My Company Works vs My Corporation
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My Company Works vs My Corporation
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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:
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.
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.
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 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:
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.
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.
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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