For entrepreneurs looking to form a new company, there are a lot of important steps to consider.
The paperwork and logistics alone can feel intimidating. Yet, ensuring that a new company is formed accurately and efficiently is a very important foundation for the business’ future.
Fortunately, there are a variety of companies that help startup founders and entrepreneurs with the nitty-gritty details of forming a company. One popular option among these services is called MyCorporation.
This MyCorporation review will cover all the details of this service, including pricing, features, customer service, and more.
What Is MyCorporation?
MyCorporation is a business formation service. Essentially, it helps entrepreneurs manage the paperwork and steps required to start a new company.
With MyCorporation, founders can form new Limited Liability Companies (LLCs), corporations, and nonprofit entities.
Everything is handled online, making an often-outdated system of forming a company much more efficient.
MyCorporation works with officials in each US state to ensure compliance with all the regulations in each state. They are essentially a middle-man between the company founder and the state (usually the Secretary of State department).
In addition to their business formation offerings, MyCorporation also has a variety of useful services for existing businesses.
They can help with trademark and copyrights, changing, transferring, or selling a business, and much more.
Advantages of MyCorporation
There are many competing LLC formation services and incorporation services. What sets MyCorporation apart?
- Easy way to form a new LLC, corporation, or nonprofit
- Choose from S-corp, C-corp, or B-corp
- Simple application process that’s 100% online
- Huge range of extra business services
- Competitive pricing
- Choice of several formation packages
- Ongoing customer support
- Ongoing business compliance support
- Intellectual property protection (copyrights, etc.)
- Free online learning library full of useful tips
- Free EIN filings for any business
- Ongoing corporate maintenance (bylaws, annual meetings, annual report, etc.)
- Ongoing LLC maintenance (operating agreement, annual report, membership certificates, etc.)
Disadvantages of MyCorporation
MyCorporation is not perfect. What are some potential downsides to be aware of?
- State registration fees are charged separately
- Does not support partnership business structures
What Services Does MyCorporation Offer?
MyCorporation aims to be a helpful resource for many aspects of modern business. Their core offering is business formation, but they go far beyond that to offer a host of ongoing services.
Starting a Business with MyCorporation
MyCorporation’s primary offerings focus on business formation. They can help founders start new companies in any state, all at very competitive pricing.
- Easily start a new company online
- Options for LLCs, corporations (C-corp, S-corp, or B-corp), and nonprofits
- Compliant with rules in each US states
- Includes all necessary documents, including Articles of Incorporation, LLC operating agreement, etc.
- Help with finding an available business name
- Help with specific business licenses and permits
- Help with obtaining federal tax ID numbers, such as an Employer Identification Number (EIN)
- Help obtaining Doing Business As names (DBA)
Growing a Business with MyCorporation
Beyond the initial business formation, MyCorporation remains quite useful with a variety of useful services. This includes copyright protections, business structure changes, and more.
- Intellectual property protections – copyrights, trademarks, etc.
- Issue stock certificates or membership
- Elect taxation treatment (such as S-corp status or 501(c)(3) status)
- Tax help
- Reminders for ongoing compliance requirements
- Help with annual report service, corporate bylaws, etc.
- Ongoing Registered Agent service
- Much more
How Much Does MyCorporation Cost?
MyCorporation has a wide variety of services, available both in packages and as standalone services. The section below will focus on business formation packages and MyCorporation’s costs for these popular services.
Basic Package – $99 + State Fees
The basic package is a cost-effective way to form a new business and covers all the basic steps needed.
- All basic business formation steps necessary
- Choice of LLC, corporation, or nonprofit
- Business name check to find an available company name
- Online document storage
- State filing fees are charged separately
Standard Package – $124 + State Fees
The standard package expands the functionality by adding an Annual Report filing service, as well as extras like corporate bylaws.
- All features of the Basic plan
- Adds ongoing Annual Report filing service
- Additional extras like corporate bylaws and corporate minutes
Deluxe Package – $224 + State Fees
The Deluxe package adds ongoing Registered Agent service, to receive important legal documents for your business.
- All features of the Standard plan
- Adds ongoing Registered Agent service
- Registered Agents represent your business, receiving important business documents and legal documents for companies
Premium Package – $324 + State Fees
The Premium Package adds MaintainMyBiz, an ongoing service for business compliance and filings.
- All features of the Deluxe plan
- Adds MaintainMyBiz ongoing service
- This plan helps keep your business compliant over the long term
- Help with filings such as Annual Reports, S-corp election, DBA names, etc.
Each package from MyCorporation builds on the last one, adding another feature or service. Keep in mind that the Standard, Deluxe, and Premium plans do enroll customers in ongoing services, which may have annual costs (see below). The Basic plan does not have any ongoing costs associated with it (unless add-ons are selected).
MyCorporation Ongoing Costs
MyCorporation’s business formation plans are flat-fee, meaning you pay the fee upfront and that’s it. However, there are some services that have ongoing costs associated with them. Here are a few of the most popular:
- Registered Agent – $120/year – handles official correspondence and legal document receipts for your company. A requirement in many states.
- MyIncGuard Package – $79/year – sends reminders when it’s time to file or update a form. Helps to keep your company in good standing.
- MaintainMyBiz Package – $250/year – your choice of 4 filings every 12 months. Can include Annual Report, business amendments, foreign qualification, certified copies of documents, etc.
Keep in mind that some packages will enroll you in these additional services. You are free to cancel, however, auto-renew is automatically turned on. Be sure to cancel if you don’t want ongoing services.
What About State Filing Fees?
There are two cost components to a business formation package from MyCorporation: The service’s own fees, and the state filing fees.
This is standard in the industry – most competitors also charge state fees separately.
These costs go directly to the state that you are filing in. MyCorporation processes the payment, but the money goes to your state.
State registration fees vary significantly. For instance, currently starting an LLC costs $165 in Florida, $85 in California, and $334 in Texas.
During the signup process, MyCorporation will show clearly the total cost, including any state fees.
Does MyCorporation Have Good Customer Service?
MyCorporation has great customer support. Agents are available via phone or email, during normal business hours.
Looking at customer feedback and reviews, one can note many positive experiences with MyCorporation’s customer support agents. In many cases, customers are assigned a specific agent to help them throughout the process. This kind of personalized support is very helpful when navigating a complex new process.
Plus, MyCorporation has a huge online learning library and an extensive FAQ section. Using these resources, some questions can be answered without contacting support. But if help is needed, rest assured that MyCorporation’s professional agents are there to help.
MyCorporation has good ratings with the Better Business Bureau (BBB), Trustpilot, and other rating agencies. Customer reviews for the service are largely positive.
Is MyCorporation a Good Choice for Your Business?
Business owners have many choices when it comes to finding a formation service. Competitors like ZenBusiness, Incfile, and LegalZoom all have compelling reasons for business owners to choose them. So, why choose MyCorporation?
For one, the service is a one-stop-shop. Not only do they help with business formation, but they can also prove useful for years to come.
MyCorporation can help with ongoing compliance needs, yearly filings, and more. They even offer more advanced services, like copyright and intellectual property protections.
Pricing is also a big selling point. MyCorporation is a very cost-effective way to form a new company.
If you want a wide selection of services, competitive pricing, and professional customer service, MyCorporation is a great option.
If you want to form a business partnership, MyCorporation won’t work for you. Likewise, if you want help with complex legal issues, a competitor like LegalZoom may be a better option.