Every year, thousands of pioneering business people go online in search of the ideal business formation company. With so many worthy companies out there today, from ZenBusiness to LegalZoom to other newly established groups, it might seem a daunting task to decide on one over another.
Among competitors, MyCorporation stands as a unique entity incorporation company suited to address the needs of a broad group of customers.
In the following review, you will find a thorough dissection of MyCorporation, one of the most popular online LLC formation services.
Interested in MyCorporation?
Since 1998, MyCorporation has kept up a popular and appealing online presence for businesses searching for LLC formation. But since then, they have expanded to include incorporation services for many other business entities.
With a wide variety of payment packages to offer, MyCorporation’s most popular services provide guidance for new businesses, already-established businesses, and entrepreneurs dealing with intellectual property concerns. Gaining access to MyCorporation’s experienced LLC and corporation formation services is a major element of their appeal.
Over 1 million entrepreneurs have used MyCorporation to start their small businesses. It’s hard to find an online incorporation service with the kind of reach and reputation MyCorporation commands. Their site also boasts hundreds of customer reviews--most of which are 5-star reviews.
MyCorporation also boasts serving customers in all 50 states. From small business clients wishing to form an LLC to real estate investors needing an affordable online document filing service, MyCorporation backs up its reputation as a business formation service that can fit in any budget, small or large.
Structure Breakdown: Who is MyCorporation Good For?
Now let’s explore MyCorporation’s business formation services. On their site, MyCorporation has many different options, organized into easily-readable and sortable packages. But which types of business do they primarily serve?
With a starting rate of $99, MyCorporation’s introductory LLC formation service is hard to beat price-wise. The company also includes many extra add-ons for LLCs, including articles of organization, operating agreements, and a host of other customer service documents to help small businesses get off the ground.
The LLC is one of the most popular entity types for entrepreneurs. Businesses that are self-run or only in their infancy often find the LLC a flexible entity that facilitates easier maneuvering during tax time, especially for brand new companies.
MyCorporation also helps with many other benefits for LLCs. For example, LLC owners don’t need a board of directors, so record-keeping is more straightforward than for other entities. LLCs can also choose to be taxed as S or C corporations. An unlimited number of owners can participate in the ownership of this entity too.
Forming your business as a corporation injects your company name with an extra dose of credibility. Adding an INC. behind your name is sure to attract a more extensive and diverse clientele. MyCorporation supports any fledgling company looking to be incorporated.
Incorporating as a C corporation automatically grants your company a series of benefits, many of which are not available to LLCs. For example, owners can deduct benefits like employee health insurance and dental plans.
However, C corp owners must also file notices of annual meetings to directors and other yearly maintenance filings. MyCorporation can help complete these annual requirements automatically if you opt for the business maintenance package.
Filing at an S corp is generally a good idea for small businesses that want to take advantage of more corporate perks. However, the only significant difference between S and C corps is how the IRS taxes its profits and losses.
With MyCorporation, the benefits and tax opportunities that distinguish S and C corporations are clearly outlined. For instance, an LLC owner must pay employment taxes, while S corp shareholders aren’t required to. MyCorporation can help in meeting these requirements.
Although LLCs often have one owner, this isn’t strictly required by law. Theoretically, an indefinite number of owners can fall under the name of one LLC.
It’s appealing to start an LLC with ownership shared between partners. There is a lot more flexibility available to LLC owners since they don’t pay their taxes directly. MyCorporation can help owners of a partnership form a partnership agreement, which is one of the documents needed to form a partnership.
Partnerships can appeal to industries like construction and other highly-insured companies where unforeseen conditions are the norm. MyCorporation clearly outlines that LLCs are the most economical way to avoid personal liability for high-risk business owners.
Though MyCorporation’s pricing packages include a wide variety of business formation choices, sole proprietorships currently aren’t one of their offerings.
While MyCorporation lacks this option, there is no need to search far away for sole proprietorship licenses. Competitors like LegalZoom and Swyft Filings specialize in them.
If you’re looking to file as a non-profit and claim the lucrative tax exemptions that follow, MyCorporation has a lot to offer at a reasonable price, including Articles of Incorporation and sample bylaws.
Non-profits are eligible to file with 501(c)(3) status, effectively lifting federal, state, and property taxes from business owners. If you own a religious, educational, or scientific company, this designation may be the one for you.
MyCorporation Packages & Pricing
One of the primary reasons for potential business owners to look into filing with MyCorporation is the accessibility of their pricing. Picking a group of customer reviews from random on their website shows that the MyCorporation pricing system is one of its strengths. All of their entity formation services scale along the same 4-tier system.
Basic Package - $99 + state fees
The Basic Package starts at $99 + state fees. It includes everything you need to incorporate as an LLC, S or C corporation, general for-profit corporation, benefit corporation, or professional corporation.
The basic package at MyCorporation includes:
- Unlimited customer support
- Articles of Incorporation + Business Documents
- MyCorp Vault Document Storage
- Name Check
The MyCorp Vault document storage perk is unique for online formation services. It allows MyCorporation customers to consolidate all of their documents in one place. That means your customer service representatives will have immediate access to all of your tax documents whenever you need advice.
The Basic Package also offers everything responsible entrepreneurs need to ensure their LLC or Corporation complies with state and federal laws.
Standard Package - $124 + state fees
For $124 plus state fees, users can get the Standard Package, which unlocks access to an annual report. Since all corps and LLCs must report financial information to the state about business activities, contact information, and stockholders, the annual report certainly makes tax season less daunting.
Deluxe Package - $224 + state fees
The Deluxe Package costs $224 plus additional state fees. In addition to the benefits above, it provides business owners with a Registered Agent (RA).
MyCorporation’s RAs can accept legal and official documents on behalf of your business and answer any questions they might have regarding taxes.
At the Deluxe tier, entrepreneurs are investing in a secure future. Employing an RA is a sure way to guarantee that you comply with best legal practices as well as ensuring that all your documents arrive in time at tax season.
Premium Package - $324 + state fees
Finally, the Premium Package is MyCorporation’s highest level of service. For $324 plus state fees, business owners gain access to all of MyCorporation’s offerings plus an additional suite of benefits called MaintainMyBiz.
At the Premium level, MaintainMyBiz helps business owners to manage the future of the business. It is a maintenance package that allows you to select up to 4 filings per year from an extensive list of 16 services. This means that you can easily customize your package to fit your specific business’s needs.
The 16 services business owners can choose from are:
- Initial Report
- Annual Report
- Corporate Seal
- S-Corp Election
- Stock Certificates
- Membership Certificates
- Corporate Minutes and Bylaws
- LLC Operating Agreement
- Fictitious Business Name (DBA)
- Foreign Qualification
- Certified Copies of Documents
- Certificate of Good Standing
Overall Value vs. The Competition
Overall, MyCorporation is a mid-tier option vs. other service providers. They aren't the most expensive, but they also aren't the cheapest for the basic services they offer. If you're a small business looking for basic filing needs, we recommend ZenBusiness or Incfile, both of which are a great value.
Here are some comparisons to other popular business formation services.
MyCorporation Document Management & Online Experience
MyCorporation has established an intuitive and easy-to-navigate online interface. Users will find the 4-tiered price package system more transparent about benefits and costs than most other online business formation companies.
The MyCorporation online portal also provides first-time visitors straightforward answers to questions like:
- Is an LLC or a Corporation right for you?
- Where should you incorporate?
- What is a Registered Agent?
- How do you file a DBA?
And if you have already registered your business through MyCorporation, their webpage makes accessing your documents easy and effortless.
Finally, the ‘Business Services’ tab contains links to everything a new or experienced entrepreneur might need at their fingertips. Whether you’re filing a new document, checking up on annual reports, starting a 501(c)(3), or monitoring stock certificates and payroll, MyCorporation gives users instant access to the tools they need to run their business well.
MyCorporation Processing Time
Among the hundreds of positive reviews users have posted on the MyCorporation site, processing time is frequently celebrated. Generally speaking, processing speeds change depending on your documents’ size and the state of your business formation.
However, if your LLC or corporation needs a document processed urgently, you’re in luck. MyCorporation offers an upgraded shipping speed for the most important cases.
Since MyCorporation’s customers often rave about the quality customer service provided, potential users can be quite certain that upgraded shipping times are satisfactory.
MyCorporation Compliance & Track Record
Customers appear to be satisfied with MyCorporation’s track record. A common reason for praise is MyCorporation’s annual report service, which is well worth the upgrade to the $124 Standard Package. Many customers swear by MyCorporation’s reputation because of it.
A 60-day refund policy accompanies any of the services this company provides. As long as customers request a refund within 60 days, MyCorporation will provide it for a $25 fee.
The most frequent point of praise is in reference to how personable and professional their employees are. There is a family atmosphere between employees and clients, which is second-to-none among online entity incorporation services.
With over 1 million satisfied customers, MyCorporation has a record of excellence that shows it complies with all 50 states’ business laws. In fact, this company even maintains a FAQ page on their site for any prospective entrepreneurs to peruse for professional opinions, at no charge!
MyCorporation Customer Service
Customers rave about MyCorporation’s quick response to customer questions. Customers often strike up personal relationships with their RAs and even the employees behind the phones!
Another customer service element that MyCorporation offers is their simple 3-step method of filing new LLCs and corporations. You can fill it out online or call for one of their team members to help you through the filing process.
All that’s needed to file is to simply answer a few basic questions, submit your documents for their professionals to complete, then receive completed filings soon after. Over 150 users have spoken highly of MyCorporation’s method of simplifying the filing process.
The Last Word: Is MyCorporation Worth It?
Overall, MyCorporation customers have shown overwhelming support for their simplified method of pricing incorporation services. The 4-part package pricing system is one of ways MyCorporation has reached a broad and popular audience.
However, there are other services out there that offer comparable services at lower rates. For example, ZenBusiness and Northwest Registered Agent provide Registered Agents to all LLC formation customers for 12 months.
While there are cheaper options out there, MyCorporation is the optimal choice for entrepreneurs looking for a long-term relationship with their corporation formation company. Their exceptional customer service, transparent pricing policies, and dedication to providing the best tax document compliance make MyCorporation ideal for many users.