MyCorporation LLC Service Review (Advantages & Disadvantages)
MyCorporation has become a popular provider of LLC formation service ever since they founded in 1995, with over a million businesses served. Even in this crowded marketplace, they’ve managed to set themselves apart.
This MyCorporation LLC service review will cover a number of topics that should help you decide whether or not you want to take advantage of their business services.
Advantages & Disadvantages
- My favorite aspect of MyCorporation’s LLC formation service offering is their $199 Deluxe package. Including a full year each of registered agent service and annual report service, this package is an outstanding bargain for this combination of features.
- Customer feedback is a big pro for MyCorporation. Even though they have hundreds of online customer reviews, it’s not easy to find more than a couple critical reviews here and there. Client feedback is almost entirely positive.
- MyCorporation offers some financial services that most competitors don’t offer as optional add-ons to LLC formation. For example, they can provide assistance with income tax and unemployment insurance for your employees. Not all businesses need these of course, but it’s nice to have the option.
- MyCorporation is not the most affordable LLC service, with pricing that starts at $89. There are alternatives that will form your LLC for $40 less. (See Top Services)
- Most businesses need a federal tax ID number (EIN), but MyCorporation doesn’t include one with any of their LLC formation service packages. Instead, you’ll need to pay an additional $69 for MyCorporation to obtain your EIN.
MyCorporation LLC Packages
MyCorporation offers 4 options for LLC formation packages, each with its own pricing and features. If you want to examine the details of each package, feel free to take a look at their website.
It’s tough to make one general recommendation for all businesses, seeing as no two companies are alike. Still, after reviewing their packages and comparing them to competitors’ offerings, some conclusions can be drawn about where you can get the best value.
Furthermore, MyCorporation’s packages only have a couple features differentiating them, so there’s no need to take too long stumbling over the details. (Keep in mind that all of the following prices do not include state fee.)
The bargain options are Basic ($89) and Standard ($99). Both of these packages include formation essentials like a business name availability check, and your articles of organization will be prepared and filed for you.
The big difference between these packages is that Standard adds annual report service for your first year. It’s rare to see annual reports bundled in with a formation package, and in my opinion MyCorporation’s service is one of the best annual report offerings out there.
The Standard level also adds 3 sample documents — an operating agreement, member transfer ledger, and membership certificates — that you can customize to suit your business. Honestly, I can’t imagine that anyone actually buys the Basic package. It’s probably just there to make the Standard package look even better by comparison.
The more expensive choices are Deluxe ($199) and Premium ($299). Deluxe adds a year of registered agent service to provide your business with receipt and forwarding of government documents.
Premium adds a service which MyCorporation calls MaintainMyBiz. This allows you to use 4 document filings — including LLC operating agreement, certificate of good standing, membership certificates, etc. — over the next 12 months. Unfortunately, not many of them are worth much, and to come up with $100 worth of value with any combination of 4 would be a stretch — and that’s if you remembered to use them all.
Which One is Best?
Most businesses require registered agent service, so my favorite is the Deluxe package. Most companies also need an EIN, which will be another $69 on top for a total of $268 when added to Deluxe. Still, this is a strong price point for this combination of features.
MyCorporation has a number of services available to add to your LLC formation package on an a la carte basis. Let’s quickly review them.
- Federal tax ID number or EIN ($69)
- Custom operating agreement ($29)
- Online document storage ($24)
- Business license compliance package ($99)
- Tax deadline notices ($79)
- LLC membership kit and seal ($100)
- LLC seal only ($40)
- State income tax withholding ($99)
- State unemployment insurance ($99)
As I’ve mentioned already, the EIN is necessary for most businesses. Aside from that, which of these features apply to you depends on the nature and structure of your LLC. For what it’s worth, I think the EIN and business license package are of interest.
What Are Other Entrepreneurs Saying?
MyCorporation has hundreds of online customer reviews scattered across several 3rd-party sites (TrustPilot, Google, Facebook, Yelp). Simply put, most of these reviews were written by highly satisfied customers, as MyCorporation has impressive average scores on every site.
Of course, to get the clearest image of what it’s like to be a MyCorporation customer, you should spend at least a few minutes reading through some of those reviews for yourself. In summary though, their clients seem to especially enjoy how quickly MyCorporation processes their orders.
Should You Use MyCorporation?
In my opinion, MyCorporation is a great company with more advantages than disadvantages. Still, they won’t be the perfect fit for every business, so let’s review some scenarios where you may or may not want to use MyCorporation for LLC formation service.
When to Use MyCorporation:
If you want annual report service, they’re almost a no-brainer. Aside from that, if you’re looking for positive customer feedback in your LLC formation provider, MyCorporation is a good pick. Also, if you require payroll services they can help with that to an extent, which most competitors don’t.
When NOT to Use MyCorporation:
This statement applies to any provider, but if you’re not sure where to file your LLC, or if the LLC is even the right structure for you, it’s highly advisable to seek a consultation with a lawyer. Other than that, keep in mind that some competitors (like IncFile) include registered agent and EIN with LLC formation for cheaper than MyCorporation does.
MyCorporation has good prices and strong customer feedback, which is a combo that makes them a solid recommendation. If you still need to review some alternate options, take a look at our 7 top LLC services guide. Otherwise, you can get started with MyCorporation now.