How To Start My Own Llc – MyLLC is a business services company based in Cheyenne, Wyoming. They were founded in 1998, making them one of the oldest companies in the industry. They work with entrepreneurs and small businesses in the United States and around the world. Their most commonly used service is the formation of limited liability companies (LLCs).
You will see many references to the fact that MyLLC wrote a book on LLC formation. MyLLC founder Jennifer Reuting wrote the title Limited Liability Companies for Dummies, which was published in 2011. We think that’s great, but do the rest of MyLLC’s services meet the same standards?
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How To Start My Own Llc
Most LLC service companies offer several different levels of service packages at different prices. However, MyLLC is different: they do not offer packages or bundled services. Instead, you choose each desired service à la carte. This means you can purchase just the LLC formation or add as many extras as you want.
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MyLLC will form a limited liability company for $99 plus state fees (plus $24 shipping). The formation service only includes verifying your company name (which you can do for free at home) and preparing and filing your Articles of Incorporation with the state.
Notice! If you do not live or do business in the state where MyLLC forms your LLC, you will need to register your LLC as a foreign LLC in your home state. This means you need to maintain two LLC registrations, pay two state fees, and maintain two registered agents.
Check out the Best States to Form an LLC to ensure you are forming an LLC in the correct state.
Note that MyLLC also offers the advantage of beating any competitor’s prices for many services. It’s a great offer, but we’re not sure how easy it is to take advantage of. Some online customer reviews mention that MyLLC requires a lot of evidence about a competitor’s pricing before honoring a price match.
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Special Offer: Get 60% off when you hire Northwest ($39 + state fee) to form your LLC.
As with almost all LLC service companies, MyLLC offers many optional services (“upsells”). Most of these upsells are useful and reasonably priced, although some are a bit pricey.
MyLLC offers foreign qualification registration when you register your LLC. An overseas qualification allows you to legally do business in the state where your company is registered. The total cost to apply for foreign qualification for your LLC for MyLLC is $149.
MyLLC charges $69 to complete and file the forms required to obtain an Employer Identification Number (EIN) for your LLC. This is about what competitors charge. MyLLC offers a cheaper alternative: They charge $35 to fill out Form SS-4 to apply for an EIN, which you must mail or fax to the IRS.
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However, you can easily get an EIN for an LLC on your own in just a few minutes – and an EIN is exempt from the IRS.
If you need to obtain a Certificate of Good Standing, MyLLC can help you with the request for $35. A certificate of good standing is proof that your company is up to date with its fees and annual reports. This document is generally only required when you present other documents, such as foreign eligibility. Most competitors charge similar amounts to those charged by MyLLC.
A change to your LLC’s articles of incorporation will cost $99. This is below the industry average, so it’s a good value. You may need to amend your articles of incorporation if you change the name of the LLC or the location of the main office.
If you want a DBA (Doing Business As) fictitious name for your company, MyLLC can help you get one for $99. This is a common fee charged by other LLC formation companies.
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If you’re not sure if you need a DBA, read more here: Do I need a DBA for my LLC?
MyLLC offers a very fast response time. They claim to process the organization’s articles within 24 to 48 hours of placing the order. This is faster than the industry average. MyLLC will send you the completed articles of organization for your approval before registering with your state.
Although its default response time is very fast, MyLLC does not offer a faster processing option. And they don’t give you the option to choose your state’s expedited processing option for MyLLC when you file your documents. This means that MyLLC is not a good choice if you need to form your LLC in a hurry.
MyLLC uses very transparent language on its website. They clearly describe each of their services and list the prices of those services prominently. However, they have a long term of service document that is very difficult to read as it is full of legal language.
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MyLLC offers excellent customer service. They offer phone and chat support, while many competitors only offer phone support. We’ve tried both ourselves so we can give you an idea of what you might experience if you choose MyLLC for your LLC formation.
The representative we spoke to via online chat support was excellent. They responded to our questions quickly and accurately. They also made some helpful suggestions, such as asking a lawyer to review our operating agreement.
The representative we spoke to on the phone was fine. He gave basic answers to our questions without elaboration. However, all the answers he gave were correct.
Want something better? Hire Northwest ($39 + state fee) to form your LLC. They are our favorite company and we recommend them to friends and family. Northwest does not employ any sales representatives. Instead, their entire team are subject matter experts and are genuinely happy to answer any LLC questions you may have!
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They have also been accredited by the Better Business Bureau since 2009 with an A+ rating. We read customer reviews to find out why they have an average rating of 3.55 out of 5 stars on the BBB.
The majority of low ratings on the Better Business Bureau website come from customers who did not read the MyLLC Terms of Service or did not understand state regulations regarding registered agents before deciding to cancel service. Be sure to read the terms before signing to get the best experience with any filing company.
Tip: To dismiss an LLC’s registered agent, the LLC must first file paperwork with the state to appoint a new one. This is because almost all states require LLCs to maintain a registered agent on file to receive notice of the lawsuit.
MyLLC offers a simple but outdated user experience. The ordering process was very smooth and easy to follow. However, they don’t offer as much information about LLC formation processes as some of their competitors. MyLLC only offers questionnaires for you to complete.
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Like most LLC formation companies, MyLLC has definitions and explanations for each questionnaire item to ensure you understand what information you put into the field. But one drawback of MyLLC’s old web design is that these tips are only visible when you hover your cursor over the “?” Hover over sign This function can be confusing – disappearing when you try to read or overlaying a drop-down menu if you hover over it.
The actual LLC formation process is simple – it’s all on one page, so the workflow is simple. However, because they ask for all of your credit card information on the same screen, you don’t have to think about reviewing your order before actually paying for it on MyLLC. Additionally, the user interface looked like it was from the early 2000s.
Some competitors (mostly large companies) offer many additional services, such as accounting consultancy or web design services. However, the only additional products MyLLC offers are a corporate kit and a managed reporting service. We were surprised that MyLLC didn’t offer any help with business license searches.
If you purchase the managed reporting service for $49 per year, MyLLC will prepare and file your LLC’s annual report for you. However, this price does not include state taxes. And MyLLC does not offer managed reporting service in all 50 states.
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But if you hired MyLLC to form your limited liability company, they will send you reminders about annual reporting obligations in your state. This service is free with the purchase of an LLC formation.
And LLC University® provides free step-by-step instructions for completing your LLC annual report yourself. We can help you regardless of the state in which you form your LLC.
MyLLC offers three different types of corporate kits, including binder, membership certificate, meeting minutes template, and seal. These kits cost $69 – only the design changes, not the materials.
And if you want to order a business stamp or other stationery items, we recommend Moo.com. You can fully design and customize everything you order on Moo.com, unlike items bundled by MyLLC.
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In addition to its LLC formation services, MyLLC also offers registered agent service for $149 per year. This means they will accept legal and government correspondence on your company’s behalf and forward it to you.
MyLLC will send you any legal correspondence received by email and physical mail. You can also
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