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 MyCorporation’s LLC formation service.
Rocket Tip: Looking for the best and most affordable LLC formation services? Compare the 3 top LLC services to see how they stack up.
Our philosophy: What makes a formation service “good?”
Ultimately, the “best” formation 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 an LLC formation service, 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 MyCorporation?
MyCorporation is an online business formation service based out of California. With a slogan of “Entrepreneurs Welcome,” they’ve helped form more than 1 million businesses since their founding in 1998.
One of the most unique features of MyCorporation is their approachability; you can reach their CEO easily. She’s put her Twitter handle and an invitation to contact her through Google+ right on their website.
How does MyCorporation work?
MyCorporation does most of the work for you to help you get your business started. But first, you have a couple steps you need to complete. Here’s a rundown of what you can expect with MyCorporation:
- Select your state and the type of business you want to form.
- Choose your package and add-ons.
- Provide information about yourself and your business. This includes who will manage your business, members of your business, your registered agent, your business address, and more.
- Select or decline MyCorporation’s favorite services for entrepreneurs.
- Provide payment information to complete your order.
Once MyCorporation has all of the information they need, they will file your formation paperwork with the state on your behalf.
Is MyCorporation a good option?
We have mixed feelings about MyCorporation. On one hand, MyCorporation has a proven track record of good service, and their customer reviews are excellent. So, they serve their customers well.
But on the other hand, if you’re looking for an affordable option, there are other options elsewhere. MyCorporation puts higher price tags on their packages, especially compared to their competitors.
What are their customers saying?
MyCorporation’s best quality is their customer service, and that’s clear in most of their reviews. Of course, they do have some negative reviews, too (that’s expected for a business that’s existed for more than 20 years).
To give you a feel for their online ratings, here’s what customers liked about MyCorporation:
- Customer service representatives walk clients through the entire formation process
- Any filing errors are corrected promptly
- Website and representatives offer plenty of information to help make an informed purchase
And now for some of the negatives:
- Shipped paperwork went missing or was delayed
- Tough to unsubscribe from services
LegalZoom vs. MyCorporation: What’s the difference?
On the surface, LegalZoom and MyCorporation 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 few 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.
- LegalZoom and MyCorporation are roughly the same age. And while LegalZoom has a much bigger client base, MyCorporation has better customer reviews across the board.
Who is MyCorporation best for?
We’ll be honest: MyCorporation isn’t the best choice for straightforward LLC formation services. That said, they do have one of the longest track records in the industry. So if you want to work with a very established brand, MyCorporation is a good option.
MyCorporation is also good for entrepreneurs who don’t want to deal with their own annual reports. That’s because MyCorporation includes their managed annual report service at no extra charge (excluding their most basic package). Not many other services do this, and it can be helpful for maintaining your new business.
One other advantage to MyCorporation is the fact that they also offer assistance for trademarks and copyrights. If you work with creative ideas and want to protect those ideas, then MyCorporation can be your one-stop shop for forming your business and protecting your ideas.
Our 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. MyCorporation is no exception.
MyCorporation’s price points aren’t bad, but they aren’t great, either. That’s partly because they add a shipping charge of $34 to all their packages, which brings their “okay” price of $99 for Basic up to $133 total.
On the positive side, however, they offer registered agent services at a competitive price of $120 a year. They also offer four different package options. Let’s break those down now (we’ve included the shipping charge in these prices):
Basic: For $133, MyCorporation will run a name availability check of your desired business name, and they’ll also file your Articles of Organization for you. This package has no additional bells and whistles, but it gets your business going.
Standard: MyCorporation’s next package costs $158, which gets you everything in the Basic package, plus a year’s subscription of their annual report service (normally $99 per year). Not many companies offer an annual report service in these packages, so it’s a nice addition.
Deluxe: The Deluxe package builds on the foundation of the Standard option by giving you a year of their registered agent service, for a total cost of $258. After your first year, the registered agent fee is $120 per year.
Premium: MyCorporation’s packages cap out at a cost of $358 with their Premium package, which includes everything above and a year of their MaintainMyBiz service. With MaintainMyBiz, you get your choice of four documents or features: a corporate seal, S Corporation election, an amendment, an operating agreement, membership certificates, and a few other filings.
Add-ons: MyCorporation offers a lot of à-la-carte options, too, so you can customize your package. This includes rush filing, getting your state unemployment insurance ID, business license compliance assistance, and more.
MyCorporation’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.
Overall, MyCorporation makes it easy to complete your purchase. You start out by selecting your state, the business type you want to form, and choosing your package. Once you’ve done that, you can add on a few extras if you wish. That’s when you start entering your business information. After that, MyCorporation does offer a few up-sells before you complete your purchase.
Those offers are usually based on the package choices you made earlier. But whenever you add on a feature, MyCorporation updates your total price. That way, you’re never surprised by the total cost when you arrive at the payment page.
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.
Like we mentioned earlier, customers generally love the support experience they receive with MyCorporation. We tested them ourselves, and we found them to be professional and pretty quick.
MyCorporation offers support by email and phone. They also post a message icon that stays visible as you scroll through their site, and it essentially lets you email support at any time. When we emailed MyCorporation with a question, we received a response by mid-afternoon the following day. The response was adequate (but not elaborate, either).
We got a more detailed response on the phone. And thankfully, it didn’t take us too long to get to that answer, either. We navigated to a customer service representative easily, and we weren’t on hold for long.
As an added plus, you can contact their CEO directly through Twitter or Google+. Both of her handles are available on their “About Us” page. So if you don’t like the service you’re getting, it’s pretty cool that you can take it right to the top.
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 MyCorporation can save you time—provided they’re fast enough. Poor processing times could leave you wishing you’d formed on your own instead.
We’re not entirely sure what their turnaround times are. Of course, how fast your documents get processed varies from one state to the next—a few days to a few weeks, usually. But MyCorporation doesn’t give you these specifics. Most competitors at least give you a time range.
The only “specific” detail you get is when MyCorporation offers you an option to rush your order. This is a pretty vague specific, too; they tell you that rush orders get processed “up to 85%” faster. The fee to rush your order is $100, plus whatever your state charges to expedite. For that price, we’d at least like to know what to expect.
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 MyCorporation are no exception. We’ll summarize those policies here.
MyCorporation has a nearly identical refund policy: you can request one within 60 days of your purchase. They also charge a $25 convenience fee. The only difference is that the fee only applies to physical products. If you cancel an electronic service, there is no fee.
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.
MyCorporation offers the same registered agent services and annual report services to help keep your business compliant. Their prices are pretty similar, too: $99 for annual report service and $120 for registered agent service.
MyCorporation’s final score
There are things to like and dislike about MyCorporation, so we placed them in the middle of our list of services we’ve reviewed. On one hand, they do a great job serving their customers, and they have a good track record. Their platform is easy to use, too.
But that good service is overshadowed by their much higher prices and unclear filing times. That’s why we give them a final score of 3.7/5.