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Monday, July 14th
For over two decades, MyCorporation has been helping small businesses get off the ground. This California-based incorporation service focuses on meeting the needs of new and growing companies, as reflected in its tagline: "Entrepreneurs welcome."
A little more expensive now
MyCorporation offers four incorporation packages with prices that have increased over the past few years. Here is an overview of their fees at the time of this review:
Pay attention to services with auto-renewing fees
Optional services like rush filing ($100), EIN ($79), and customized corporate minutes and bylaws ($59) can be added at checkout. However, MyCorporation's use of annual fees that auto-renew can be a bit tricky as the company does not clearly disclose the costs of these fees on its pricing page or during checkout. Despite trying to inquire about the recurring fees through live chat during regular business hours, we were not able to get a response. It was only in the Payment and Billing FAQs that we discovered the requirement to cancel in writing at least 30 days prior to the next renewal term.
Clients are typically satisfied
The ratings and reviews for MyCorporation varied depending on the source we consulted. On their incorporation package pricing page, it received a perfect 5/5 rating based on 61 reviews, while on their homepage, it linked to an average rating of 4.9 out of 5 based on 150 reviews (though it only showed 135 ratings when clicked on). Third-party site Trustpilot also gave MyCorporation a solid 4-star average rating out of five across 245 client ratings, and most of the feedback regarding incorporation was positive. The BBB also gave MyCorporation an "A+” rating.
Good enough for most incorporation needs
In general, MyCorporation is a satisfactory choice for incorporating your company. However, we advise you to be cautious of the auto-renewal functions, particularly if you choose a plan that includes them, and to keep track not only of the renewal fees but also of the 30-day cancellation deadline if you opt to terminate the service. While the majority of its customers consistently praise the service, MyCorporation is still placed in the middle of our rankings as a recommended incorporation company.
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.
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