MyCorporation Review (Based on Data)
In this review of the company formation services offered by MyCorporation, we're going to give you an unbiased breakdown of the features and benefits offered across more than 20 data points, and compare these to other competitors you might be considering.
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Price is still one of the most important factors for consumers so it makes sense to start with this. MyCorporation offer a number of different packages, and the price you pay will depend on which package you choose.
The base price for the MyCorporation service is $99 plus the state filing fee.
How does this compare against the market average across the 27 services we have reviewed? The market average price for a formation service is $162.
This means that MyCorporation is 39% lower than the market average of all company formation services.
If you're on a budget, MyCorporation might be a good option because it is cheaper than the market average. For a small business, the extra money saved could be a big help when starting out and you can always look at using other services later when your business is more established.
Registered Agent Service
A registered agent is a person or company that is legally required to accept service of process on behalf of your business. This means that if your business is sued, the registered agent will receive the lawsuit and be responsible for forwarding it to you.
A common feature for many company formation services is to offer a free registered agent service for the first year. This is a great feature to look out for because it can save you a lot of money in the long run.
MyCorporation offer a free registered agent service for the first year.
After the first year, you can keep your registered agent service with MyCorporation for $120 per year.
The time it takes to form your company depends on the package you choose and the state you are forming your company in. MyCorporation offer a number of different packages, and the processing time will depend on which package you choose.
The estimated processing time for an application with MyCorporation is 14 days, but this does not include the time it will take for the state to process your application and issue your certificate of formation.
If you are forming a company in a state other than the one you live in, you will need to qualify your company in the state you live in. This is called foreign qualification.
MyCorporation offers a foreign qualification service with a variety of different price points that you would need to contact them to discuss which is best for your needs.
Annual Report Filing
Every year, you will need to file an annual report with the state to keep your company in good standing. This is a legal requirement for all companies, and if you fail to file your annual report, your company will be dissolved.
Like most other formation services, MyCorporation offer an annual report filing service that takes one of the many tasks a company founder needs to do off your plate.
Money Management Tools
When you start a business, you will need to keep track of your finances. This can be a difficult task, especially if you are not used to managing your own finances. For example, you might need to invoice clients or reconcile your bank account.
MyCorporation do not offer any money management tools as part of their packages, so you would need to look at other services if you need this feature.
EIN Number Service
An EIN number is a tax identification number that is used to identify your business for tax purposes. You will need an EIN number if you have employees, or if you are a sole proprietor and you want to open a business bank account.
MyCorporation offer an EIN number service that will help you to get your EIN number quickly and easily.
Another huge consideration for many consumers is whether the formation service offers good customer support. After all, a cheap service is still very costly if you can't get in touch with anybody to ask questions or make changes to your application.
The table below covers the various support options and opening hours for MyCorporation.
Monday through Friday 7:30 A.M. to 4:30 P.M. PT
Offered, but no opening hours listed
Monday through Friday 7:30 A.M. to 4:30 P.M. PT
Finally, it is always a good idea to check out the customer reviews for a company formation service before you sign up. This will give you a good idea of what other people think of the service, and whether it is worth your time and money.
You can check out the customer reviews for MyCorporation on Trustpilot.
The last time we checked the Trustpilot reviews for MyCorporation, they had a rating of 4.3 out of 5.
Comparing MyCorporation to Other Services
If you are still not sure whether MyCorporation is the right service for you, you might want to check out our comparisons of MyCorporation to the other services we have also reviewed.
We have collated a lot of information about MyCorporation in this review to help you make an informed decision using real data and numbers that can be compared across providers.
If you are still unsure but are considing MyCorporation for your business, we would recommend you continue to research their website, customer reviews, or social media channels like reddit to see what other people think of them.
Hopefully, this review of MyCorporation has helped you to understand what they offer and whether the features they offer are right for your business.