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Monday, July 14th
BizFilings is a pioneer in the online incorporation space, having been founded in 1996 and later becoming a part of Wolters Kluwer's CT Corporation. With over 500,000 filings under its belt, this business formation service has helped entrepreneurs and business owners of all company sizes.
Take advantage of free tools
On BizFilings' homepage, you can find several useful tools that can assist you before and after you incorporate your company. One of our top recommendations is the Incorporation Wizard, which can help you determine whether forming an LLC or a corporation is the best option for your business. Additionally, you can utilize the License Wizard to check whether your specific business will require any licenses or permits, or compare various business types.
Helpful and direct
It's commendable that BizFilings is transparent with its pricing, and customers won't encounter any surprise fees during checkout. What's more, the incorporation service offers lifetime protection against any filing defects. This means that if there's a mistake on BizFilings' part, the company will take care of any necessary fees or costs to rectify the error quickly. To ensure compliance and keep track of important filing deadlines, customers can use the web-based platform, BizComply, and gain access to a library of resources on company incorporation for further guidance.
Incorporation costs more here
BizFilings' incorporation services are notably more expensive than its competitors. For instance, the Basic package costs $99, while many competitors offer the same service for less than $50, such as business name verification, preparation, and filing of all documents. The Standard package, priced at $229, offers a customizable library of incorporation forms, such as sample bylaws, a Compliance Kit & Seal, and expedited processing. The BizFilings Complete package, which includes EIN obtainment, a compliance DVD, expedited processing, and overnight shipping, costs $359. Other services can be chosen as a la carte options, such as Payroll Tax Registration or rush filing in your state. Keep in mind that BizFilings' fees may vary by state, with slight differences bringing the Basic package up to $174 and the Complete package up to $434. You'll also pay a little more at the Complete level if you're going for an S-Corp instead of a C-Corp or non-profit.
Registered agent services are free - but only for three months
Although BizFilings claims to have "no hidden fees,” some customers have complained about an included service that they found sneaky. The service in question is the three months of free Registered Agent Service that comes with every business formation package. While the free service may sound like a good deal, customers are unable to opt out of it even if they would rather use a different registered agent. After the three months are up, the annual fee for this service is $220. Although this information is not exactly hidden, it is not immediately visible either, and customers must click on the plus sign to expand the details of this component of their incorporation package. No wonder so many clients miss it.
More feedback from clients would be helpful
When it comes to reputation, BizFilings leaves us somewhat puzzled. With over 500,000 filings, we anticipated that there would be a plethora of customer reviews. However, we struggled to locate more than a few. Even on the Better Business Bureau listing, where the firm has an "A+" rating and accreditation, there were no reviews and just two complaints filed in the last three years. Trustpilot, Google, and other sites where we usually find customer feedback for incorporation services were all devoid of reviews.
Room for improvement
While BizFilings is a reputable incorporation service, it falls short when compared to its competitors due to its higher fees and mandatory registered agent services. The lack of substantial client feedback on various review platforms is also a reason for our "just average” rating. Though this isn't exactly a bad choice for company incorporation, there are better options available. If BizFilings can address these issues, it has the potential to climb up in our rankings.
Incorporation is the process of legally creating a corporate entity, which can be a separate legal entity from its owners, with its own rights and responsibilities. As a business owner, incorporation can offer you a range of benefits, including limited liability protection, tax advantages, and increased credibility. However, there are also various considerations and requirements that you need to be aware of when incorporating your business.
The first step for business owners is to decide what type of corporation to form. In general, there are two main types of corporations: C corporations and S corporations. C corporations are subject to corporate income tax, while S corporations are not taxed at the corporate level, but rather have their income and losses passed through to their shareholders to report on their personal income tax returns.
Once the type of corporation has been decided, you'll need to follow the legal requirements for incorporation, which vary depending on the state in which your corporation is formed. Some of the common requirements include filing articles of incorporation, appointing a board of directors, holding annual meetings, and maintaining corporate records.
So, once you've determined that you want to incorporate, what's next? You could jump in and try to wade through all of the requirements and paperwork on your own - or you could take advantage of a service that can do all of the heavy lifting for you, often at no cost beyond what you'll pay to file your paperwork in your state. Hmmm, do it yourself for free or have someone else do it for free? Easy choice.
When it comes to choosing a service for incorporating your company, it's crucial to get it right on the first try. The process can be complex, so it's important to keep some key factors in mind when deciding how to proceed with your business. Here are some of the criteria to consider when taking the next step:
At Top Consumer Reviews, we understand that company incorporation can be a crucial step in safeguarding your personal assets and limiting your liability as a business owner. To assist you in this process, we have assessed and ranked the most widely used incorporation services. With the help of our comprehensive reviews, we are confident that you will find the right provider to guide you through this important step.
Select any 2 Company Incorporation Services to compare them head to head