LLC formation services are the modern entrepreneur’s best friend. After all, filing paperwork is annoying (if you don’t mind paperwork, then this guide probably isn’t for you), so an LLC formation service can remove some of that headache for you.
But which formation service should you use? There are dozens of options available to choose from. To put your money to good use, you’ll want to choose the perfect one.
Generally speaking, a good formation service does two things. First, they help you form your business, offering advice along the way. Second, they’ll help you maintain your new company by reminding you of due dates, state requirements, and more. Other important factors to consider are the service’s track record, their cost, and how easy it is to use their service.
In this review, we’ll give you our in-depth opinion of MyCompanyWorks’s LLC formation service.
Rocket Tip: Looking for the best and most affordable LLC formation services? Compare the 3 top incorporation websites to see how they stack up.
Our philosophy: What makes a formation service “good?”
Ultimately, the “best” incorporation service boils down to a matter of opinion. Which one is best for you depends on what you want from a service. But that said, there are certain qualities that make one formation service better than another.
Whenever we evaluate LLC services, here are some questions we like to ask:
- Does this service give me a good value for what I’m paying?
- Does this company have a proven record of supplying high-quality service?
- What is the quality of this company’s customer service?
- How easy is it to use this service?
- How quickly will my business be formed?
A good LLC formation service will receive high marks in these categories. We’ll consider the answers to these questions in our in-depth review below.
What is MyCompanyWorks?
MyCompanyWorks started out as MyNewCompany in 2001 with one goal: to make starting a business as simple as possible. And since then, they’ve grown incredibly. In fact, in 2017, Inc5000 recognized them as one of the 5,000 fastest-growing private companies in America. During that growth, they’ve helped to form more than 60,000 businesses.
And those 60,000 customers have been quite pleased with their MyCompanyWorks experience—they have excellent customer reviews and an A+ rating with the Better Business Bureau. Their reviews are one of their strongest points (more on that in a moment).
How does their service work?
When you hire MyCompanyWorks as your incorporation service, they will file your paperwork on your behalf. But first, you have to do a little legwork. Here’s a quick rundown of what you can expect with MyCompanyWorks:
Choose a package: The very first step you’ll complete with MyCompanyWorks is to build your package. This includes selecting your state, company type, your package, and any add-ons you want to use. MyCompanyWorks makes it really clear what your price is throughout the entire process.
Enter information about your business: You’ll need to include your contact information and information about the company itself. For example, you’ll list your name, your business management, your registered agent, and more. This is the most time-consuming step, but it’s what makes it possible for MyCompanyWorks to form your business for you.
Review and pay: MyCompanyWorks gives you one last chance to confirm your order details before you pay. You’ll need to have a credit card on hand, too.
After that, you’re all set! MyCompanyWorks will form your business for you.
Is it a good option?
MyCompanyWorks is a good option, but they aren’t our first choice, either. For one thing, their price points are a bit high compared to their competitors. And their packages have a lot of “extras” that we don’t think are all that valuable to most entrepreneurs.
But if you’re looking for a proven company with good customer reviews, then MyCompanyWorks is a great option. And their order process is quite simple, too, so it doesn’t take much time at all.
What are customers saying?
MyCompanyWorks has excellent customer reviews. And by excellent, we truly mean excellent: They have a 4.8 out of 5 stars on both their own website and Shopper Approved. That includes nearly 3,000 reviews, and none of those are 1-star or 2-star reviews.
Here are some of the things customers loved about MyCompanyWorks:
- Easy and simple to complete an order
- Quick processing times
- Courteous and knowledgeable customer service representatives
And here are things customers don’t like:
- Order form doesn’t save things reliably, so sometimes you have to repeat steps if session times out
- Order tracking information can be hard to find
All told, MyCompanyWorks gets the stamp of approval from their customers.
LegalZoom vs. MyCompanyWorks: What’s the difference?
On the surface, LegalZoom and MyCompanyWorks seem to accomplish the same purpose: helping you form your LLC. And while that’s true, the difference between them goes much deeper than that. We’ll give you our full analysis in just a moment, but here are a couple key differences:
- LegalZoom has an impressive customer volume of more than 3.6 million customers. Over a million of those customers are businesses, giving them one of the most impressive client lists in the industry.
- MyCompanyWorks has a more competitive entry-level package than LegalZoom, but here’s where they really shine: they charge just $99 a year for their online registered agent service. That’s one of the best prices in the industry.
Both LegalZoom and MyCompanyWorks can help you make your new business a success. But to give you a better idea of which is right for you, let’s jump in to the specifics below.
Who is MyCompanyWorks best for?
MyCompanyWorks is best for entrepreneurs who put a lot of emphasis on customer feedback. As you just saw, MyCompanyWorks really excels with their reviews. So if what other customers say is a “make-or-break” factor for you, then MyCompanyWorks is one of the best options.
But if you want a super value, then there are better options to consider. But ultimately, the decision is yours; to help you make an informed decision, let’s dig in to the details of the review.
MyCompanyWorks: In-depth review
Cost to form an LLC
For a business, money is always a factor. That goes for new and established businesses alike. That’s why you should always factor in cost when considering an LLC formation service. MyCompanyWorks is no exception.
With MyCompanyWorks, you’ll find decent overall value, but their prices aren’t the best in the industry, either. Essentially, their most basic package costs about $30 more than their competitors, but it has more features than those competitors, too.
Another big drawback is that none of their packages include registered agent service. You can buy the service separately for a good price, though: $99 per year. That’s one of the best prices we’ve seen. Most competitors include at least a year free, though.
With that in mind, let’s talk about their packages:
Basic: $79 is the starting point for the packages at MyCompanyWorks. This gets you a name availability check, filing of your Articles of Organization, custom meeting minutes, free ebooks, online access to your formation documents, a StartUp Wizard checklist, and a custom operating agreement. This is a fuller package than most companies offer at the basic level.
Entrepreneur: MyCompanyWorks make a big jump to $199 for their next package. You’ll get all the features include basics, plus an EIN, a business kit (complete with a binder, seal, and certificates), and lifetime access to MyCompanyForms. This is a collection of professionally-curated sample documents that you can use for your future business needs.
Complete: The complete package will run you $279, but adds registered agent service to Entrepreneur. Ordinarily, registered agent service costs $99, but you get it for a bit less with Complete.
Add-ons: Unlike a lot of services, MyCompanyWorks doesn’t offer a lot of add-ons. In fact, only two of them are their products (all the others are third-party offers). For one, you can subscribe to MyCompanyWorks Premium, which helps with ongoing business compliance (annual report filing, monitoring your good standing, etc) for $99 a year. Their business licensing package has the same price tag; they’ll do the legwork for you to determine which licenses and permits you need.
MyCompanyWorks’s order process
Have you ever tried to order something online, only to get lost in a never-ending series of cluttered web pages? The harder it is to order a service, the less likely you are to use it. Streamlined ordering is an important component of any good formation service.
With MyCompanyWorks, the process is very simple. You start out by selecting your package and any add-ons you want, and then you input information about your business. If you have all the information you need about your business (your name, your leaders, and more), the process takes about 10-15 minutes.
Customer Support Friendliness
Since online formation services are entirely virtual, they can sometimes feel a bit impersonal. But good customer support—complete with friendly, prompt customer service representatives—brings a personal touch to your experience.
MyCompanyWorks offers both email and phone support, which is pretty common for this industry. We tested both, and both were prompt and helpful. For instance, for our email inquiry, we received a response in less than twenty-four hours. The response we got was helpful, and they also included several links for further information.
Our experience with their phone support was similar; the representative was courteous. They asked us if we had any further questions, and they even offered to help us start the incorporation process on the phone.
LLC Formation Speed
Technically speaking, you can file your own LLC paperwork yourself. But you’re a busy, budding entrepreneur, so you may not have the time to spare. Hiring a formation service like MyCompanyWorks can save you time—provided they’re fast enough. Poor processing times could leave you wishing you’d formed on your own instead.
MyCompanyWorks guarantees to file your business documents the same day if you order before 3 p.m. ET. Orders after that are processed the next day. This is a touch faster than most competitors.
You can also choose to expedite your filings (if your state allows). MyCompanyWorks gives you detailed estimates for standard and expedited orders, so you can choose what’s right for you.
If you ever change your mind about a product you’ve purchased, you want to be able to return it, right? Unfortunately, with any business formation service, a full refund is impossible. That’s because part of the money goes to the state as their incorporation fee, and states do not refund those fees.
But occasionally, a customer changes their mind about a package they purchased. Perhaps they no longer want to subscribe to the registered agent service, or the company completes the process incorrectly. Each company has their own policy for refunds, and LegalZoom and MyCompanyWorks are no exception. We’ll summarize those policies here.
MyCompanyWorks has a 100% satisfaction guarantee, and their refund window is slightly wider than LegalZoom’s. If you decide that you’re unsatisfied with their service within 90 days of your purchase, you can contact them. They’ll either correct the problem or give you a refund—your choice. That said, they cannot refund any fees paid to the state. There is a convenience fee, too.
Assistance with ongoing compliance
Starting your business takes a lot of time and effort, but so does maintaining it! Each state is a little different; some require annual reports, some require you to renew your license each year, and more. Keeping track of these requirements can be confusing.
That’s why a lot of services help you with ongoing compliance. But just how much help you’ll get depends on what service you choose.
MyCompanyWorks provides registered agent services and an annual report service. The registered agent service is included in their Complete package only. You can also purchase it separately for $99 per year (a very competitive price). Their annual report service carries a price tag of $49.
MyCorporation has a lot going for them: a proven track record, good formation speeds, and an easy-to-use order form. Honestly, the only big drawback is their pricing; it’s not terrible, but it’s not great, either.
Several competitors (like Incfile and ZenBusiness) don’t charge for the first six to twelve months of registered agent service; that said, MyCompanyWorks requires a very reasonable fee for that service. That’s why we give them a final score of 4.1/5.