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My Company Works vs Legal Zoom

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MY COMPANY WORKS

Formerly known as MyNewCompany, Nevada-based MyCompanyWorks has helped over 50,000 companies with incorporation since their start in 2001. Although they don't work with the same volume of clients as some of the bigger names in the industry, this provider has established itself as a trustworthy, skilled service for those who need help in creating their businesses.

In fact, MyCompanyWorks is so confident that they can meet your needs, they offer a 100% satisfaction guarantee. If you are unsatisfied with their business filing services within the first 90 days, they will either work to fix the problem or give you a full refund: the choice is yours. Chances are good, however, that you won't need to take them up on it. MyCompanyWorks has thousands of positive reviews, including hundreds of glowing compliments from very satisfied clients.

One unique resource offered by this provider is the Startup Wizard. Once you've formed your corporation, this step-by-step online tool will cover all of the procedures you need to follow to properly organize your business (such as getting a business license or resale permit). You'll get a weekly automatic email reminder of your remaining steps, or you can download them as a PDF. And, the Wizard tracks your progress as you complete your assignments, ensuring that you don't make any costly problems as you set up your new company. Very few company incorporation services go to those lengths to help you keep your legal obligations unless you pay for hands-on help, so this is a nice perk.

While they don't have a similar tool to walk you through the initial stages of incorporation - like which type of business entity should you choose - they do have many helpful articles that will explain your options and help you decide. You'll find these resources and more at the bottom of the page, under the headings of Start a Company and Manage a Company.

MyCompanyWorks offers three packages for company incorporation:

  • Basic: starting at $79, this package includes unlimited name availability searches, preparation and filing of Articles of Incorporation, personalized organizational minutes and corporate bylaws, same-day business processing, unlimited phone/email support, free company alerts, access to scanned documents online, and lifetime access to your online account. You can add a la carte services like obtaining a federal tax ID, registered agent service ($99/year), or rush filing service.
  • Entrepreneur: priced at $199, this tier of service includes the features of Basic, along with obtaining a federal tax ID, a corporate kit/seal/stock certificates, and lifetime business forms/tax guide. You'll have to decide if those extra features are worth the additional $120.
  • Complete: a fee of $279 gets you all of the included benefits of the Basic and Entrepreneur packages, while adding a year of registered agent service (a savings of $19 over the regular yearly $99 fee when purchased separately).

We were very pleased to see that MyCompanyWorks has a good reputation. First, their A+ rating with the BBB, while not unusual among the companies in our review, is always a positive sign. Better yet, their actual customer reviews are almost universally perfect scores. One of the most-referenced reasons for client compliments of this business is their lightning-fast customer support team: most inquiries via email or voicemail get a response within 20 minutes during regular business hours (7:30A-4:30P PST, Monday through Friday).

Because of their great customer feedback, attention to quality customer service, and helpful tools for customers after incorporation, MyCompanyWorks gets our recommendation as a solid choice for company formation services.

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LEGAL ZOOM

First created in 1999, LegalZoom has served nearly four million customers across a broad spectrum of industries, through their self-guided legal services. Documents are available for topics like Intellectual Property, Wills & Trusts, and, of course, Business Formation.

We like LegalZoom's Satisfaction Guarantee: within 60 days of your purchase, you can contact this provider to request a full refund of any fees paid directly to them (in other words, you can't get a refund of any fees paid for filing with local governments or to any other third parties).

But, with respect to incorporating your company, you're probably going to find costs are substantially higher with LegalZoom. Let's take a look at their three packages:

  • Economy: the most basic package costs $149 (compared with other reputable services that cost $100 or less). In this package, you'll get a preliminary business name check, the filing of your Articles of Incorporation, personalized bylaws, resolutions of the first Board of Directors meeting, and LegalZoom's $50,000 Peace of Mind Guarantee.
  • Standard: the middle-tier package costs $239. In addition to the Economy package features, you'll also get a Corporate Kit (stock certificates, binder, official seal). You may not think that one feature is worth the extra $90.
  • Express Gold: LegalZoom's top package is priced at $369. You'll get all of the features of the first two levels, along with priority rush service, two-day delivery on your final package, and discounted/expedited Federal Tax ID and S-Corp elections. This is the only package that includes a 30-day trial of LegalZoom's Business Advisory plan (regularly $39.99/month) that gives you 30-minute attorney consultations for new legal issues, contract/document reviews up to 10 pages, and an annual business evaluation.

For all three packages, you can choose among a number of optional services. One of the most common - and important - is the Registered Agent Service. Many of the company incorporation services we reviewed include it for free during the first year, while others may charge $99 per year. LegalZoom's fees are $159 per year, and they are not included even with the highest package level.

On the one hand, clients report fairly fast turnaround times with LegalZoom's filing process and receiving your company incorporation documents at the end of the process. They also like how easy it is to complete the process from start to finish; even the least computer-savvy individuals report being able to get their business created easily with help from LegalZoom.

On the other hand, LegalZoom's company incorporation is significantly higher than many of the services we reviewed. And, because they're a company that serves thousands of customers, some people have commented that getting someone to help them has taken longer than they anticipated.

In general, LegalZoom is trustworthy, accurate, and quick when it comes to processing your company incorporation - just be prepared that you'll pay more for the packages they offer and for the add-ons that are often included at no extra cost with other services.

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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 My Company Works and Legal Zoom.

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.

 



Company Incorporation In The News

Texas Instruments, Inc., Puts Chairman Rich Templeton Back in the CEO Saddle

The reported figures exceeded both Wall Street's and TI's projections. The company exited 2017 on a full head of steam and has continued to deliver strong results this year. This update only adds more ...

Published:  Wed, 18 Jul 2018 08:19:00 GMT



EVIO Inc. Joins Prestigious Line-Up of Cannabis Business Exhibitors at NCIA's 5th Annual Cannabis Business Summit & Expo

BEND, Ore., July 18, 2018 /PRNewswire/ -- EVIO Inc. ("EVIO" or the "Company"), (OTCQB: EVIO), a leading provider of cannabis testing and scientific research for the regulated cannabis industry in Nort...

Published:  Wed, 18 Jul 2018 08:17:00 GMT



WeissLaw LLP Investigates GulfMark Offshore, Inc. Acquisition

NEW YORK, July 18, 2018 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of GulfMark Offshore, Inc. ("GLF" or the ...

Published:  Wed, 18 Jul 2018 09:00:00 GMT



American Realty Investors, Inc. Included in Russell 2000 Index

Income Opportunity Realty Investors, Inc., a New York Stock Exchange Company (NYSE American: IOR), is committed to creating greater shareholder value through the acquisition, financing, operation and ...

Published:  Wed, 18 Jul 2018 07:00:00 GMT



Texas Instruments' CEO Brian Crutcher resigns for violating the company's code of conduct

CEO Brian Crutcher has resigned from the chip maker Texas Instruments Inc (NASDAQ:TXN) for violating the company's code of conduct. Rich Templeton, Texas Instrument's chairman, will reassume the roles ...

Published:  Wed, 18 Jul 2018 04:58:00 GMT



The PC Market Just Broke a 6-Year Losing Streak. Is HP Inc. Now Cheap

In no uncertain terms, HP Inc. (NYSE:HPQ) management had decided the personal computer industry was in decline. Former CEO Meg Whitman decided to spin off the higher-growth enterprise business from th...

Published:  Wed, 18 Jul 2018 03:02:00 GMT




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