I recently started my own LLC and had to go through the normal process of filing my formation documents with the state.
It is possible to do this yourself, however, to make sure that I got it right (I had never started a business before), I looked into using one of the many LLC formation services you can find online.
The initial search was a little confusing I must admit. There’s a lot of companies providing this service and along with the different types of packages they all advertise, it was difficult to know which to go for.
In the end, I opted for MyCompanyWorks because I came across a lot of positive customer reviews and the price was good.
In this review I am going to give you the lowdown on my experience and whether ultimately I would recommend MyCompanyWorks to others looking to start an LLC.
MyCompanyWorks Review Summary
PRICING: Basic: $79 / Deluxe: $199 / Premium: $279 (State fees also apply)
- Fast and responsive customer support
- Efficient service that is easy to use
- 100% satisfaction or your money back
- The basic package has a lot of features
- You have to opt for the complete package to get 1 year registered agent services included.
- There are more budget-friendly options such as IncFile available
Overall, MyCompanyWorks provide a very good service. Customer support is great and the process was efficient and painless. I also liked the number of features I got with the basic package. However, by only including a year of registered agent service on the complete package I did feel short-changed. I was on a budget and the fact this wasn’t included in the package I purchased was disappointing.
Who are MyCompanyWorks?
MyCompanyWorks is one of the older LLC formation services out there, having started back in 2001.
They boast having helped over 60,000 businesses over the last 18 years and are still going strong from a market share point of view; these guys continue to get a lot of clients if the number of online reviews is anything to go by.
They are also one of the larger online LLC formation services, with a head office in Las Vegas.
Their mission statement: “We empower entrepreneurs and their advisors by making starting and running a business, faster, easier, and less expensive,” is pretty much spot on.
The process was simple and efficient in my experience, but more on that later.
The 3 MyCompanyWorks LLC Packages
During my research into what LLC service to use, I did get a little confused about the nature of the different packages available.
I was on a budget and I didn’t know if a basic package would suit my needs, (and the last thing I wanted to do was end up paying more for additional services after the fact).
As with the majority of the services available online, MyCompanyWorks provide 3 packages of LLC formation; basic, entrepreneur, and complete.
What I liked about the packages here is that the basic did seem more comprehensive than a lot of the competition. It was also in my price range and is the one I actually went for.
Let’s take a closer look as to what’s on offer:
Basic: $79 + Relevant State Fee
Preparation and Filing of Your Articles of Organization
This is the main part of any LLC formation service, and from what I can gather all basic packages will do this.
Namely, the company will draft all the documents required by your state of formation in order to officially form your LLC. They will then submit these documents to the state on your behalf.
Name Availability Search
You’ll also find this on many basic packages.
Thinking up a name was an enjoyable process for me. This was my new business, and once you decide on a name it becomes very real that you are starting a new venture.
I am sure every new business owner feels the same way about this.
Anyway, you still need to check that the name you want to use hasn’t already been taken by another business.
Here, MyCompanyWorks will take care of this for you. They will search the relevant database to ensure that the name is freely available.
LLC Operating Agreement
This document is a bit of a bonus as far as basic packages go.
The operating agreement sets out the ownership structure of your LLC. It also provides a written account on how the company will be operated.
You normally have to pay for a mid-range or even comprehensive package to obtain this with other providers; MyCompanyWorks includes it in the basic one.
Unlimited Phone & Email Support
MyCompanyWorks provides unlimited phone and email support to all customers. One of the reasons it has gained such positive customer reviews no doubt.
Being my first time doing this, I definitely wanted that kind of support
Documents for Organizing Minutes
This was also a nice touch that helped me decide to opt for this service.
MyCompanyWorks will provide you with custom minutes forms so it’s easier for you to organize your meetings and take minutes in them.
From the outset, I planned to have a staff of around 5, where meetings of this nature would be relevant.
This was another detail that helped sway me towards them. They provide a tool to help keep track of your compliance deadlines and filing requirements. This will alert you to when things need to be submitted etc.
- Related Content: BetterLegal Review – LLC Services (ARE THEY WORTH THE MONEY?)
Entrepreneur: $199 + Relevant State Fee
The Entrepreneur package features all the services included in the basic plus the following.
Federal Tax ID Number (EIN)
In hindsight, I wish I had opted for this package because of the inclusion of the EIN.
After my LLC formation, I began recruiting, (in fact I already knew whom I was going to employ); however, I still had to go through the process of obtaining the EIN for my company.
The EIN is the Social Security Number that allows you to hire employees, open business bank accounts and pay your business taxes.
With this package, MyCompanyWorks will take care of obtaining the EIN from the IRS so you don’t have to.
LLC Kit and Seal
A binder with your company’s name on it, a decorative seal and a few template forms. All very nice, if a bit unnecessary, (for me anyway).
MyCompanyForms Business Forms
They also provide a bunch of sample documents. Gain access to a library of 200+ commonly used business forms that can be customized for use with your company.
Complete: $279 + Relevant State Fee
This package includes all of the above, plus the following service.
One Year Registered Agent Service
All LLCs in the USA need to have a designated Registered Agent.
This is a third party individual or a business entity that will receive important document deliveries from the state on your behalf.
By opting for the complete package, MyCompanyWorks will do this for you.
This is my major gripe with MyCompanyWorks. Having a registered agent is a legal requirement; however, the basic package does not include this.
It meant that I did pay extra to add this service to the basic package.
Researching other services after using MyComanyWorks, I discovered that some actually include it for free on their basic packages.
But more on this below.
- Related Content: Inc Authority Review – Do we recommend their LLC Services?
MyCompanyWorks vs The Competition
BEST PRO PLAN
BEST CUSTOMER SERVICE
MY COMPANY WORKS
1 Business Day
1-3 Business Days
1st Year Free,
1st Year Free,
60 Day Free,
$69 Extra (Free on Top Plan)
$35 Extra (Free on Mid Plan)
Included on Mid (Pro) Plan
Free 1hr Tax Consultation
30mins Tax Consultation
Free LLC Handbook
HOSTING & DOMAIN
Included on Top Plan
Free Lifetime Annual Alerts
Free Lifetime Annual Alerts
Included with Registered Agents
Free Lifetime Annual Alerts
Free Lifetime Annual Alerts
Free Lifetime Annual Alerts
$100 + State Fee
We recently pulled together all our reviews of the major LLC formation services into one place here. As you can see from the comparison table above, IncFile is our top value choice because of its zero filing fee on the basic account.
We rated Zen Business highly because of their pro plan, and excellent user interface. If you have the budget, these are the guys to go for.
For someone that likes to use a service where it is easier to get hold of a human over the phone, we recommend Northwest Registered Agent. However, MyCompanyWorks scores highly on this too with their knowledgable customer services department.
The Pros and Cons of Using MyCompanyWorks
1. Very responsive customer support
MyCompanyWorks has a dedicated support staff that is very helpful and responsive. You can expect an email reply to any issue you might have within 30 minutes (during business hours).
The few phone calls I had to make had an operator at the other end that was able to answer my questions right off the bat.
I was extremely impressed with this part of the service, especially as I only opted for the basic package.
2. A comprehensive basic package (to a degree)
That $79 Basic package is full of features that does better the competition.
Having a personalized LLC operating agreement, as well as thos organizational minutes is a very nice touch.
The compliance alert system is especially useful too.
However, after later realizing that I needed to purchase a year’s registered agent service on top did take the wind out of my sails.
My budget was tight; I honestly would’ve gone with a competitor had I realized.
3. Excellent Customer Feedback
There’s no denying that the service is professional. Everything was organized and smooth running.
This is why the company continues to get excellent feedback online
4. 100% satisfaction or your money back
Another reason customers love it. If you are not 100% satisfied, you will get your money back.
You might ask whether I did this in regards to being disappointed at having to pay extra for the registered agent service. However, I do put this down to my lack of research.
I could hardly blame the company for that. The packages clearly state what they provide, I just didn’t know that the agency aspect was a legal necessity for LLCs
The cons of using MyCompanyWorks
1. The free registered agent service is only on the top tier package
Okay, I am starting to bore myself with this. You get the picture, the basic package doesn’t seem so great once you realize that this is not included.
2. Overall price points
Although you do get very responsive customer service, and the process of having your LLC filed and formed with MyCompanyWorks is painless, there are definitely cheaper options available.
- Related Content: CorpNet Review: What the Vault50 readers have to say
MyCompanyWorks: What the internet says?
There is no shortage of customer reviews online for MyCompanyWorks. They are a large provider that has been around for a number of years after all.
With over 2,000 individual reviews you’ll have your work cut out reading them all.
However, the stats speak for themselves; this is a popular LLC formation service.
- Shopper Approved: 4.8 out of 5 stars (2,588 reviews)
- Google: 4.8 out of 5 stars (46 reviews)
MyCompanyWorks is a high-quality service that has a basic package with a lot of great features.
However, the fact you have to cough-up for the complete package in order to get the 1-year registered agent service is a bone of contention for me.
It’s all very well including operating agreements and such, but discovering that competing providers will give you that all-important agency service free for a year, made me a little bitter, (can you tell 🙂 )
So, if you have the budget, go for the complete. You’ll get everything you need and the service is top-notch.
If however, you are on a budget, there are better options available.
The two main service providers I would recommend instead of MyCompanyWorks would be IncFile and Northwest Registered Agent.
I am aware that other contributory writers for Vault50 have had their say on these services (follow the links above for that).
If you are on a tighter budget, these LLC formation services will certainly fit the bill.
IncFile vs MyCompanyWorks
The best budget LLC service as awarded here is IncFile.
In hindsight, I should have opted for them. At $49 for the basic package, you get the fundamental drafting and submission of your formation documents, plus a company name search.
BUT, you also get a year’s registered agent service thrown in.
I would have still had to contact the IRS for the EIN mind you, and I didn’t get the various documents that MyCompanyWorks includes on their basic package.
Check out the IncFile website here.
Northwest Registered Agent vs MyCompanyWorks
Northwest Registered Agent has also scored highly in the Vault50 “best LLC services” roundup review.
Here they gained an extra nod for great customer service, (although I have no complaints with MyCompanyWorks in this regard).
Northwest is more expensive than IncFile, and very closely priced to MyCompanyWorks, however, they do provide a monthly payment plan option that also includes registered agent services.