MyCompanyWorks Review: Best LLC Formation Service for Small Business
Did you know that the majority of small businesses in the United States are LLCs? Which roughly translates to 35%? This is followed by S-corporations with 33%, corporations with 19%, sole proprietorships which account to 12 percent%, and lastly, partnerships with 2%. These numbers are according to the National Association of Small Business's 2017 Economic Report.
Why is LLC the number one choice for business structure?
The benefits of LLC play an important deciding factor for a business to go with this structure. The main reason could be because an LLC confines personal liability. After all, it is legally detached from its owners. LLCs are accountable for their own debts and commitments. Hence personal assets such as bank account and home are protected from the collection of debts.
In addition, LLCs get the best of all worlds when talking about tax implications. Why? Because LLC does not pay any business-specific taxes or business taxes. Instead, the LLC’s income and expenses are turned over to the owners’ personal tax returns. Moreover, LLCs don't have the limitations on the number and type of owners.
Furthermore, some of LLC's benefits are the flexibility of the business itself and the minimal records to maintain, making it easier to manage.
Ready to enroll your business into LLC? There are several companies that can get the job done. However, in this review, we will focus on a company called MyCompanyWorks. We will deep dive into its reliability, benefits, and overall value.
What is MyCompanyWorks?
Founded in 2001, MyCompanyWorks, Inc. (formerly MyNewCompany.com, Inc.) is a provider of incorporation, LLC formation, and other small business services. Since its inception, MyCompanyWorks is now one of the United States’ largest LLC filing service companies.
Currently, the company has helped more than 60,000 businesses around the globe. It also upholds an impressive A+ Better Business Bureau rating. MyCompanyWorks is competitively valued and has a robust standing for customer service. With their fair and competitive pricing, it’s a no brainer that business owners who want value and guarantee trust MyCompanyWorks.
Over the years, they've successfully formed thousands of companies. Guided by their goal of making the process easier and faster, MyCompanyWorks empowers entrepreneurs to the maximum.
Is MyCompanyWorks Legit?
For LLC filing and formation services, legitimacy questions are often raised. Over 60,000 companies put their faith in MyCompanyWorks. They have an impressive rating from Shopper Approved and Better Business Bureau. To top that, they’ve also made it to the Inc5000’s 2017 list of the fastest-growing private companies.
With over 3000+ reviews on their site, over 98% of it is averaging from 4.9 to 5 – talking about customer satisfaction! So yes! MyCompanyWorks is legit.
How Does it Work?
MyCompanyWorks has successfully simplified business formation. This has been evident in the tons of positive reviews they garnered, as well as the solid reputation on ease of use. MyCompanyWorks' process is straightforward and streamlined, making it convenient for users as possible.
Their LLC formation process comes in handy three steps. It starts with the selection of business types and defining the state. Second is the super laidback online form to fill out. Lastly, wait and receive the filed papers.
MyCompanyWorks delivers a share of valuable info about the differences between several company types and how to select one. It is noteworthy for owners or partners seeking to create their business as soon as possible.
- 100% Satisfaction Guarantee – Best in the industry. They will gladly refund the service fee anytime as long as it is within 90 days of purchase. A good 100% refund of the fee and no questions asked.
- ComplianceLock – Maintain compliance and be monitored for any corporate identity thief. Receive email, text message alerts about critical compliance due dates, and automatically generated meeting minutes, in just one click.
- MyCompanyForms – A lifetime access to MyCompanyWorks’ 200+ professional and ready trial forms to aid businesses to operate a compliant business well into the future.
- Federal tax ID number (EIN) - MyCompanyWorks will acquire EIN on the client's behalf. EIN is required for hiring employees and for payment of business taxes. Additionally, EIN is needed to open business bank accounts, etc. Owners can obtain their own EIN from the IRS for free, but MyCompanyWorks removes that hassle from the business.
- Custom Operating Agreement – A vital internal document that outlines how the business will be administered from both executive and economic perspectives.
- Preparation and Filing of Articles of Organization for LLC - MyCompanyWorks will create the business’ formation documents, then tender these documents to the state government to legitimately form the new business.
- Free Annual Report Alerts - Each year, the business needs to file a once-a-year report to avoid business termination. MyCompanyWorks will provide each client with a straightforward notice each year around filing time.
- Security – MyCompanyWorks’ website is protected by GeoTrust, sending 256-bit encryption and third-party website identity authentication. The website also has a valid SSL certificate, which means that all communications between the browser and its web servers are private and protected.
The Startup Wizard – A custom-made, online interactive startup agenda that guides every business with a careful step-by-step procedure on what is needed to do to properly establish the company after it’s been formed.
MyCompanyWorks offers three packages for all Entrepreneurs looking to form an LLC. See the plans below:
- The Basic LLC package costs $79 plus the state filing fee, and it includes the following features: Unlimited Name Availability Searches; Prepare and File Articles of Organization; Personalized Organizational Minutes; Personalized LLC Operating Agreement; Online Order Tracking and Status Updates; Same Business Day Processing; Unlimited Phone/Email Support; The New LLC Handbook; The Startup Wizard; Free Company Alerts; Access to Scanned Documents Online; Free eBook: Startups Made Simple; Lifetime Access to "My Account."
- The Entrepreneur LLC Package costs $199 plus the state filing fee, and it includes everything in the Basic Package plus Federal Tax ID; LLC Kit, Seal and Member Certificates; and MyCompanyForms™ Lifetime Business Forms & Tax Guide.
- The Complete LLC Package costs $279 plus the state filing fee, and it includes everything in the Entrepreneur Package plus one year free Registered Agent Service; Business License Compliance Package; FREE Business Tax Consultation; Free Domain Name and 1 Year Hosting Offer; and Free Startup Business Funding Consultation.
Final Thoughts on MyCompanyWorks
All in all, we can say that MyCompanyWorks has solid features and pricing scheme that makes them an excellent choice over any other provider. That being said, they do offer a handful of great features that would be very helpful to new business owners. MyCompanyWorks has many online reviews from actual customers and provides a 100% Satisfaction Guarantee, offering to either resolve satisfaction issues or provide a refund. Overall, we would recommend MyCompanyWorks as a good choice for online business incorporation due to its low price and fantastic offerings.
What can you say about MyCompanyWorks? Leave your comments below!
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