MyCorporation Review

MyCorporation is a formation service that makes it easy to set up any type of organization or corporation in the United States including an LLC.

The company was set up in 1998, so it has a track record for helping small businesses. MyCorporation operates across all 50 states in the country. So, no matter where you’re looking to set your entity up, rest assured that they can help you get your entity up and running. 

Based in Calabasas, California, MyCorporation provides many benefits to its customers. Most significant is the fact that the company can help you with just about everything you need to set your company up. 

Customers get to enjoy many benefits, ranging from extensive customer support to rush filing and much more. Many of these benefits are based on your service tier level, but there is no doubt that MyCorporation is here to stay.

In this review, we will break down MyCorporation’s company formation service and help you understand the nuances of working with the company.

MyCorporation Pros and Cons

Pros 

• Available rush filing: MyCorporation provides a rush filing service that caters to your needs. If you’re in a rush and would like to get your company filing done immediately, the service ensures that you can get things done quickly
• Free business consultation service: MyCorporation offers a business consultation service, allowing you to get support in case you’re unsure about your company. You can additionally view the company’s learning center for more information.   
• Name availability search: MyCorporation offers a name availability search, allowing you to check if another company has used your intended company name. This can save you a great deal of stress and hassle over time.  
• Available for different company types: It doesn’t matter the nature of your organization. Whether you’re forming a nonprofit, an LLC, or more, MyCorporation has the expertise to get your your company filled.

Cons 

• Registered agent service: While most business formation companies provide the registered agent service to all customers, MyCorporation restricts it to customers on their high-level tiers. 
• Prices: MyCorporation has a more expensive starting package than most of its competitors. So, if the price is a major consideration for you, MyCorporation might not be the ideal LLC formation service for you.

MyCorporation offers great value for money backed by years of experience assisting companies to form the right entity efficiently.

The price compared to other LLC formation services should be questioned. If you are a start-up looking to save money during the early stages of your business then there are other service providers such as ZenBusiness, which offer more affordable packages for forming your LLC.

MyCorporation LLC Formation Packages 

Now that we understand how MyCorporation works, it’s worth noting the company’s formation packages. MyCorporation provides four service tiers. These include

• The Basic Package 
• The Standard Package 
• The Deluxe Package 
• The Premium Package 

The Basic Package 

The Basic Package is the lowest-tier offering from MyCorporation. Here, you get just about everything you need to start your LLC and get it off the ground – especially when it comes to documentation, filings, and more. This package costs $99 + state fees.

Some of the offerings available here include: 

Articles of Incorporation + Business Documents 

It is almost impossible for you to get your company started without filing articles of incorporation. These documents provide an introduction to your company and what you will provide to your customers. Beyond that, articles of incorporation outline the rights and responsibilities of company partners to themselves and the company’s customers. 

Some of the data available in your articles of incorporation include your company name, company address, and the agent for service of process. If you will be issuing stock options, you will highlight the type of stock you’re issuing and the amount that each party will get. 

MyCorporation will help you file your articles of incorporation with the appropriate authorities without the stress of getting it done on your own. The service can help you with filing other important business documents, thereby making the incorporation process more efficient. 

Name Availability Check 

The name availability check simply involves checking through records to see if any other company has been established with the name you’re planning to use. This is a very important service as it protects you from lawsuits and other hassles. 

As we know, companies that want to run smoothly can register their names and operations with the appropriate authorities. However, it becomes a bit tricky when there are two companies with the same name in the same jurisdiction. To avoid any confusion, it will be better to register using a name that hasn’t been registered.

MyCorporation’s job is to take the name you want to use and run it through official records. This way, they can check to see if you’re in the clear or not. To save yourself a lot of work down the line, the name availability check can save you a lot of hassle.

MyCorp Vault Document Storage 

The MyCorp Document Storage service is an interesting service that is native to the platform. With it, MyCorporation stores the documents related to your establishment and incorporation process in one place.  

This service will come in handy if you’re looking to enjoy a simple and stress-free establishment process. It ensures that you don’t have to look in different places to find the documents, and you have everything you need in one place. 

Even better, you will be able to access the documents as long as you are with MyCorporation. When it comes to maximizing your convenience, this service goes a long way. 

Summary: A great beginner package that gets you off the ground quickly. 

Ideal For: Small businesses looking to establish themselves. 

The Standard Package 

The Standard Package comes next on our list of MyCorporation formation packages. It costs $124 plus state fees, and it provides everything you get in the basic package along with the following:

Annual Report

Filing an annual report is another necessity for most businesses. You don’t have to be listed on a stock exchange before you file your annual report.

In this report, you get to include a lot of information that encompasses your activities during the period. You get to highlight the activities you’ve engaged in, from social and philanthropic to business and official work. At the same time, you provide your customers with a view of how you plan to serve them better. 

When you work with MyCorporation, they’ll keep an eye on your annual report’s due date. They can help you to compile company highlights and file the report immediately which allows you get to beat deadlines and avoid any penalties.

Note that this service runs after your first year for an annual fee of $99. You can cancel it if you want to. It is also important to note that the service renews automatically every year. 

Summary: In general, the Standard package provides just one service. However, it is one that you will need down the line.

Ideal For: Established companies that are looking to stay within the law’s compliance range.

The Deluxe Package 

Moving on, we have the Deluxe Package from MyCorporation. It costs $224 plus state fees, and it provides everything that is available in the first two service tiers as well as the following:

Registered Agent Service 

The registered agent is another critical necessity for any company. Beyond just needing one when you set up your company, you will need to have a registered agent throughout the lifecycle of your company. 

A registered agent will act as a representative of your company when you get a legal summons. Whether it is a filing from the court or an inquiry from the Internal Revenue Service (IRS), your registered agent ensures that you can get them and immediately file responses when due.  

As your registered agent, MyCorporation will take care of all these services on your behalf. The company will be in charge of receiving all critical documents for you and forwarding them to you based on necessity. MyCorporation will ensure that your information remains confidential by keeping them out of the public record, cutting out any junk mail, and more.

Note that this service renews after the first year for $120 annually. 

Summary: With a full-fledged registered agent service, the Deluxe package ensures that you never run into trouble with courts and other authorities. 

Ideal For: Companies looking to expand their operations. 

The Premium Package 

Here, you have the best of what MyCorporation has to offer. The Premium Package comes at $324 plus state fees, and you get everything available in the first three packages as well as the following:

MaintainMyBiz

Another custom service, MaintainMyBiz is a maintenance package that provides up to four different business accessories and filings within the first year of your formation. With MaintainMyBiz, you will get a corporate seal, an S corp election, and an amendment. You get stock certificates in case you would like to issue stock options to your customers or other members of your company. 

Other additions to this package include an LLC operating agreement, a certificate of good standing, and much more. 

Summary: The Premium package protects companies that would like to continue running their operations and working seamlessly. 

Ideal For: Established companies looking for proper documentation and features that will keep their operations running smoothly.  

MyCorporation Additional Services

Beyond what you get on the different available pricing plans, MyCorporation provides some other services that can help meet your needs and get you set up quickly. These include the following: 

Canada Corporations

MyCorporation is there for you if you’re looking to expand your business to Canada – or you’re from Canada and would like to establish a company there for the first time.

Thanks to the company’s credibility, you have a reliable partner that can help you get set up and walk you through the entire process. As you can expect, MyCorporation will help you to file all paperwork and handle every task that needs to be done. MyCorporation will help you with areas such as asset protection, tax benefits, and more. 

While you focus on growing your business, MyCorporation will make the setup process easier. This service costs $247.59 plus provincial fees. 

DBA Filing 

Every company does business under a specified name. Most of the time, this is the name on your official filing document. However, you can also do business under a separate name – usually called your “fictitious name” or “trade name.”

In most states, you will need to make a Doing Business As (DBA) filing to get a trading name. This way, regulators and authorities understand the name you’re working with whenever you use it. Essentially, the DBA filing notifies authorities and regulators that you’re doing business under a name that isn’t your official company name. At the same time, it lets your customers know the owner of the business they’re dealing with.

MyCorporation can help you with a seamless DBA filing, so you provide full disclosure to everyone when you want to get a trading name. This service costs $129 plus state fees.

EIN 

The Employer’s Identification Number (EIN) is another important thing you need to have as soon as you form your business. Your EIN is your identity with the Internal Revenue Service (IRS) and your state tax authorities. 

You will need the EIN to manage your tax accounts. At the same time, you will also need it when you want to claim tax refunds or have any other dealings with the tax authorities. 

Dealing with tax authorities is never easy, and you can expect this difficulty to extend to getting an EIN too. Thankfully, MyCorporation can help make the process easy by filing and getting a number on your behalf.

This service costs $79.

Payroll Consultation 

MyCorporation offers a payroll consultation service that focuses on making the payroll management task easy and more seamless. Operating your payroll can be challenging, especially as your employees increase in number. You want to make sure that everyone’s payment is secure and that you can see where all the money is going. 

Thanks to the MyCorporation payroll consulting service, you can save yourself time and avoid the hassle. MyCorporation has partnered with a leading payroll service provider to ensure that you achieve greater ease in payroll management. 

Note that you will need to contact MyCorporation to get a quote for this service. 

Business License Compliance Package 

One of the many complexities of running a business is understanding the licenses you need to have to operate smoothly. The appropriate license will vary based on your activity, your industry, and even the city and state that you set your business up. 

With so much variance, it’s understandable that you might get confused about the licenses and compliance requirements that you need to face. However, you don’t have to be. MyCorporation has experts who understand compliance and will be ready to help you itemize what you need. 

Basically, MyCorporation will analyze your company structure and provide you with all the forms required to help you stay compliant with regulators. 

This service will cost $149 plus state fees. 

Corporate Supplies

MyCorporation provides you with some impressive corporate supplies that will help provide that official feeling and look to everything you do. From documents and tools to seals and company kits, you can get a lot from MyCorporation. 

Under this provision, you have the following: 

• Elite LLC Kit: You get a gold-embossed binder, transfer ledgers, a steel handheld embosser, a sample operating agreement, and up to 20 membership certificates. This kit costs $100.
• Elite Corporate Kit: You get a gold-embossed binder, a steel handheld embosser, waivers, minutes, sample bylaws, and 20 stock certificates. This kit costs $100 too.

Minutes and Bylaws

Every corporation has rules and laws that need to be followed for operations to run smoothly. At the same time, you need to keep records of meetings to ensure that there is accountability and transparency. 

MyCorporation provides proper templates of bylaws and minutes. With these, it becomes much easier for you to run and manage your company without running into any hassles. The minutes & bylaws package provides templates that have been drafted by corporate professionals. These will improve the convenience with which you run your organization and make things much faster overall. 

The package costs a flat rate of $99. 

Articles of Amendment

Throughout your business’s lifecycle, there are times when the company might have to change and become something else. You could decide to move the company’s headquarters elsewhere or even change the company’s name. Whatever it is, the articles of amendment will help make the step easier.

By filing articles of amendment, you are stating clearly the changes that are being made to your company and ensuring that everyone is aware of what is going on. From authorities and regulators to shareholders and customers, everyone understands the changes coming to the company. 

MyCorporation even ensures that you can fill and file articles of amendment to reflect the changes being made to your company. 

The articles of amendment from MyCorporation will cost $129 plus state fees. 

Articles of Dissolution 

No one wants this to be the case, but there are times when you will end up having to close your company. Interestingly, there are requirements for this as well. 

Depending on the reason why you’re closing your company, you will need to file with the state and notify them of your dissolution. If you fail to do this, you could still get several charges – including taxes, worker benefits, and much more. Dissolution puts an end to this. 

At the same time, the dissolution will inform your customers that you are no longer operating the business and you’ve decided to close shop. MyCorporation will help handle all aspects of your dissolution filing and ensure that you can see it through.

This service costs $129 plus state fees. 

Business Withdrawal 

The business withdrawal service notifies authorities in a foreign state or country that you are no longer doing business there. It is the same thing as having articles of dissolution, only that this applies to a foreign jurisdiction and not your home state. 

Remember that setting your business up in a foreign state can make you liable for taxes and other expenses. If you don’t notify the authorities that you are leaving, you will end up having to pay these fees regardless. So, MyCorporation will help you handle the filing and ensure that you have everything you need to seamlessly withdraw from there. 

The business withdrawal service from MyCorporation costs a flat rate of $129.

Business Reinstatement 

Not many know this, but you can reinstate a business even after it has been involuntarily dissolved. A lot of the time, companies go through rough patches and will have to come back, hoping to be bigger and better. This is understandable. Fortunately, there are steps you can take that will ensure that your reinstatement is on a soft landing. 

With the business reinstatement service from MyCorporation, you get to fill your reinstatement paperwork, submit the paperwork to the appropriate authorities, and calculate the fees you might owe the state. 

The business reinstatement service costs a flat rate of $99 on MyCorporation. 

501(c)(3) Tax Exemption Filing

The 501(c)(3) tax exemption is a service that is tailored to the needs of nonprofits. Non-profit organizations enjoy this tax exemption, but you will need to file for it before you get it. With this approval from the IRS, you will be able to get tax-deductible charitable donations from investors and donors without having to pay any taxes on them. 

MyCorporation can help you submit these filings and handle anything else that you need to get done. For just $650, you will be able to apply for tax-exempt status with MyCorporation. 

MyCorporation Alternatives

When setting up your organization, you will find that MyCorporation provides a lot of services that will be useful to you. However, MyCorporation isn’t perfect, and several other companies provide similar services. 

In today’s market, one of the top LLC formation companies is ZenBusiness. The company has made a name for itself due to its combination of cost-effective prices and high-quality services. If you’re looking to establish a corporation and the budget is a significant constraint for you, ZenBusiness will be an ideal choice for you. 

Considering that many business owners try to save as much money as they can, ZenBusiness easily beats out many competitors. You could check them out to see if their offering suits you or read our complete Zenbusiness Review.

MyCorporation Customer Reviews

If you’re still thinking about whether you should work with MyCorporation when setting your company up, you can always go online and see the reviews for the company. 

We found that MyCorporation has an impressive 4.4 rating out of 5 on Trustpilot. Most of the positive reviews seemed to relate to the company’s customer service professionals. 

While there are negative reviews as well, the positives outweigh them. 

Should You Start an LLC With MyCorporation? 

With everything outlined, it’s easy to have some confusion over whether you want to start your LLC with MyCorporation. With that in mind, here are some pointers that can help you out. 

Form an LLC With MyCorporation 

✔️MyCorporation is ideal for you if you’re looking for high-quality LLC formation

✔️You will enjoy working with MyCorporation if you will need excellent customer service 

✔️Companies looking to expand to Canada will also gain a great deal from working with MyCorporation

Don’t Form an LLC With MyCorporation 

✖️MyCorporation might not be ideal for you if you’re considering your budget. Their service tiers are more expensive than most other LLC formation services. 

Final Verdict – Is MyCorporation a Good Company to Form My LLC With?

With an assortment of services and an extensive customer support arm, MyCorporation is the ideal LLC formation service for people looking for high-quality service and offerings. The company provides an extensive service range, ensuring that you have everything you need to establish and expand your organization.

However, MyCorporation’s service package is quite expensive. If you are considering price above everything else, then you might want to consider some other alternatives to MyCorporation.   

Frequently Asked Questions (FAQs)