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MyCorporation Review For 2020: Pricing, Advantages & Complaints

MyCorporation Review

MyCorporation is a popular business formation service in the United States. There are 582 million entrepreneurs in the world and in 2016, there were 25 million Americans either started or already have their own business. These stats demonstrate the need for business formation services.

MyCorporation help you simplify the start-up process, ensuring you stay compliant with the IRS. By bundling the services you need together in their business formation packages, they can actually save you money too.

Lots of similar companies have been formed, such as LegalZoom, IncFile, ZenBusiness, so you now have a decision to make. 

By the end of this MyCorporation review, you'll find out if it's the most suitable business formation service for you, or if using an alternative like LegalZoom or IncFile might be a better option for your specific needs.

Review of: MyCorporation

Purpose: Business Formation Service

Value for Money

3/5

Cheaper than hiring an attorney. Alternative companies are cheaper & offer more features. If you’re looking for a comprehensive solution that goes beyond formation their prices for additional services are fair.

Support

5/5

Their excellent customer support is offered by phone, live chat or email. It’s all done in-house, so you speak to a trained professional with specific knowledge each time you contact them.

Ease of Use

4.5/5

Very straightforward process. Website is easy to use. Just answer questions & they will prepare the forms. FAQs in questionnaires. Clear forms & a logical layout of the website makes it intuitive.

Effectiveness

4/5

A trademark application or trademark search takes about 2–5 business days (US Patent & Trademark Office policies will then take 9-16 months to do their part). You can pay an extra $100 to expedite.

We Like

  • Been in business for 20 years and have helped over a million businesses
  • Includes annual report service for your first year
  • Several packages to choose from with a fast application process
  • Their customer reviews are glowing on most sites
  • Offer additional services such as income tax assistance or unemployment insurance

We Don't Like

  • The $99 Basic package doesn’t have many features
  • Their Basic & Standard packages don’t include registered agent service. While some of their competitors include a year
  • LLC formation fees are more expensive compared to other companies. An EIN application costs an additional $79.00

What Is MyCorporation?

MyCorporation is a popular provider of LLC formation service. They have served a million businesses over the last twenty years. 

Even though they're not the cheapest option, their service and support means that they have many happy customers and countless glowing reviews.

MyCorporation offers document filing services for clients who intend to form business corporations or limited liability companies (LLCs). Its features include business name search, business formation, federal tax ID, copyright and trademarks, etc.

Is MyCorporation Right For Me?

MyCorporation provides legal services online and focuses on initial business formation and business taxes and compliance for existing businesses.

If you're in the start up phase or growth phase of your business and are looking for a robust, trusted solution, then MyCorporation could help you.

MyCorporation Review: Features

Here are some of MyCorporation’s features:

  • Unlimited customer support
  • Business Name Search
  • Name search availability
  • Corporation Formation
  • LLC Formation
  • Federal Tax ID (EIN)
  • ManageMyBiz (Business Maintenance Filing Services)
  • Preparation filing of Articles of Incorporation
  • Copyright Filings
  • Trademark Filings
  • Annual Report service
  • Registered Agent service
  • Operating Agreement

MyCorporation Features: The Breakdown

 

Free Payroll Consultation

MyCorporation offers potential customers a free payroll consultation, through a partnership with Paychex®.

Additional Services

In addition to trademark services, they also offer business formation services, like forming an LLC or corporation, plus copyright services.

Customer Support

Their great customer support can be accessed by phone, live chat or email.

Learning Center

They offer lots of online information and resources in their Learning Center. 

BBB Rating

Although MyCorporation isn't accredited with the Better Business Bureau (BBB), they have an A+ BBB rating.

Registration Service

MyCorporation offers LLC, C Corp, S Corp, Benefit Corporation, Non-Profit Corporation and Professional Corporation options, among others. They also offer trademark searches, registered agent services, copyright registration, Federal tax ID.

Business Name Search

They will search the relevant state database to ensure the name is available in your state of formation.

ManageMyBiz (Business Maintenance Filing services)

Over the year, you’ll can order up to four more business products/document filing services at no extra charge. These include:

  • Annual Report
  • Amendment
  • Apostille
  • Certified Copies
  • Certificate of Good Standing
  • Corporate Minutes and Bylaws
  • Corporate Seal
  • Dissolution
  • Fictitious Business Name (DBA)
  • Foreign Qualification
  • Initial Report
  • LLC Operating Agreement
  • Membership Certificates
  • Reinstatement
  • S-Corp Election
  • Stock Certificates

Articles of Incorporation

MyCorporation will draft these documents to officially form your LLC with the government. They will then file them with your state of formation to create your company.

Annual Report Service

Standard LLC package customers get an annual report free for a year. They’ll prepare and file your annual report. They also include a handy corporate reminder tool.

One Year Registered Agent Service

Every American LLC needs to designate a registered agent. This being an entity/individual who accepts important document deliveries on behalf of your LLC, then forwards them to you. After the year of service included in this package, MyCorporation charges $120 per year if you wish to continue with the service.

MyCorporation Vs Competitors

MyCorporation vs ZenBusiness 

ZenBusiness offer very reasonable rates.  They charge $39 for LLC formation, including a full year of registered agent service. They also have hundreds of positive customer reviews, and a reputation for consistent, reliable service, as do MyCorporation.

They are both great companies to use for LLC formation services. Overall, ZenBusiness might be a better option due to the pricing advantages. ZenBusiness offers an LLC formation package at $39, where  MyCorporation’s is $133 entry-level price point after (shipping/handling). Quite a substantial difference.

Also, ZenBusiness’ package includes registered agent service with all of their LLC service packages. This would only be included with the  $258 Deluxe or $358 Premium packages with MyCorporation.

In summary;

Choose MyCorporation if:

If experience important to you. Would you rather use a company that bases your formation speeds on state capabilities, instead of which packages you choose? If your answer is yes, then MyCorporation is a great choice.

Choose ZenBusiness if:

You need to bag the lowest possible price for LLC formation service and you need excellent features. If so, ZenBusiness is the best option for you.

They are both are great LLC services, but in most cases ZenBusiness comes out on top. Based on value and prices. 

MyCorporation vs IncFile 

IncFile is the only major LLC service that will form an LLC for free. Plus, you’ll get a year of free registered agent service and a lot of other solid features. They also have great customer feedback, as do MyCorporation.

Both MyCorporation and IncFile will help you start up a compliant LLC formation at a reasonable price. They both have specific features that might be more suitable to one business over another. 

Choose MyCorporation if:

You value established businesses, with millions of customers served? Also if you want managed annual report service for your LLC, MyCorporation would be a good fit.

Choose IncFile if:

You want a great service at a lower price. Also if you want to save money and receive a full year of registered agent service then IncFile would be a good choice.

MyCorporation vs LegalZoom

LegalZoom and MyCorporation are both decent options for LLC services. 

Choose MyCorporation if:

You feel more comfortable after you’ve read plenty of online reviews on what you’re buying. Also if you want an annual report service with your LLC formation, then MyCorporation would be a better choice than  LegalZoom.

Choose LegalZoom if:

If you want a cheaper option, but one offered by an established company who has served thousands of customers then LegalZoom would be a good fit.

MyCorporation Pricing

MyCorporation offer four LLC formation packages: Basic, Standard, Deluxe and Premium. 

  • Basic = $99 + State Fee

Basic option with formation filing essentials (name availability search, prep & filing formation articles etc). Includes “limited” customer support.

  • Standard = $124 + State Fee

In addition to the features in the Basic tier, you get an annual report service for your first year. Unlimited support and 3 customizable documents (operating agreement, transfer ledger, membership certificates).

  • Deluxe = $224 + State Fee

All the features of the Standard plus registered agent service.

  • Premium = $334 + State Fee

All features from the Deluxe package, plus MaintainMyBiz services. Which allows you to use 4 additional filings over next 12 months, including LLC operating agreements and foreign qualifications.

You can also add any of these 9 extra features:

  • Business license compliance package ($99)
  • Custom operating agreement ($29)
  • Federal tax ID number or EIN ($69)
  • LLC membership kit and seal ($100)
  • LLC seal only ($40)
  • Online document storage ($24)
  • State income tax withholding ($99)
  • State unemployment insurance ($99)
  • Tax deadline notices ($79)

Trademark Application services start at $199 (+ USPTO Filing Fees of $275 per class/application). 

$100 to speed up processing times to around 48 hours with Express processing.

A comprehensive search of the plain text of the proposed trademark is $249. 

A comprehensive search related to the design elements (i.e. your logo) is $299. 

You will get a $49 discount if you buy both of these searches ($499 total).

Frequently Asked Questions About MyCorporation

Does MyCorporation have good customer support?

MyCorporation offers excellent customer support. Which is offered in-house, meaning you'll speak with a trained member of staff each time you contact them.  

Do they have a refund policy?

They offer a refund within 60 days of purchase. There is a $25 processing fee if you purchased any physical products, or if you need them to make any alterations to documents they've prepared for you.

Should I reserve my LLC name before forming an LLC with MyCorporation?

Each state (except Florida) has a way to reserve a business name before forming your entity itself. This is only necessary if you aren't yet ready to enter the formation process.

If you're ready to get going and start your business, you don’t need to reserve your name before forming your LLC with MyCorporation. 

How quickly does MyCorporation process LLC formations?

Processing times vary depending on your state of formation, but in general they're quite fast.

You can upgrade to expedited service which can reduce the processing time from weeks to a few days in some states.

Are there any hidden fees?

No their pricing models are stated clearly. 

Can I form an LLC on my own?

You can and  some entrepreneurs do form their own LLCs, but it will mean a lot of paperwork and research. 

You could also hire an attorney to form their LLC, which can be very expensive.

MyCorporation Customer Reviews

“MyCorporation's customer service is quick, easy, and painless. They help in understanding the process of incorporating business every step of the way.” Dhanashree, Product Manager 

Is MyCorporation Worth It?

MyCorporation is a great company with lots of positives. Just like any product or service, it won’t be the best fit for everyone. So who would MyCorporation be the right choice for? 

If you want to include an annual report service, value great customer support, feel confident with lots of positive customer reviews and don’t mind paying slightly higher fees, MyCorporation is a good choice.

MyCorporation might not be the best option for you if you're focused on finding the cheapest option. Some of their competitors include registered agent services for free, for example. 

MyCorporation are a solid option and you certainly wouldn’t regret your choice to use them.

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