The Cost of MyCorporation
MyCorporation offers 4 business formation packages, plus many additional services. You can expect to pay anything from $99 to $1,000+ depending on your business’s needs.
But to make things more clear, let’s examine each one of the packages. Following we will take a look at the additional services.
If you’re just looking to form your business, then the Basic package is for you.
For $99 + state fees, you will get:
— Articles of Organization
The Articles of Organization is a document that you file with the state you want to form your LLC in. It outlines everything from your LLC’s name to its corporate structure.
— Operating Agreement
The Operating Agreement is a document that defines the LLC’s rules/regulations. It’s not mandatory to create an operating agreement (with some states as exceptions). But it’s an important document that may help you avoid many headaches down the road.
— Sample Minutes
This is basically a template for effectively recording what is being discussed in corporate meetings.
— MyCorp Vault Document Storage
MyCorp Vault is an online document storage service. It will help you keep everything from your articles of organization to annual reports in one place.
— Name Check
MyCorporation will also check if your LLC name is available before they go ahead with the formation.
Now, if after forming your company, you don’t want to look elsewhere for an annual report filing service, the Standard package is for you.
This one costs $124 + state fees and includes everything in the Basic, plus
— Annual Report Filing
An annual report is required to be filed by most states when it comes to LLCs. MyCorporation will take care of that for the first year. Afterward, they will auto-renew the service and charge you $99 per year.
— Membership Certificates
The Membership Certificates will be issued to the members of your LLC. They’re the same thing as Stock Certificates, except that they’re for LLCs instead of corporations.
The Deluxe package is for those who, besides needing an initial filing of an annual report, also need a registered agent service to get started.
It is priced at $224 + state fees and includes everything that the Standard has, but also:
— Registered Agent Service
A Registered Agent is needed by all states to receive official mail like subpoenas and regulatory notices. MyCorporation will assign one to your LLC for one year. Following the yearly cost to hire a registered agent with MyCorporation is $120.
After you form your LLC, you will also need to stay compliant with state regulations and guidelines. The Premium package will help you do just that so you don’t have to look elsewhere for this service after formation.
It costs $324 + state fees and has everything that the Deluxe has, plus:
MaintainMyBiz is a compliance service that will file documents with the state as required. After one year, MyCorporation will charge you $250 per year for this service.
→ Rush Filing
If you’re in a hurry to form your LLC, you can save up to 85% of the turnaround time for $185 + state fees. Since this is quite expensive, make sure that you really have good reasons to form your LLC quickly and it’s not just impatience.
→ Initial Report
An Initial Report is a document that is required by some states shortly after formation. Depending on the state you chose on their “Select Package” page, it might appear in the “Additional Services” section for $99 + state fees.
→ Employer Identification Number (EIN)
An Employer Identification Number (EIN) is needed to hire employees, open a business bank account, and file taxes. This is essential and you just can’t operate your business without it. MyCorporation states that they charge $79, but right now they offer you the option to use the coupon code “FREEEIN” and get it for free after you form your LLC. Be sure to take advantage of that!
→ Customized Operating Agreement
→ S Corporation Tax Status
If you really hate double taxation, you can rely upon MyCorporation to file the Form 2553 with the IRS and register your LLC as an S Corporation. This way, you will be able to avoid federal taxes (completely legally) for the price of $49.
→ Business License Compliance Package
Each state requires different licenses/permits for your business to operate. MyCorporation will keep you compliant by doing the necessary research and preparing the related forms for $149. If you operate in a highly regulated business sectior, this is an essential service that you will definitely need shortly after formation.
→ DIY Online Logo Maker
For $39.95, you can also design your LLC logo online even if you have no design skills. This shouldn’t score very high on your priority list, but if you want to get it right from the start, it may be a good deal.
→ State Unemployment Insurance (SUI)
If you hire employees, it is required by all states to file for State Unemployment Insurance (SUI). MyCorporation will take care of that and provide you your SUI ID for $200 + state fees. Note that this service will auto-renew each year.
→ State Income Tax (SIT) Withholding
After you hire employees, you will need to file the necessary documents with the state in regards to their State Income Tax (SIT) withholdings. MyCorporation will do this for you for $200 + state fees and renew the service each year.
→ Sales & Use Tax (SUT)
A Sales & Use Tax (SUT) ID may be required for some businesses. If you end up needing it, you can get it from MyCorporation for $200 + state fees.
→ Elite Kit
The Elite Kit is an embossed binder for all of your LLC documents and it costs $100. This is a luxury item but if you have the cash to spare and you think it will help you, go for it.
→ Seal & Embosser
For $40 MyCorporation also provides a corporate seal for you to sign official business documents. Just like the Elite Kit, this is an item not so vital to run your business.
MyCorporation will also register your business name or logo as a trademark for $199. This may not be mandatory to run a business, but if you want to get everything from the same place, it’s a great deal. Protecting your logo or slogan is vital.
MyCorporation is an expert in registering copyrights for you. Mind that you most probably wont need this, unless you have artistic works that need copyright protection. The copyright service costs $99.
MyCorporation: Pros and Cons
🟢 A Great Range of Packages
MyCorporation is one of the few online formation service providers that offer such a vast range of different packages to choose from. No matter how idiosyncratic your needs are, they got you covered.
🟢 Well-Established Company
When you take on such an important task as forming an LLC, you need to avoid mistakes at all costs and go with the best. With more than 20 years of experience, MyCorporation is easily one of the best ones out there.
🟢 Many Positive MyCorporation Reviews
There are simply too many MyCorporation reviews out there praising the company for the quality of its services.
🟢 A lot of Additional Services that Competitors Don’t Offer
The incredibly wide range of services that MyCorporation offers makes them a one-stop shop for many business needs.
🔴 No Free Registered Agent Service
While many competitors like Harbor Compliance and Northwest Registered Agent offer a free registered agent service for the first year, MyCorporation doesn’t.
🔴Expensive when it comes to the Basic package
Compared to competitors, the price MyCorporation charges for their Basic Package is relatively high for what it comes with.
🔴Compliance service is expensive
To keep up with regulations and stay compliant, you will need to pay $250 per year if you choose this service from MyCorporation. We have found cheaper options with competitors like Incfile.
MyCorporation Reviews: What do Clients Have to Say?
If you take a look at the MyCorporation reviews over at Trustpilot, you will be pleased to witness a generally good reception of their services.
We’re talking about over 200 reviews with the majority of them being very positive. Plus, MyCorporation managed to hit a score of 4.2 out of 5 stars.
What sets MyCorporation apart from other online formation services is how supportive they are through the process.
Unfortunately, they can’t be perfect and we found a few disappointed customers. They seemed to have had bad experiences with the representatives who were assigned to them.
The good news is that MyCorporation has addressed all of these complaints and offered solutions for each and every complaint .
MyCorporation vs LegalZoom: A Head-to-Head Comparison
|Starting Price (minus state fees)
|Annual Report Filing
|Yearly Registered Agent Service
If you take a look at the MyCorporation vs LegalZoom comparison table, you’ll notice something interesting…
Though LegalZoom’s starting price is $20 cheaper, counting the need for an EIN reveals MyCorporation as the cheaper formation service.
On top of that, if you need to get a registered agent and a compliance service from the same place, MyCorporation is cheaper as well.
If you are interested there are a few LegalZoom alternatives that are worth checking out before you file your small business LLC. We compare Incfile vs LegalZoom and you’d be surprised at how much money you can save.
After reading this review, we hope you can make an informed decision regarding MyCorporation. Forming an LLC is an important process and we want to help you go through it as smoothly as possible.
Needless to say, MyCorporation provides excellent value to customers. Be it their great range of services and package options or their many positive customer reviews, you can’t really go wrong with them.
If you need any help finding the best state to form your LLC, take a second to scan over our article.