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Incfile vs My Corporation

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INCFILE

Since 2004, Incfile has completed more than 150,000 company formations. They have an excellent reputation, both as an "A+" rated business with the BBB and a nearly perfect five-star average over more than 3,000 independently-verified customer reviews. Their company incorporation services are the most affordable on the market, while still including an amazing number of perks even at the lowest price point.

Consider all that you get through this provider. First, all of Incfile's incorporation services include the following, called the Silver Package (available for $49):

  • Lifetime customer support via phone and/or email
  • First year of registered agent service (then $99/year thereafter)
  • Online access to all incorporation documents
  • Unlimited name availability searches
  • Preparation/filing of Articles of Incorporation
  • IRS Form 2553 preparation
  • Statement and Resignation of the Incorporator
  • Activation of Google AdWords
  • Next business day processing
  • Lifetime company alerts

If you upgrade to their Gold Package, priced at $149, you'll also get:

  • Employer Identification Number (EIN)
  • Corporation Bylaws
  • Corporation Organizational Meeting Minutes
  • Banking Resolution
  • Customized corporate kit: 20 personalized stock certificates, stock transfer ledger, embossing seal, professional binder in a matching slip case
  • Free express shipping with tracking number

Finally, at the $299 Platinum Package, you receive all of the benefits of the Silver and Gold tiers, with these add-ons:

  • Business contract templates
  • Business website and domain name
  • Expedited, one business day state filing time

We love how clearly Incfile shows you what you'll pay: no hidden costs and no surprises. This applies to their own fees as well as what you'll pay to your state of incorporation. Some sites keep that information in small print, but Incfile wants to make sure you know exactly what your company incorporation will cost.

Incfile also makes it crystal clear what to expect for your state's ongoing compliance requirements, listed directly below the three package descriptions. You'll see at a glance how often you need to submit a report (annually, in most cases), your anticipated due date, your filing fees, and any other important information.

If you have any questions during or after your company incorporation, you'll have an easy time getting the help you need. Because incorporation is the only service Incfile offers, and most of their staff has worked there since the company's start in 2003, their representatives are extremely knowledgeable about every step of the process. You can reach them from 9A-7P CST at their toll-free number, Monday through Friday, as well as via email. Customers have reported that their responses have been very helpful and specific to the situation (as opposed to the form/template-type emails often sent out by other companies). Incfile does say that the very fastest way to get a prompt response to any question is through the messaging tool at the bottom right of each page on their website.

When it's time to incorporate your company, Incfile should be your first choice. Their fees are extremely affordable, while still providing full-featured service. And, with thousands of satisfied customers, Incfile has proven that they deliver what they promise. They earn our highest rateing for the best company incorporation service.

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MY CORPORATION

MyCorporation loves to help small businesses get started; what else would you expect from a service whose tagline is "Entrepreneurs welcome"? Based in California, this company incorporation service has been around for more than 20 years.

Although they are not accredited by the BBB, MyCorporation did have an A+ rating there at the time of our review. In the customer comments we found on other third-party sites, most clients report receiving excellent customer service, both during the initial order placement steps as well as throughout the process of incorporation and needed support afterwards. We didn't find nearly as many customer reviews as we would expect from a company that has helped "over one million businesses form and grow" since 1995.

One of the first things that we liked about working with MyCorporation was the free consultation. If you need help identifying your goals and want some guidance with the appropriate next steps to move your business forward, you'll definitely want to take advantage of this complimentary service; click on the "Free Startup Consultation" button and enter your information, and you'll be connected with a representative.

On the other hand, if you'd rather take a DIY approach before connecting with MyCorporation, scroll down and take a look at the Free Entity Wizard or Comparison Chart. These will help you figure out what type of corporation best fits your business needs.

MyCorporation's packages start at $89 with the Basic level of service. For this low fee, you'll get your Articles of Incorporation, Business Documents, and Business Name Check. All packages also include free online accounting, free domain name, and a custom business logo.

The Standard package costs $99 and adds your Annual Report.

At a price of $199, the Deluxe plan also includes a year of Registered Agent Service.

Finally, the highest service level is MyCorporation's Premium package. This includes their MaintainMyBiz service, which includes any four business filings per year and is considered a corporate maintenance package, not just what's required to get your company incorporated.

Beyond those features listed, everything else that MyCorporation offers can be added a la carte. Some of these additional services include Rush Filing, Customized Corporate Minutes and Bylaws, and MyCorp Vault Document Storage. Although we like the idea that business owners only have to pay for the services they really need - does anyone actually use a seal and embosser set? - it seemed that MyCorporation charges extra for services that many of their competitors include with their packages, particularly on the higher end of the price spectrum.

But, overall, MyCorporation offers a good spectrum of services and has a very positive reputation, and we feel confident recommending them particularly to small business owners who like knowing that they'll only pay for the company incorporation services they genuinely need.

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Best Company Incorporation

To help you find the Best Company Incorporation, TopConsumerReviews.com provides you with an in-depth comparison of Incfile and My Corporation.

Who has the best Company Incorporation Service? Are you a small business owner looking to protect yourself by separating your business from your personal assets? Or maybe you're a freelancer who wants to grow from a sole proprietorship to an agency, and you'd like to have the legal and brand benefits that come from adding "Inc." to your business' name?

Company Incorporation is a common strategy used in these situations - and many others - as business owners seek to take the next steps in growing their brand and protecting their assets. Setting up your business as a corporation can provide many benefits through creating a legal entity that is separate from its members: in other words, you can't be held legally responsible as an individual for the debts of your business.

There are several different types of corporate entities that business owners use for these purposes - Limited Liability Companies (LLCs), S-Corporations, C-Corporations, Non-Profit Corporations, and so on. The best way to choose the right corporation type for your business and also get it put into place in the most affordable way possible is to work with a Company Incorporation service. These providers offer the same guidance, document preparation assistance, and filing help as you would receive by meeting with a local attorney, but for fees that can often be thousands of dollars less.

As you consider the various Company Incorporation services currently available, you will want to keep several criteria in mind:

  • Services. What is included in the fees you'll pay? Most providers have several levels of incorporation packages, from basic to full-featured. Can you get all of the add-ons you might need, like filing your Articles of Incorporation with your state?
  • Cost. What will you pay for your company incorporation process? Is it a flat-fee, or are there a lot of extra charges? Bear in mind that every state has filing fees that are independent of the incorporation service.
  • Reputation. How many companies has the service incorporated? What do those clients have to say about the ease or difficulty of working with the provider to get everything prepared and filed? Does the incorporation service have a history of satisfied customers?

TopConsumerReviews.com has reviewed and ranked the best Company Incorporation services currently available. We hope this information helps you incorporate your business right away!



Why Should You Incorporate Your Business?

Perhaps you've been in business for a while and feel you want to formalize your status, legally and otherwise. Perhaps your business has been local to date, but you are looking toward operating in more than one state. Maybe you are competing with larger companies in the same niche and feel a change in legal status will bump up your credibility. Or maybe you just like the sound of the syllable "Inc." after your business name.

There are myriad answers to the question, "Why should you incorporate your business." Following are just a few:

Protect Your Assets
If you've owned a sole proprietorship, you know all too well that not only does the buck stop with you relative to operations, you're also on the hot seat when it comes to financial and legal complications that may arise. If a sole proprietorship stumbles under the weight of excessive debt or is taken to court, it's the proprietor's personal as well as business assets that are at risk. A corporation is a legal entity all its own. If your company faces legal issues or cannot meets its obligations, your personal assets do not come into play.

Gain Tax Advantages
When you incorporate your business, the IRS allows you to get a tax ID number for your business, establishing its status as a separate entity relative to tax liability. In fact, a corporation files its own tax return -- paying taxes on its profits -- at a complete remove from your individual return.

Separate tax identity alone can be enough justification for some to incorporate their businesses. Keep in mind, though, that when you incorporate, you and any other owners also become shareholders. If your company distributes dividends, you must pay taxes on that dividend income when you file your personal return.

Formalize Status
When you incorporate, you must make your business known to state, and sometimes local, authorities. Regulation specifics vary by state, but nearly universally, you must file articles of incorporation with your state's Secretary of State's office. In addition, you will have to create and record by-laws. Moreover, you'll have to set up a calendar of regular shareholder meetings; the minutes from those meetings must be recorded and kept on file at your company. The shareholders are required to elect a board of directors who must also meet regularly to make important decisions about the firm. Not surprisingly, establishing a corporate structure typically requires engaging the services of a lawyer or law firm.

Make a Name (or Two) for Yourself: State and Local Recognition
One key step toward incorporation is filing a business name with state and/or local authorities. If you want to do business under more than one name, you'll also need to file one or more fictitious business name statements. For example, if your company is called Snow Corporation, and you want to sell skis under the name "Speed Plus Company," you have to submit the appropriate paperwork to the relevant authorities.

Raising Capital
Finally, incorporating your business makes it possible to raise capital by selling shares to stockholders. Relying solely on bank or personal loans or company profits for financing will be a thing of the past.

The decision to incorporate should be a deliberate one. The administrative costs alone should be enough to deter you from entering into this new status lightly. Should you decide to take the plunge, incorporating could be a crucial step in your company's journey.

 



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