Recommended Step Before Using MyCorporation to Form an LLC
It’s important to name your LLC before going through the business formation process with a professional service. TRUiC’s Free LLC Name Generator will help you to do the following:
- Find the perfect name for your new LLC.
- Conduct a name search to make sure your desired LLC name is available.
- Help secure a domain name for your company.
MyCorporation Pros & Cons
Pros of MyCorporation
- MyCorporation’s biggest selling point is that they include annual report service for your first year in their Basic ($99), Standard ($124), Deluxe ($224) and Premium ($334) LLC service packages. Very few competitors bundle in annual reports with formation service, so this is a really unique advantage.
- MyCorporation has served over a million businesses in their 20 years of operation. It’s a large volume of customers, and I feel that really speaks to their legitimacy and consistency.
- Their customer reviews are fantastic, as they have near-perfect scores on every site I could find with a significant number of online reviews.
- If you need some add-on financial services like income tax assistance or unemployment insurance for your employees, MyCorporation is a good choice. They’re one of the only companies in this industry that offers these features.
Cons of MyCorporation
- MyCorporation doesn’t include registered agent service at their Basic or Standard levels, while Incfile and a few other providers include a full year of registered agent in all of their packages.
- Their $99 Basic package is a barebones offering, and really isn’t appealing at that price point.
MyCorporation Pricing & Features
With MyCorporation, you have 4 choices for LLC formation packages: Basic, Standard, Deluxe and Premium. Take a quick look at how they describe these packages on their website, then we’ll discuss details.
To figure out which one’s best for you, let’s take a look at the core differences between these 4 options.
Basic = $99 + State Fee
What It Includes: Barebones option with formation filing essentials like a name availability search, and the preparation and filing of your formation articles. This package also only includes “limited” customer support.
Who It’s Right For: Considering the Standard package adds so much for so little, I don’t think anyone should buy this package.
Standard = $124 + State Fee
What It Includes: This package builds on the foundation of the Basic tier, adding annual report service for your first year. At this level, you’ll also receive unlimited support and 3 customizable documents (operating agreement, transfer ledger, membership certificates).
Who It’s Right For: Entrepreneurs on a budget who don’t want to sacrifice much in the way of features will enjoy the Standard package.
Deluxe = $224 + State Fee
What It Includes: The only difference between Standard and Deluxe is the addition of registered agent service.
Who It’s Right For: If you like the Standard package, but also want registered agent under the same roof rather than working with another service provider, I think this package is a great option.
Premium = $334 + State Fee
What It Includes: This package includes everything from the Deluxe package, but adds MaintainMyBiz services. MaintainMyBiz allows you to use 4 additional filings over next 12 months, including LLC operating agreements and foreign qualifications.
Who It’s Right For: If you think you can get $100 worth of value out of the 4 filings (stuff like corporate minutes and bylaws, doing business as (DBA) names, etc.), this isn’t a bad option. Personally, I prefer the Deluxe package.
In addition, you can add any of these 9 extra features on an a la carte basis:
- Federal tax ID number or EIN ($69)
- Custom operating agreement ($29)
- Online document storage ($24)
- Business license compliance package ($99)
- Tax deadline notices ($79)
- LLC membership kit and seal ($100)
- LLC seal only ($40)
- State income tax withholding ($99)
- State unemployment insurance ($99)
While I do really like Standard as well, Deluxe seems to be the best option for most business owners because you’ll likely need registered agent service.
MyCorporation certainly has a lot of happy customers. No company can please everyone, especially when you’ve served over a million customers, but they come pretty close.
Reading through their reviews, the biggest selling points with their former customers seem to be the knowledgeable MyCorporation support agents and how quickly they work (turnaround times).
Customer Reviews Section Last Updated: 12-5-17
- TrustPilot: 8.4/10, 191 reviews
- Google: 5.0/5, 60 reviews
- Facebook: 4.9/5, 18 reviews
- Yelp: 3.5/5, 9 reviews
Conclusion: With how few customers have complaints of any kind, MyCorporation definitely scores some points with their strong customer feedback.
How MyCorporation Compares
With how much time I’ve spent analyzing these services, I’ve noticed some unquestionably offer more value than others. It all comes down to a combination of pricing and features. Who nails that sweet spot for you?
Considering they’ve served over a million customers, MyCorporation is certainly a popular option. It’s always a good idea to see how they stack up against the competition though, so let’s round out this MyCorporation LLC review by seeing how they compare to my personal favorite, Incfile.
Pricing: Incfile’s base package is just $0, a savings of $99 over MyCorporation’s least expensive formation package.
Features: Incfile includes a full year of registered agent service with all their packages, and their top two packages include custom operating agreements and tax ID numbers (EIN), features MyCorporation doesn’t include in any package. However, Incfile doesn’t include annual report service in any package like MyCorporation does in their top 3.
Turnaround Time: They’re roughly comparable in most states. Each of these companies is faster than the other in some individual states, so you might want to check and see if one of them is a bit quicker in your specific state.
Customer Support: I tested the customer support systems of both Incfile and MyCorporation, and I’m happy to tell you they’re both quite good. Their service reps are friendly and helpful. I will say that Incfile can sometimes take awhile to get in touch with, as I’ve had to wait 24+ hours to hear back from them at times.
Businesses Formed So Far: Incfile has helped form 150,000+ businesses since 2004, but even more impressively MyCorporation lays claim to over 1 million since 1995.
HERE'S A QUICK BreakDown
Pricing Starts at $0
150,000+ Businesses formed so far
Perfect for: Anyone starting a business on a budget and need quick formation
Pricing Starts at $99
1 million+ Businesses formed so far
Perfect for: Anyone looking to work with a company that has a solid track record
Frequently Asked Questions
Can I Just Form a Business Myself?
Everything MyCorporation does for LLC formation is something you could do yourself, they’re just the next best option if you can’t afford a business attorney or law firm. Working with a provider like this allows you to focus on running your business, while they take care of the core paperwork. Also, considering their experience, I know for me personally they’re more likely to quickly file error-free documents than I am. If you’re set on the DIY approach, make sure to check out our guides for forming LLCs and Corporations.
What’s Their Refund Policy?
In their own words, “MyCorporation will refund the total payment less twenty five dollars ($25.00) as a payment processing fee on all orders cancelled prior to the completion of preliminary name check.” Beyond that, they’ll refund your money less $50.
Are There Any Hidden Fees?
MyCorporation spells out their pricing models quite clearly. We certainly wouldn’t expect any surprises.
Is My Information Secure?
Nothing is ever 100% safe in the digital world, but their security and privacy standards are as good or better as most other sites. We’re quite confident using their services.
Does MyCorporation Offer Ongoing Support?
They certainly do. Their service reps are highly trained and based in the US, and they’re available from 10am-8pm ET Monday through Friday. You can also email or live chat at your convenience.