-fuss service; setting up your company takes just three steps, though both companies are excellent in this area.
MyCompanyWorks is often praised for their dedicated support services and live chat, but nothing can top 1-1 service, which MyCorporation offers for their premium clients. Other than this, each company offers equal service with phone and email support available during business hours.
- Customer feedback praises their customer support
- MyCompanyWorks has a live chat feature
- MyCorporation offers bespoke services to its premium clients
Both MyCompanyWorks and MyCorporation perform excellently in various areas, whether you're setting up a small business or a corporation with a dozen directors. But let's take a closer look to see how they perform with each business entity.
Ideal for small business owners looking to save some money, MyCompanyWorks LLC formation packages start at just $79, with 90 days of moneyback guarantee. While MyCorporation offers a similar service, it starts at $99, and you sacrifice a third of your moneyback guarantee.
As the name suggests, a sizeable amount of MyCorporations clients are setting up C or S corps, though they cater to nearly all business entities. If you're setting up a corporation, you may be glad to use a service provider that will grant you bespoke services for a meager $324.
Setting up a partnership using DBA (doing business as) is a simple way to do business, often used by accountancy and legal firms. MyCorporation and MyCompanyWorks can assist you with this, and while MyCorporation has a more solid reputation for compliance, MyCompanyWorks is equally excellent and offers a more comprehensive satisfaction guarantee.
Non-profits can file for 501(c)(3) status, which lifts federal, state, and property taxes from business owners. If you own an educational, scientific, or religious entity that isn't designed to turn over a profit, this may be the entity for you. MyCompanyWorks can help you with this at a lower price than MyCorporation. Still, MyCorporations' more extensive experience may be of benefit to you when it comes to applying for this exemption.
The Last Word
With an excellent support team, positive reviews, free registered agent service MyCorporation may seem like a no-brainer, but MyCompanyWorks offers a more comprehensive customer satisfaction guarantee and cheaper pricing. You can consider MyCompanyWorks to be better for basic packages and services, with MyCorporation a premium provider for those willing to pay a little more.