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Tuesday, March 19th
MyCorporation has been assisting small businesses in launching their operations for more than 20 years. The California-based LLC formation service concentrates on catering to the requirements of brand-new and expanding companies, as evident from its tagline, "Entrepreneurs welcome."
4 packages to consider
MyCorporation has four options for LLC formation, and like most things today, prices have increased over the last few years. Here's what to expect from fees currently:
Services can come with recurring fees
You can also add optional services at checkout, like rush filing ($100), EIN ($79), a customized Operating Agreement ($59), and so on. We didn't love that several features come with annual fees that auto-renew, but nowhere on the pricing page or during checkout does MyCorporation spell out what that will cost. We tried to use the company's live chat feature during regular business hours, to ask what those recurring fees would be, but we were told that it was closed. And it was only in the FAQs for Payment and Billing that we spotted the requirement that clients cancel in writing at least 30 days before the next renewal term.
Client feedback is mostly positive
It was interesting to see how MyCorporation's feedback - even the self-proclaimed stars and ratings on their own site - varied depending on where we looked. On the LLC formation package pricing page, it was 5/5 stars out of 61 reviews, but on the home page it linked to a 4.9 out of 5 average spanning 150 reviews (though clicking there took us to only 135 ratings). Still, looking at third-party site Trustpilot, MyCorporation still fared well with a 4-star average out of five across 245 client ratings. We specifically looked at comments left regarding LLCs, and most of them were from customers who were very satisfied with the service they received. That lines up with the BBB's "A+" rating for MyCorporation as well.
Still recommended
Overall, MyCorporation is a "good enough" option for LLC formation. We caution you to be aware of those auto-renew features, especially if you're choosing a package that includes them, and make sure you keep track of not just how much you'll pay at renewal but also that 30-day-before-renewal deadline if you decide to cancel. This service gets consistent praise from the majority of its clients, and that's enough to keep MyCorporation as a recommended LLC creation company in the middle of our rankings.
LLC formation is a common way for small business owners to limit their personal liability while operating their company. A Limited Liability Company (LLC) is a hybrid business entity that combines the pass-through taxation of a partnership or sole proprietorship with the liability protection of a corporation. LLCs are a popular structure for many small businesses because they offer many of the benefits of a corporation without the same level of complexity and formality.
Forming an LLC typically involves filing articles of organization with the state in which the business will operate. Your specific process and requirements for forming an LLC may vary depending on the state where you're doing business, but it generally requires selecting a unique business name, designating a registered agent, and paying a fee. Some states may have additional requirements such as issuing an operating agreement or publishing a notice of formation in a local newspaper.
There are many services that can help with LLC formation for small businesses. Many of these services offer a range of options for businesses at various price points, from basic do-it-yourself kits to more comprehensive packages that may include assistance with obtaining tax identification numbers, preparing and filing annual reports, and ongoing compliance support.
Which of these services should you choose? You want to get it right the first time, and forming an LLC can be complicated. Here are some of the most important criteria you should keep in mind as you choose how to take that next step for your business:
Because forming an LLC can be an important step to protect your personal assets and limit your liability as a business owner, Top Consumer Reviews has evaluated and ranked today's most popular services. We're confident that our comprehensive reviews will help you choose the right provider to help you navigate the process.
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