Our MyCompanyWorks Review covers everything you should know before using their or their competitor’s formation services.
For exactly two decades now, MyCompanyWorks formerly known as MyNewCompany has been in the business of helping small businesses scale to unprecedented levels through LLC formation, incorporation, and other small business services. To date, more than 60,000 small businesses have benefited from this online incorporation service.
Essentially, MyCompanyWorks facilitates the entire tedious process of starting and managing your business from a single platform. That includes handling all the paperwork for you. Of course, there are several other services that will help you form your LLC online. However, MyCompanyWorks stands out from the pack for the significant market share it has scooped from the industry over the years.
That said, like any other company, MyCompanyWorks has had its fair share of ups and downs. For that reason, this review explores everything you need to know before transacting with the online LLC formation service.
What matters most for online incorporation services?
Do you prefer a professional online service handling your incorporation for you? Here are a few critical questions to ask yourself in the process of deciding:
- re you getting value for your money?
- What is the reputation of the company’s customer support?
- Is the service reliable?
- How easy is it to use their website?
- How efficiently do they incorporate your business?
With that in mind, your grounds for comparison of different services is established. So, what is outstanding about MyCompanyWorks? Let’s see.
Are you getting enough value from MyCompanyWorks pricing model?
At the end of the day, you go into business to maximize the value you are getting. How do LLCs define good value?
The minimum you pay MyCompanyWorks to form an LLC is $ 79. When compared to the exorbitant cost of hiring an attorney for the same, you are definitely deriving great value from this transaction.
On the flip side, when you closely scrutinize the dollar-per-feature value you are deriving from the same service, you are left preferring other more affordable services. An LLC formation service like ZenBusiness offers a better value because it charges $ 40 less for the same features as MyCompanyWorks, yet with better inclusivity.
Furthermore, to access MyCompanyWorks registered agent service, you have to part with some more cash except in their most expensive package. However, considering it is only $ 99 per year, MyCompanyWorks does deliver good value indeed.
Let’s further explore the major aspects of value derived from MyCompanyWorks as follows:
· Pricing
MyCompanyWorks almost takes the middle ground when it comes to overall service pricing. They may not be as exorbitant as some services but there are also more affordable services available and MyCompanyWorks could do better.
Their cheapest package is priced at $ 79. This is a fairly reasonable price considering the important business documents that come with the package. Even so, there are other services offering lower prices, yet with the inclusion of a whole year of registered agent service.
Moreover, MyCompanyWorks provides same-day order processing without charging extra. Considering certain competing firms do charge for extended processing, this aspect adds some value to the entire transaction. Although you must part with $ 99 for their yearly registered agent service, it is well worth it considering it is one of the lowest rates in the market.
The only areas MyCompanyWorks may have compromised on value is in their higher-level packages costing $ 199 and $ 279 respectively. Most clients expect to get more from these packages in form of added value.
· Success journey
In just a span of 20 years, MyCompanyWorks has successfully helped in the formation of over 60,000 businesses. If that is not an enviable milestone, then what is?
If you really think about it, the ripple effects of this achievement trickle down right into economic growth and development. Think of the many people that have been employed by these new businesses each year. Think also of how many of these startups have graduated from multinational corporations.
The key building block to this significant success is MyCompanyWorks’ transparency in doing business. How many businesses offer a 100% satisfaction guarantee? With this amazing refund policy, you will receive your service fee back within 90 days of purchasing your order.
This attribute along with their efficiency in business formation has earned the service incredible customer reviews more than two-thirds of which are either 4-star or 5-star reviews.
· Simplicity of placing orders
People turn to incorporation services to save time and avoid the complexities of new business formation processes. Some incorporation services have not mastered that yet. Clients still have to do all the heavy lifting by themselves.
However, it is different with MyCompanyWorks. They have found a simpler way to make the process extremely straightforward and streamlined. When you start transacting with the service, convenience becomes the new currency. In fact, armed with all the right information, the application process only takes up to 15 minutes.
What are the MyCompanyWorks LLC packages like?
Most LLC formation services come bundled in three different packages. MyCompanyWorks is no different. What’s more, each individual package is accompanied by certain incredible features that always come in handy for new business owners. These features are the key highlights of the value derived from the price.
Although the features may vary based on the size of the package, MyCompanyWorks has found a way to add an extra layer of flexibility and convenience to new business owners. Some of the advanced features constituted in larger packages can be accessed as individual add-ons for the smaller, cheaper packages.
This is a personable way to make life easier for a business owner bound by a strict budget, who may only need one feature but not others.
So, what are the three MyCompanyWorks LLC packages?
1. Basic LLC Service Package
The Basic package is ideal for entrepreneurs looking to set up a corporation or form an LLC while accessing helpful business documents. It is the smallest and cheapest package from MyCompanyWorks costing $ 79 plus the state filing fees. The core components of the package include:
· Preparing and filing your articles of organization in case you are an LLC and incorporation in case you are a corporation
MyCompanyWorks drafts all the requisite documents mandated by your state of business formation and submits them to officially grant you the greenlight.
· Startup Wizard
This interactive startup checklist provides an interface customized to your state and the type of company you are forming. It comes with a step-by-step guide to help you through the remainder of the processes to finalize your LLC formation. For example, acquiring business permits or licenses.
· Name availability search
MyCompanyWorks performs a search in your state’s business database to determine whether your preferred business name is available or already claimed by some other business.
· Business minutes
While LLCs are not mandated to take minutes like corporations, MyCompanyWorks provides custom meeting minutes for both these entities. These forms help you to better organize your business meetings by providing an outline of your meetings and some space to note down the events of the meetings.
· Personalized operating agreement
This feature is available only to LLCs. It is a document detailing the procedures of governing the business both in terms of finances and overall management.
· Custom bylaws
Designed for corporations only, this feature provides the rules and regulations to govern the day-to-day operations of the corporation like dictating the number of directors on the board or the time and place to hold shareholder meetings.
· Phone and email support
This feature provides unlimited access to customer support through phone or email.
· Lifetime account access
This privilege also comes with digital access to scanned formation documents.
· Important alerts
This tool helps you monitor your filing requirements and compliance deadlines to keep your business running smoothly.
· Free ebooks
These handbooks outline all the useful information you will need to know when starting, managing, altering, and dissolving your LLC or corporation.
2. Entrepreneur LLC Service Package
This LLC package is most suitable for entrepreneurs interested in establishing a corporation or LLC while receiving a compliance binder as well as an Employer Identification Number (EIN). The package costs $ 199 plus state filing fees. It comes with all the features of the Basic package with the addition of:
· LLC kit, seal, and certificates
These come in form of a binder bearing your company name coupled with a decorative seal bearing your business information in a customized fashion. The package won’t be complete until you receive personalized stock certificates in case of a corporation or membership certificates in case of an LLC.
· Federal Tax ID (EIN)
MyCompanyWorks steps in and helps you easily obtain your EIN, a special business number that lets you hire employees, open business bank accounts, pay business taxes, among other uses. While you can obtain your EIN from the IRS directly, letting MyCompanyWorks do it for you essentially makes the entire process completely hassle-free.
· MyCompanyForms
This special feature gives you unlimited access to more than 200 of MyCompanyWorks’ expertly crafted business forms that are popular with most businesses and are also customizable.
3. Complete LLC Service Package
The Complete LLC package is best suited for ambitious entrepreneurs driven by the need to see their businesses get off the ground almost effortlessly by accessing all the much-needed business tools in one package. The lucrative package comes at a cost of $ 279 plus the state filing fees. It includes everything in the Entrepreneur package with the addition of:
· Registered Agent Service
It is mandated upon LLCs in the United States to assign a registered agent to the company. This can be an individual or entity that has agreed to receive crucial document deliveries from the state on your business’s behalf. This is an important channel offering the state a reliable way to stay connected to your business.
That’s precisely what MyCompanyWorks’ Complete LLC package affords you. They not only receive your document deliveries but also proceed to scan and forward them to you as is required. This helps keep your privacy private, minimize your junk mail, as well as reduce the odds of missing an important delivery.
That said, the registered agent is only available for a year within the package. After it expires, you can purchase it separately at a paltry fee of $ 99 annually.
What are the additional features or services of MyCompanyWorks?
Forming and growing a business to success is not feasible without the right support system. MyCompanyWorks understands that and they don’t just help you launch and start guessing your way through success.
On the contrary, they provide several additional features or services to keep your business in top shape at every stage of growth. What’s more, MyCompanyWorks provides these services at prices below the industry average, where most competitors charge a lot more.
Some of these features and services are:
· Certificate of good standing
Offered at only $ 35, this form helps prove your LLC is current and has successfully complied with all state regulations.
· Apostille certificates
These certificates permit your business to operate beyond the country. MyCompanyWorks files these forms on your behalf at a small fee of $ 69.
· Business license compliance package
In this affordably priced package, MyCompanyWorks researches all the federal, state, and local licenses and permits your business needs to remain compliant. They will obtain all the necessary applications on your behalf and submit them to you.
All you will then do is fill them out before personally submitting the forms to the concerned government agency. The service attracts a fee of $ 99.
· MyCompanyWorks Premium
This add-on comes at a fee of $ 99 and lets you access a compliance dashboard. As part of the package, MyCompanyWorks will help you file your annual reports as they keep track of your business to ensure it stays in good standing throughout. In case you step out of good standing, they will also alert you.
Moreover, you will also receive access to over 200 business and tax forms, 5 GB online storage, E-ledger, E-certificates, and priority support.
· Amendments
In case you need to make changes to your LLC’s formation documents to capture important business alterations, MyCompanyWorks will help you file the amendments at a fee of $ 99 per amendment plus the needed state fee.
How does MyCompanyWorks functions?
When you hire this incorporation service, they file all your formation paperwork on your behalf. That doesn’t mean you just sit back and watch your new business take off. Your participation is equally required. The three steps involved are:
1. Selecting a package
The first step to giving your business wings of success is building up your package. Start by selecting your state of formation, the type of company you intend to set up, your desired LLC package, and any additional features or services you may need. As you do all these, MyCompanyWorks ensures 100% transparency by alerting you on the price all along.
2. Providing business information
This step goes two ways. First, enter your personal contact information. Secondly, enter the required information about the business itself. Although time-consuming, without completing this section, MyCompanyWorks would have a hard time forming your business.
3. Confirm and make payments
After entering all the required information, MyCompanyWorks prompts you to confirm your order details prior to making payments. So, ensure your credit card is sitting next to you as you get into this last step.
Having done all you are supposed to do, MyCompanyWorks steps in and begins the formation process.
What do customers think about MyCompanyWorks?
If you are an entrepreneur that places a huge premium on customer feedback to make important business decisions, after listening to what customers think about this incorporation service, you’ll hardly consider any plan B’s.
Over its two decades of operation, MyCompanyWorks has amassed excellent reviews from its users. It is no wonder the service is still in existence and dominant in the marketplace.
On its official website, MyCompanyWorks has earned a whopping 4.9/5.0 star rating from a pool of over 3,800 customer reviews. On Google, the incorporation service has an overall star rating of 4.7/5.0 from an aggregate of 57 customer reviews.
That said, let’s look at some of the main highlights of praise as well as disapproval of this incorporation service.
Why do customers approve MyCompanyWorks?
A vast majority of the online customer reviews consistently point out the following aspects about the service:
- Fast and efficient service. They are super fast when processing orders and requests. Emails and voicemails are returned within 10 to 20 minutes.
- Perfect for new business owners on a tight budget due to extremely valuable formation packages.
- Highly customizable packages to suit changing business needs.
- User-friendly website. It is easy to complete an order.
- Knowledgeable and friendly support teams.
Why do customers disapprove MyCompanyWorks?
A few customers have had issues with MyCompanyWorks and were not shy to share their dissatisfaction occasioned by:
- Difficulties in tracing order tracking information
- Repeating order application’s tedious steps when session times out
It is worth noting that this lot of customers is only a small fraction. The vast majority seem to agree that MyCompanyWorks is a powerful modern business tool especially for startups and aspiring entrepreneurs who lack full knowledge of the business landscape.
With that in mind, before jumping to any conclusions, take some personal quality time to evaluate the customer reviews case by case. This will give you a comprehensive picture of what to expect from the service. It will also shed enough light on the specifics that may significantly influence operations for your particular type of business.
Final thoughts
Overall, MyCompanyWorks is a great incorporation service. When stacked against its counterparts, it stands out in many unique ways.
Even though MyCompanyWorks Basic package lacks the crucial registered agent service, all things considered, it is still reasonably priced. At only $ 79, the many bonus documents you receive make every dime worth the spend. This, however, may not be the case with the Entrepreneur and Complete packages as they don’t seem to provide enough value for the hefty prices they attract.
MyCompanyWorks has some incredible customer feedback proving just how solid their customer support is in all respects. Despite working short hours each day, the service still manages to make a significant impact on small businesses.
While there are many cheaper alternatives out there that also come bundled with a registered service agent, MyCompanyWorks has stood the test of time. It remains a viable choice especially for entrepreneurs looking for some bonus business documents to accompany their corporation or LLC formation. It is also an excellent option for new business owners looking for a customized LLC operating agreement.
In conclusion, therefore, ZenBusiness remains a top choice for entrepreneurs in search of the best possible value from an incorporation service. At only $ 39, the service has comparably great features and amazing customer reviews.
So, what’s it going to be? Good luck deciding!
MyCompanyWorks Frequently Asked Questions
Some of the popular concerns clients have about this incorporation service include: