MyCompanyWorks (formerly known as MyNewCompany.com) was launched in 2001 for the sole purpose of empowering entrepreneurs by simplifying the process of starting and running a business. What sets MyCompanyWorks apart from the rest in the industry are the complete LLC formation and incorporation packages, the interactive startup checklist, and the affordable prices that come with no hidden fees. If you want to learn everything there is to know about the popular formation and business filing service, read our in-depth MyCompanyWorks review.
Pros & Cons
Pricing Plans
Basic
Enterprise
Complete
$79 + state fees
$199 + state fees
$279 + state fees
Is MyCompanyWorks the Right Choice for Your Business?
As one of the largest providers of LLC formation, incorporation, and similar small business services, MyCompanyWorks has proven to be a reliable and trustworthy choice for launching your business. But is it the right choice?
We did our research and analyzed many reports to be able to compose this MyCompanyWorks review for you. Please continue reading to learn everything you need to know about MyCompanyWorks, its biggest strengths and weaknesses, and how it fares compared to some of its fiercest competitors.
MyCompanyWorks Features, Courses, and Materials
MyCompanyWorks stands apart from its competitors in many ways. By providing complete LLC Formation and Incorporation packages that include everything from filing to setting up the company, it is already one step ahead of most of its alternatives.
MyCompanyWorks will take care of the filing and help in any way it can in forming your new business. A popular part of this process is the MyCompanyWorks Welcome Kit that includes:
- A Welcome Letter
- Filed Business Formation Paperwork
- Organizational Minutes and Instructions
- Personalized Corporate Bylaws or LLC Operating Agreement
- Other Optional Products You Have Ordered: Prepared FEIN, S-Corp Election, and similar
Let’s take a closer look at other popular features MyCompanyWorks offers and how they are ranked compared to the alternatives.
Startup Wizard
The unique online interactive startup checklist will be the loyal step-by-step guide to help you properly organize your business after its formation. The Startup Wizard gives you personalized results based on your company type and the state it’s based in.
Our MyCompanyWorks review emphasizes this feature since it’s one of the industry’s most comprehensive and in-depth guides currently available. The best part? It’s included free with every business formation and covers all the steps required to ensure your new company’s perfect launch and start.
Registered Agent Services
A registered agent can be a life-saver for many entrepreneurs, especially those just starting and not having any experience launching a business. Since the registered agent takes care of all legal and state documents, there is no room for error, so you can have the ease of mind that you won’t miss any necessary filings.
That said, unlike most MyCompanyWorks alternatives that provide up to a full year of free Registered Agent Services with all their plans, the company charges $99 per year for all packages besides the Complete package (the highest available tier). This can be a deal-breaker for many cost-conscious entrepreneurs, especially those with limited budgets since they can acquire the same services for free elsewhere. Many MyCompany reviews confirm this.
Name Availability Search
As the first step in launching a business, the Name Availability Search is essential for all LLC formation and incorporation services. MyCompanyWorks excels in this area by researching the state’s database for your company’s desired name or offering suitable alternatives if that one is already in use. The name availability search is available in all packages, which shouldn’t come as a surprise considering how essential it is.
The formation services may charge for this feature, but some providers offer it for free. For example, BizFilings, the most popular MyCompanyWorks alternative, provides a free tool for everyone checking their desired business name. It’s worth mentioning that you don’t even need to be a paying customer to use this service.
Federal Tax ID Number (EIN)
Everyone can acquire their own EIN from the IRS for free, but having someone else do it for you, especially someone with so much experience in the area, can help speed things up and save you from a potential headache. Note that an EIN is needed for hiring employees, opening business bank accounts, and helping you pay business taxes, so it should be required as soon as possible.
However, MyCompanyWorks reviews show that the company offers this feature with the Entrepreneur package from the middle tier. In other words, the Basic package users are forced to deal with it independently, even though it’s an essential task for starting a business.
MyCompanyForms Business Forms
Another Entrepreneur package is a popular MyCompanyForms feature that is also available for free with the Premium service. It includes lifetime access to over 200 professionally prepared sample forms to help you start, manage, and grow your business.
According to many reviews, MyCompanyWorks Premium is perfect for all new businesses since it guides entrepreneurs through all the phases of their company’s evolution. But it can also be readily useful to existing business and corporation or LLC self-filers.
MyCompanyForms include:
- Startup checklists for DBA’s, Corporations, and LLC’s
- The New Corporation Handbook, the New LLC Handbook
- A tax guide that explains the taxes and when to pay them
- Compliance guides
- IRS tax guides and calendars
- Corporation forms such as bylaws, minutes, and resolutions
- LLC forms such as operating agreements, minutes, and resolutions
- A business forms library
- Popular business and tax forms
- Entity-specific tax, business, and maintenance forms
Managed Annual Report Service
MyCompanyWorks reviews show that the managed annual report is one of the most popular and most praised services. The service includes monitoring the status of your company and preparing and filing your Annual Report. Of course, you need to pay state fees, and everything else will be taken care of by MyCompanyWorks. Furthermore, it offers to file your Initial Report, if it’s applicable, to prevent late fees and administrative dissolution.
Not many alternatives offer these services, and if they do, you are still required to do a considerable amount of work to ensure proper and on-time filing.
ComplianceLock
Last but not least is the ComplianceLock that is available only with MyCompanyWorks Premium. It’s a 4-in-1 compliance automation service that will help you stay on top of all the essential compliance due dates.
Moreover, it will monitor your company status, generate minutes of meetings and consents, and safeguard all your compliance documents from prying eyes. In other words, it’s a peace-of-mind service not often seen in the LLC formation and incorporation alternatives.
The features included in the ComplianceLock are:
- Sending email and SMS alerts for substantial compliance due dates
- Generating meeting minutes/consents with a single click
- Monitoring your company status to prevent corporate identity theft
- Securely storing personal and corporate documents “in the cloud” for safekeeping
Ease of Use
We are continuing our MyCompanyWorks review with one of the most critical parts — ease of use. Based on many user reviews and testimonials, setting up an LLC is a breeze on the company’s official website. Since a seamless wizard is guiding you through the entire process one step at a time, you won’t even notice when you reach the end of it.
Furthermore, many MyCompanyWorks reviews claim that the MyCompanyWorks dashboard is intuitive and user friendly, with tons of detailed information about all the available services. No wonder that they have already helped with over 60,000 business formations since 2001.
MyCompanyWorks Turnaround Time
Unlike most of its alternatives with unclear turnaround times or long waiting periods, MyCompanyWorks guarantees that all received formation paperwork will be done within the same day.
The only exception to this rule is if you submit your order after 3 PM ET, in which case they will process the formation paperwork the next business day. Many MyCompanyWorks reviews also confirm that the company offers expedited service within the state, which is available at an extra charge.
For comparison, most formation services provide expedited processing of the formation paperwork, but nothing more than that. Still, they can rarely achieve the same-day filing as MyCompanyWorks.
We have to admit that MyCompanyWorks excels in turnaround time, which is proven with an overall rank of 9/10 in most online formation services reviews.
MyCompanyWorks Support
Customer support is another area where MyCompanyWorks excels. It offers phone and email support and guarantees a response in less than 24 hours, which is faster than most alternatives.
The quality of service provided by the company’s support team is the most commonly praised characteristic in user reviews.
While reading, we noticed that almost all positive and negative reviews have good comments about the helpfulness and readiness of the MyCompanyWorks support team. They are knowledgeable and, even more importantly, very friendly and just one call or email away from its customers.
The only downside and most common user complaint about MyCompanyWorks’ support service is that it can sometimes be difficult to reach since the agents work shorter hours than most competitors. The team is available Monday through Friday from 7:30 AM to 4:30 PM PT.
If a problem occurs during their off-hours, you can still send them an email, but the chances are you will get a response during the next business day. Another weakness proven by our MyCompanyWorks review is that it doesn’t offer live chat support but only email and phone. This is not something that would be an issue for most entrepreneurs, but some would prefer a chat instead of a call.
MyCompanyWorks Pricing Packages
MyCompanyWorks may not be the cheapest LLC formation and incorporation service out there, but it offers competitive prices. Note that we didn’t manage to find any coupons at the time of writing, but according to several user reviews, you should stumble upon them on third-party sites.
However, our advice would be to contact the vendor before claiming a MyCompanyWorks coupon to make sure it is legitimate. This should be a general rule for all types of coupons — you can never be too protective when it comes to your online safety.
On the other hand, we found a MyCompanyWorks Covid-19 Action Plan that includes 20% off on all business formation packages available for all potential customers. This discount will last until the quarantine is over, so if you are thinking about starting an LLC or a corporation, now is a perfect time. All you have to do is enter the MyCompanyWorks discount code COVID at checkout, and you will save 20% off all fees.
Now let’s move on to the pricing packages, the features each offer, and how they fare to competitors.
MyCompanyWorks Basic
The Basic Package is priced at $79 + state fee. It’s recommended for all entrepreneurs looking for the essential business formation features at affordable pricing. Note that there might be cheaper MyCompanyWorks alternatives, but some of them will lack several features included in the Basic package:
- Unlimited name availability searches
- Prepare and file articles of incorporation
- Personalized LLC/Organizational minutes
- Personalized corporate bylaws
- Online order tracking and status updates
- Same business day processing
- Order is audited for compliance and spelling
- Unlimited phone and email support
- The new LLC/Corporation Handbook
- The Startup Wizard
- Free company alerts
- Access to scanned documents online
- Free eBook: Startups Made Simple
- Lifetime access to the My Account Dashboard (MAD)
- Lifetime access to the Vendor Network
MyCompanyWorks Enterprise
We are continuing our MyCompanyWorks review with the most popular package among its users — the Enterprise package. Priced at $199 + the state fee, the Enterprise package is recommended for entrepreneurs looking for an EIN and access to the massive MyCompanyForms document library.
The Enterprise package includes everything from Basic, with the addition of:
- Obtaining a Federal Tax ID
- LLC Kit, seal, and member certificates
- Lifetime access to MyCompanyForms
MyCompanyWorks Complete
The Complete package is priced at $279 + state fee and comes with the most significant perk available — Registered Agent Service.
Not many entrepreneurs have the knowledge or experience to be registered agents, so having one available, especially at the company’s launch, can be a game-changer for the business. Many MyCompanyWorks reviews can confirm this.
The only problem with this package is that most MyCompanyWorks alternatives offer a registered agent service for free during the first 6 to 12 months with all tiers. That said, if you calculate your expenses in the long run, the Complete package might be a more affordable choice for many entrepreneurs. Unfortunately, after the free service expires, most alternatives charge astronomical fees to continue using it with your package.
The Complete package includes all the services from Basic and Enterprise and adds:
- Registered Agent Service
MyCompanyWorks Premium
Last but not least is the Premium service that unlocks additional features unavailable with the three Business Formation packages. The Premium service is priced at $99 per year and can be added to the Basic, Enterprise, or Complete package. It’s unique in the formation service industry, and it makes MyCompanyWorks stand apart from its alternatives.
The features offered by Premium are:
- Managed Annual Report Service
- ComplianceLock
- Business Entity Monitoring
- MyCompanyForms
- 5 GB of storage
- E-Ledger
- E-Certificates
- Priority Support (response time under two business hours)
MyCompanyWorks Refund Policy
MyCompanyWorks reviews show that the company is setting up new standards in the LLC formation and incorporation industry regarding a refund policy. Unlike most of its competitors, the company offers a 100% satisfaction guarantee. In other words, if you are not satisfied with their work and you ask for a refund within the first 90 days, it will refund every cent you paid for its services. Note that all the fees charged by state authorities are non-refundable and can’t be retrieved.
MyCompanyWorks Customer Reviews
MyCompanyWorks is one of the rare formation services with a plethora of overwhelmingly positive reviews by its customers. Moreover, almost all MyCompanyWorks reviews from BBB are positive, helping the company achieve an overall A+ rating. Most praises are for their broad experience with the company, each sharing their point of view and what they liked the most.
We found some negative user reviews as well, which is quite understandable for a large company such as MyCompanyWorks. Still, even those have a positive tone and show that the company successfully resolved the problem. This says a lot about MyCompanyWorks’ reputation and how much they care for their customers.
How Does MyCompanyWorks Compare to Its Biggest Competitor — LegalZoom?
MyCompanyWorks vs. LegalZoom
The most significant advantage MyCompanyWorks has over LegalZoom is the more affordable pricing. For comparison, MyCompanyWorks’ starting price is $79, while LegalZoom’s starting price is $99.
On the other hand, even though LegalZoom’s customer service works longer hours (from 10 AM to 8 PM ET, Monday–Friday, and from 10 AM to 7 PM during weekends), it has more negative reviews than MyCompanyWorks’ user support.
Lastly, with 1–2 business days turnaround times, MyCompanyWorks wins in this area, too. LegalZoom’s turnaround times depend on the order, and they could be from 7 up to 30 business days, which is one of the most extended waiting times in the industry.
As the fiercest MyCompanyWorks alternative, LegalZoom excels when it comes to experience. The company has served more than 2 million business customers and has had more than 4 million clients since 2001. For comparison, MyCompanyWorks has served only 60,000 clients.
Some entrepreneurs might also prefer LegalZoom’s order tracking tool over MyCompanyWorks’ email notifications, but this is more of a personal preference than a strength or weakness.
MyCompanyWorks Pros and Cons
Pros
- Competitive prices — As you can see in our MyCompanyWorks review, the company might not be the cheapest LLC formation and incorporation service, but it definitely offers competitive prices in the industry.
- A quick turnaround time — Unlike most of its competitors, MyCompanyWorks guarantees processing of all formation paperwork submitted before 3 PM during the same day. For paperwork submitted after 3 PM, the processing will be done during the next business day.
- A 100% satisfaction guarantee refund policy — If you are not 100% satisfied during the first 90 days, MyCompanyWorks will refund everything you paid minus any fees already charged by the state authorities.
- A plethora of positive user reviews — MyCompanyWorks is one of the rare LLC formation and incorporation services with thousands of user reviews, most of which are positive.
- Great customer support — Many MyCompanyWorks reviews praise the lightning-fast response time from the knowledgeable and kind support team.
Cons
- A free Registered Agent is included only in the highest tier — Unless you opt-out for the Complete package priced at $279 + the state fee, you will have to pay a fee of $99 per year if you need a registered agent with the Basic or Enterprise package.
- Customer Support may be difficult to reach due to short working hours — Unlike most of its competitors, MyCompanyWorks’ customer team can be reached only from 7:30 AM to 4:30 PM PT, Monday–Friday.
Final Verdict — Is MyCompanyWorks Value for Money?
The shortest answer is YES, but let’s talk about the longer one. Our MyCompanyWorks review showed us that the company has stellar customer feedback with over 3,000 reviews, and most are overwhelmingly positive. They also offer competitive prices, a quick turnaround time, and a 100% satisfaction guarantee refund policy, which is rarely seen with the alternatives.
Even though MyCompanyWorks’ pros heavily outweigh the cons, there is one thing you should take into consideration before choosing the company to start your business. Unlike most alternatives, MyCompanyWorks includes a free registered agent only with the highest tier.