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MyCompanyWorks assists aspiring business owners in filing the required documents to create an LLC or corporation in a matter of minutes. It includes an interactive wizard for setting up your business, as well as free business alerts and a simple order management dashboard. The downside is that the cost of these plans can be prohibitive. Based on our thorough review, you will decide if the company provides enough management and business formation help to justify the cost.
MyCompanyWorks compared to the Best Online Legal Services
MyCompanyWorks is the best option for startup founders looking to get started. The plans include handbooks and guides that cover the entire business side of startups, from formation to closing. In addition to legal forming your company, you will also receive assistance in opening a bank account for your business and creating a logo.
MyCompanyWorks has many benefits for future business owners. However, it is not ranked in our top 10 online legal services. MyCompanyWorks is less feature-rich than other online legal services. Despite this, MyCompanyWorks may offer additional benefits that could prove to be of benefit to you. To compare services, see all our top picks.
MyCompanyWorks: The Good and The Bad
The Good
Customer Support: Every package comes with unlimited telephone and email support so that every business owner can access the help they need when and where it is needed. The support team is friendly, quick to respond, and offers helpful information. You’ll also get priority support if MyCompanyWorks Premium is selected.
100% Satisfaction Guarantee MyCompanyWorks offers a 100% satisfaction guarantee for every customer on any plan. MyCompanyWorks will make every effort to meet your expectations. This can be done within the first 90 days of purchase. However, it is best to notify the company as soon as possible to rectify the situation.
Virtual Office Service: Company owners can also purchase business filing services starting at $39/month. This feature provides a physical address in Nevada and Wyoming, weekly mail forwarding, and discounted shipping rates for parcels. It also gives you phone and fax numbers. This plan is ideal for home-based companies or online businesses without a physical location that needs to separate personal and business addresses.
MyCompanyWorks offers a free business tax consultation. Many of the extras in MyCompanyWorks’ plans are not necessary or used by many businesses. The free consultation for business tax could be very useful. This webinar provides information on taxation for your particular entity. It also explains what tax forms you will need, how taxes work in your favor and the most recent IRS tax rules for business filing.
Document E-Delivery: Customers can choose to have documents filed by their business mailed to them at their physical address, or delivered directly to their mailbox. All documents are scanned and sent electronically to your MyCompanyWorks account. You can view them and print them at your convenience. Digital document delivery will save trees, allow you to store digital copies for your records, as well as receive your forms free of shipping charge.
The Easy-to-Use Startup Wizard. Starting a business can be difficult if you’ve never done it before. MyCompanyWorks Startup Wizard provides a step–by–step guideline of what you need to do to move things along. To ensure that you are only completing the tasks necessary for your business, the system can be tailored to any entity (LLC or corporation). If you are unable to complete all tasks in one go, the tool will send you reminders.
Additional Startup Perks Startup founders receive several bonuses with every MyCompanyWorks Plan. To get your website up and running, you will receive a domain name and hosting free for a year. A free consultation is available for financing a startup. You will also receive a compliance audit to ensure that your company filings are in order. There will be discounts and trial offers for software and products targeted toward startups.
The Bad
MyCompanyWorks’ Included Features are more expensive than other services. This is especially true when you consider some of the fluff features many business owners might not use. You will only get MyCompanyWorks Premium and registered agent services for the highest-tiered plan, which starts at $279. Other services are more affordable.
Unnecessary extras for some businesses: You may not be able to use many of the MyCompanyWorks benefits if you are not a founder of a startup. The $250,000 worth of rewards and perks in each plan are targeted mainly at startups. Startups are also targeted by business consulting services and ebooks.
MyCompanyWorks offers cost-effective registered agent services. Some services provide this service for free or offer a minimum of one year of free service to customers. You will need to purchase the $279 Complete plan to get this service free of charge with MyCompanyWorks.
Limited contact hours: While MyCompanyWorks is a superior company in terms of politeness and helpfulness, it has a limited number of support hours that could prove to be frustrating for business owners who require assistance outside of business hours. Phone support is currently only available between 8 AM and 4 PM PST. Email support is available for an additional hour starting at 7 AM PST Monday through Friday.
MyCompanyWorks Pricing and Options
MyCompanyWorks has three plans that cater to different business sizes. The Basic plan is $59 and includes your state’s filing fees. The state fees vary widely, such as the $53 Missouri fee or Alabama’s $236 Alabama fee.
The Basic plan provides all the basics, including a Startup Wizard to help you choose the right business entity and unlimited search for name availability. The options available for $59 are very limited.
These features are also available in other legal formation services like Incfile which offer them for free or at a reduced price. MyCompanyWorks may cost you more for features that you don’t need such as an eBook on logo creation and startups.
Next, Entrepreneur starts at $199 plus the State filing fee. Complete is $279 plus filing fees. These plans include a federal tax ID (FEIN), a free registered agent service in Los Angeles, as well as a guide for tax forms and tax. Spoiler alert! A FEIN can be 100% free via the IRS.
Incfile also offers a free registered agent service. MyCompanyWorks is not the best option if you are only interested in basic business formation. The service offers a lot of perks to business owners, including discounts and rewards geared toward startups.
You can choose MyCompanyWorks Premium with Basic or Entrepreneur for $99/year. Complete comes with the service for free. It includes 5GB cloud storage, business entity monitoring, and ComplianceLock(tm)alerts.
MyCompanyWorks LLC & Corporation Formation
MyCompanyWorks’ primary service is the formation of LLCs and corporations. The company will collect the necessary information and prepare the legal documents required to form your LLC/corporation according to state standards.
Access to an easy-to-use setup wizard will be available that guides you through each step. This will make it simple for you to get started in business formation. Telephone and email support are available if you have any questions.
A bonus is that you’ll be able to get your business documents completed quickly. For your convenience, any order received before 3 PM EST on a Business Day processes the same day.
A dashboard is used to provide information about your company, including any correspondence or critical alerts, life-long business-related alerts, and a customized Operating Agreement and Corporate Bylaws document.
Is your state required to submit an annual or bi-annual report that includes business information updates? MyCompanyWorks handles these, too, so that you can focus on what is important. This feature requires MyCompanyWorks premium. You can also have MyCompanyWorks Premium notify you when your annual reports are due so you can manage them yourself.
MyCompanyWorks offers a registered agent service free of charge with Complete and Entrepreneur plans. Basic plans cost $99 per year. This service is available in all 50 US states. It allows you to obtain official documents about your company.
MyCompanyWorks will file Articles of Dissolution in your state if you want to end a business. You will still need to complete some closing tasks such as notifying creditors, disbursing assets, and paying taxes.
MyCompanyWorks offers many useful features to help corporations and LLCs get started, but it is not the most cost-effective. A company that offers a free or less expensive registered agent service like Infile or Rocket Lawyer might be a better choice for small businesses.
Nevertheless, for some, the added cost might be worth it because of the speedy setup, great customer service, and same-day processing.
MyCompanyWorks Premium
MyCompanyWorks Premium can be added to Basic or Entrepreneur plans for $99/year. Complete comes with it free. Premium includes an annual managed reporting service, which prepares and files your reports for most states. Business entity monitoring is included, which will ensure that your company’s legal status with the state is maintained.
Additional benefits include:
- Cloud storage of up to 5GB
- More than 200 tax and business forms
- For extra security, use ComplianceLock
- Support for priority customers
- Electronic ledgers
Is the premium worth the price? Premium has some benefits for businesses that must complete certain tasks to remain compliant. For example, reporting minutes of annual meetings. Premium will notify you automatically when these tasks are due so that you don’t miss any important information that could threaten your business.
MyCompanyWorks Virtual Office
MyCompanyWorks can be used by businesses to get a physical address in Nevada or Wyoming. However, it can also be used anywhere in the world. This service is perfect for online businesses that require a physical location to receive mail and parcels. A Nevada or Wyoming area number can be set up for your business to forward to another number.
If you are located in the U.S., your virtual office service will forward mail to you weekly and monthly to international addresses. You can still forward packages that aren’t within the standard shipping costs for discounted shipping prices.
Your virtual dashboard will allow you to manage all your mail and phone calls online. This means you can view your mail and decide what to forward. You can also check out business faxes and phone calls without leaving your office.
MyCompanyWorks virtual offices are very affordable at $39 per month. There are also virtual offices that can be used by businesses, such as DaVinci Virtual or Alliance Virtual Offices. These services offer more than 1,000 locations and are better suited for companies that need local addresses and telephone numbers.
How MyCompanyWorks ranks
MyCompanyWorks is simply too expensive for the services it provides. This is why it wasn’t on our top 10 list of online legal service providers. It does include some startup guides, assistance in closing businesses, and reports filing. Many of the services it offers are not necessary for most businesses, such as a logo or FEIN.
The best online legal service offers more than MyCompanyWorks, but for less:
- Rocket Lawyer Best for Most
- Incfile Best for Business Formation
- LegalZoom is Best for flat fees, versatility
- UpCounsel is the best for complex legal issues
- Avvo is Best for legal advice
- LegalMatch is the best way to find an attorney in your area
Summary
MyCompanyWorks makes it as easy as possible to form a legal entity. Once you’re done, however, the costs may outweigh any benefits. Some companies charge more for services such as business banking and registered agents. If customer service, startup discounts, and a satisfaction guarantee are important to you, it might be worth paying the extra fees.
To get the best bang for your buck, make sure you opt-in to all relevant extras before you sign up. You’ll miss out on free domain hosting for one year, a complimentary business tax consultation, as well as other benefits that come with every plan.
