In this Mycorporation review, we cover the most important things you need to know before using their business formations services.
Incorporating for the first time can come as a daunting task. Most people have many questions, and even more, are not sure what the right questions to ask are. The rules vary by state and are ever-changing because, ultimately, this is a legal process.
Additionally, someone forming a new corporation or Limited Liability Company (LLC) will also want to know what kind of ongoing maintenance, tasks, and costs are required to stay legitimate and protected.
While the DIY approach is possible, interested parties will have to interface with a legal gatekeeper at some point. Companies like MyCorporation exist as a full-service approach for those who want to incorporate, save time, mitigate risks, and avoid legal learning curves.
The MyCorporation review below covers the pros, cons, pricing, and the features that matter most when deciding whether or not if this online service is worth it.
Overview
MyCorporation is a full-service business formation service. That means it offers various services, including professional guidance, for people interested in creating a business. Of course, certain factors weigh heavier than others, but it’s always good to start with the basics: pricing, company history, customer support, ease of use, and a few others.
It’s the opinion of this article that MyCorporation is a sound choice in solving the pain points of a prospective client. The better question is, how does MyCorporation stack up against its competitors or those going the route of incorporating without using a business formation service?
In terms of the competition, MyCorporation offers most of what the other guys do and vice versa. Although not at the best price point, the company provides a full suite of traditional business formation services and some exciting caveats that could be attributed more to good marketing than to good service.
Pros and Cons
The points below give a snapshot of the good and bad. Each of these points is visited in more depth below, along with a fuller picture of features, comparisons, and a conclusion.
Pros:
- Good company track record
- Consistently satisfactory customer support
- Streamlined easy-to-use service
Cons:
- High costs compared to competitors’ basic plans
- Uncertain turnaround times
Company History
MyCorporation got founded in 1998, reports employing over 120 professionals, and has an annual revenue of $26 million. The company has serviced an impressive number of clients numbering in the millions.
The current CEO, law, and business graduate Deborah Sweeney has taken a transparent approach in terms of the company’s leadership and has facilitated communication through various channels with existing and prospective clients. Communicating how the clients want to communicate has worked well for MyCorporation for over two decades of offering business formation services.
With many years of experience inevitably comes reviews. From the early days to the present, a comprehensive overview of these reveals the vast majority of ratings with three stars are more. MyCorporation’s clients are, on the whole, happy with what they paid for. More specifically, MyCorporation wins in delivering a great customer experience and support.
Individuals looking to incorporate with a reliable and friendly full suite business formation service should see MyCorporation as a solid choice.
Efficiency
The leading benefit of hiring a business formation service can be described as efficiency. Learning, making mistakes, researching, and dealing with the various legal forms and tasks means time and money spent. Those who don’t know (and don’t want to) where to start have other things to focus on, such as the core product or service the business provides.
Many business formation services offer essential services but leave much of the work up to the client. MyCorporation stands out in the world of “full-service” competitors because they keep things easy, streamlined, and straightforward for clients from the first point of contact to completing the application process.
On the downside, interested parties will notice several sales-focused add-ons that can feel like being nickel-and-dimed. However, the website keeps track of your current bill, including specific fees such as those for the chosen state the company got incorporated into.
Support
Customer support and prospective customer outreach work through various communication channels, including telephone, fax, email, and live chat. The company also has social media presence on Facebook, Twitter, Instagram, LinkedIn, and YouTube. The website makes it easy to choose the type of business entity you plan to create, pick a state, and go straight to payment packages to review features.
The site also offers a learning center to help answer some basic questions. With live chat and a contact page easy to navigate to, MyCorporation has started off with a frictionless user experience.
The MyCorporation team has been reported to reply promptly (within 48 hours) to every request. While initial inquiries aren’t as comprehensive in their responses as possible, the company succeeds in setting a precedent for responsive communication with the client.
In addition, other channels appear to uphold the same eagerness and professional standards, unlike many service providers whose communication channels work as a complaint box.
Overall, prospective business owners can expect professionalism and speed in contacting MyCorporation for the initial sales call and throughout the client-company service relationship.
Speed of Service
MyCorporation does not promise a set turnaround time for the incorporation process. While this is a point of great criticism, it’s the opinion of this article that the speed of service is more dependant on factors outside of MyCorporation’s control, namely, state and government bureaucratic processes.
The company offers an optional Rush Service that promises to expedite the process but does not specify a deadline or even an amount of time reduced.
According to reviews, the time it takes to get incorporated through MyCoporation has an extensive range, anywhere from a few days to over a month.
Competing companies often list the number of times clients will have to wait, but some may find these misleading as these are based on state mandates and are primarily out of the hands of the business formation service in question.
Pricing
To properly compare MyCorporation to its competitors regarding pricing, it’s essential to understand that different classes or “tiers” exist. Based on features and attached price tags, the company falls somewhere in the upper-middle-class. Overall, prices are high for MyCorporation, a decision leveraged based mainly on the company’s marketing and reputation.
The final price is heavily influenced by the state and type of business incorporated and added to the package price. When writing this, Basic starts at $99.00 and Deluxe at $324.00. Customizable add-on options are available that quickly raise the price.
Each package has its core selling point. Prospective clients will do well first to decide what their business needs are instead of just choosing the cheapest option or the most expensive one that can be afforded.
Registered agents and annual reports offer some of the client favorites in terms of features. You won’t find these in the basic package. Since the basic package costs more than competitors, pricing is not MyCoproration’s strongest suit. Clients on a stricter budget may want to check out the comparison section below for other options.
Packages and Value
Clients get offered customizable pricing features. Basic, Standard, Deluxe, and Premium packages are pre-assembled. They also offer several optional add-ons. State fees, feature descriptions, and a total price widget at the bottom of the page work to create an impressive user interface. Unfortunately, features such as Employer Identification Number and Rush Filing, along with plenty others, do not come standard with any of the packages offered. Herein lies why MyCoporation stands out as a pricey option for business formation services.
Annual reports, secure storage, and unlimited support work as a strong foundation for MyCorporation’s pricing packages. The combination ensures that no matter what the client’s needs and choice of features entails, the company safeguards its reputation as an effective service.
As reported in client reviews, separate shipping costs are oddly high at $30 or more. Many competitors have identified this cost as an essential incorporation service, so it gets factored into the price of basic services.
That said, the discerning client will want a better understanding of the strengths and weaknesses of the features presented in each package. To that end, each option gets explored in greater depth below.
Basic
The Basic package currently runs at $99.00. If you’re just looking to get started with your corporation or LLC, and nothing more, then this package provides the most suitable option. Remember that while $99.00 is the headlined price, state fees add to it. What new business owners receive in the way of benefits from Basic are as follows:
- Company name search that ensures you’re the only business with your chosen name
- Basic incorporation or articles of organization for an LLC. MyCorporation handles preparing and filing these with the state government to make you official.
- Vault document storage allows clients to store documents and easily share them digitally with prospective investors or third parties.
Standard
Again, Standard starts at $124 plus state fees that will very often outprice this package. New companies entering heavily regulated industries will receive all the Basic features along with one highly-valued service: annual reporting with auto-renew, which alone costs $99, making Standard a cost-effective upgrade.
- Auto-renewed annual reporting means compliance by filing documentation correctly and under deadlines to keep your company legitimate in the eyes of the state.
Deluxe
The Deluxe package is for the entrepreneur who understands the time and associated costs of managing a back office. Pricing for Deluxe starts at $224, which brings MyCorporation into more competitive pricing waters. While many other business formation services beat basic start-up pricing, Deluxe comes in as a very strong comprehensive solution option. It offers everything from Standard as well as:
- Registered agent services means a licensed professional is officially handling incoming mail and documentation on behalf of your company. Compliance bookkeeping along with documentation management gives you the option to keep your personal information secure while avoiding spam.
- Our Favorite Registered Agent services compared
Premium
Premium continues the steady climb up to $334.00. Here clients will find a feature unique to MyCorporation. Unlike many top-end feature packages, MyCorporation’s Premium package contains a lot more than fluff.
It is best for entrepreneurs who want to take a hands-off approach to incorporation compliance and documentation while keeping their company as versatile as possible. Premium contains all of the features of Deluxe along with:
- MaintainMyBiz proprietary service offers four filings within the first year of incorporation or formation and all necessary maintenance.
Should You Choose MyCorporation?
It can’t be overstated that asking yourself the right questions about your business needs and wants will lead you to the best decision for business formation services. The question, “what’s the best for my corporation,” reviews the quintessential point every business owner should be asking herself.
If the Deluxe and Premium packages have what you don’t think you can live without, then MyCorporation is a good service provider for a few reasons.
Entrepreneurs looking to hit the ground running while avoiding back office management, annual reporting, and customer support headaches will find value in MyCorporation. This is due to MyCorporation having carved out a bit of a niche for itself over the years. Unfortunately, most competitors do not take the care and cost-effective management of these services.
In addition to companies entering into compliance-heavy industries, creative ventures will also find that MyCorporation is well-tailored for intellectual property protection rights, including trademark and copyright services.
If you’re still not sure, feeling overwhelmed, or lost, let’s take a step back and better define what MyCorporation is to understand if it’s the best fit for your company’s future.
What MyCoproration Is
MyCorporation is an online services provider for business formation. The company is an American company headquartered in Calabasas, California, north of Los Angeles. The company has traditionally worked with people creating an LLC or corporation by providing online document filing services.
The company primarily works with small companies and offers many other services that allow for scalability. They have serviced over a million customers in all 50 states and hold over 20 years of experience.
The company takes pride in its mission to lead the way in online business formation, trademark and copyright services, agent services, and more. MyCorporation, as of this review, is unique in its longevity as a company.
How It Works
When starting a new business, certain legal frameworks must be put into place to be registered with the state and viewed by the state as a legitimate business. Many people get blurry-eyed here, but MyCorporation keeps the steps relatively straightforward.
- Visit MyCorporation.com.
- On the homepage, in the dropdown box marked “Select a Business Type,” choose the type of company you wish to create. If you’re unsure, you can connect by leaving a message through the chat box below, filling out the form on the company’s contact page, or reviewing the site’s frequently asked questions page.
- Next, select the state you wish to register your company with by clicking and selecting from the “Select a State” dropdown box. Keep in mind that you don’t necessarily have to live in this state to be incorporated there.
- Click “Get Started.”
- Review the various packages described above, add-ons, and click “Continue” when you’ve chosen all the features you believe are right for your company.
- Create your account by filling out the required dialogue boxes, and then click “Create An Account.”
- Submit your payment information through the company’s secure website.
MyCorporation takes the reins from there, prepares and files documentation, and creates a company in your name.
Ratings and Reviews
Ratings across multiple platforms, including TrustPilot and Google reviews, show three stars or more. Most reviews, however, are a bit higher, falling between four and five out of five.
The majority of reviews express positive feedback for customer support more than any other facet of MyCoporation’s service. However, there are a few other likes and dislikes that are as follows below.
Customers report positive experiences in terms of guidance by representatives throughout the process. In addition, errors are addressed and corrected immediately, and there’s no shortage of information provided to help clients navigate the various decisions necessary for company formation.
On the negative side, shipping costs, delays, and errors are all mentioned. More specifically, some customers felt misled when documentation went missing entirely. Additionally, some complaints occurred as a result of having trouble opting out of the MyCorporation’s services once bought into.
MyCorporation Vs. LegalZoom
MyCorporation and LegalZoom both offer the essential service of setting up a corporation or an LLC. However, LegalZoom is the biggest competitor of MyCorporation in terms of the volume of clients served and the life of the company.
Both companies are high in terms of pricing. Hence they both struggle in terms of this category. LegalZoom’s most affordable package undercuts MyCorporation, but when prospective clients start weighing more comprehensive packaged features, MyCorporation proves to be seen as just as cost-effective, if not more.
While MyCorporation has serviced over a million clients, LegalZoom stands as the most popular industry option to date for business formation services, with over 3 million clients serviced.
However, MyCorporation takes the lead in customer reviews, as well as their uniquely serviced annual reporting feature.
MyCoproration Vs. ZenBusiness
ZenBusiness joins the race with a similar promise of fast and easy business formation for its clients. In the category of customer reviews, the two companies stand toe-to-toe with overall very positive experiences. However, ZenBusiness and MyCorporation differ sharply in other areas.
ZenBusiness has shown impressive growth due to its investors in a relatively short time. Launched in 2015, they continue to grow and scale rapidly. Additionally, ZenBusiness offers more cost-effective services in terms of registered agents in its lower-cost plans.
ZenBusiness has shown impressive growth due to its investors in a relatively short time. Launched in 2015, they continue to grow and scale rapidly. Additionally, ZenBusiness offers more cost-effective services in terms of registered agents in its lower-cost plans.
On the other side of the same coin, MyCorporation can boast much greater industry experience and customer reviews to support a history of delivering favorable experiences. When comparing middle and upper-tier packages, MyCorporation closely resembles ZenBusiness in pricing.
MyCorporation Vs. Swyft Filings
Another company that greatly resembles MyCorporation in terms of business formation services, and even works with MyCorporation on some of its features, is Swyft Filings. Both companies focus on back-office legal filing, registered agent services, and offer helpful information and guidance to their small-business client base.
Swyft Filings stands out, like most competitors of MyCorporation, in a significantly lower basic plan. However, where it wins is in offering the 9-digit EIN issued by the Internal Revenue Service (IRS) within its most basic plan, whereas MyCorporation does not.
MyCorporation does not offer a personalized representative at the forefront. However, it comes into step and surpasses Swyft Filings in a few areas. Swyft Filings was created in 2012, which leaves it more than a decade short of MyCorporation in terms of company history and reputation.
MyCorporation beats Swyft Filings outright in some pricing matters, including the registered agent service. It offers more plans, more customization, and more business entities as well.
Conclusion
A thorough assessment of MyCorporation’s strengths and weaknesses does more to distinguish its survivability in a competitive industry than it does to provide a clear winner or loser style found in other MyCorporation reviews.
The true aim of this review is not to laud the winner or point fingers, but to inform the reader by directing scrutiny to the client’s company needs, wants, and which business formation provider can answer them best.
MyCorporation has an unbeatable breadth of industry experience as well as the reputation and positive reviews that go with it. Its middle and upper-tier pricing packages, as well as customizable add-ons, while not cheap, are competitive.
The CEO has made a special effort to show that the company is receptive to communicating openly with prospective small business owners, and the company offers distinguished proficiency in a few service features, namely annual reporting.
The entrepreneur on a tight budget who wants to register her company, get an EIN and be on her way will likely wince at MyCorporation’s pricing, shipping cost, and numerous and expensive add-on features. Here is where other business formation services, including do-it-yourself options, step in as a more sensical and straightforward solution.