Incorporating a Business
MyCorporation vs. CorpNet vs. LegalZoom
Hey there, entrepreneurs! Ready to take the leap and start your own venture? First things first. Before you rush out and tell everyone about your big idea, it’s smart to establish your business as an official entity. You can call a lawyer, but even a simple task such as incorporating your business can run up the bills when you pay by the hour. In the past few years, websites have popped up online that take care of the most common document filings for a set fee. Let’s take a look at how three of the most popular sites stack up.
MyCorporation
Owned by Intuit and in business since 1997, MyCorporation is an established vendor in the online legal services category. Unlike LegalZoom, MyCorporation focuses solely on corporate legal services, but it offers more than just incorporation document filing services. MyCorporation’s basic package is comparable in price to CorpNet, but offers only limited support. In order to get unlimited support, you must upgrade to the Up and Running package for $99. Add $100 for rush filing, comparable to CorpNet’s charge. MyCorporation is not the least expensive choice for incorporating, but their site offers a wealth of information and their price is competitive. MyCorporation is a solid choice, with the backing of a solid personal-finance company without the premium price point of LegalZoom. They’re our pick for the best C-Corp or S-Corp online document filing service.
Best for
MyCorporation is a good value for the entrepreneur looking to set up a corporation. As long as you’re comfortable online, you should be able to use their service easily.
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CorpNet
CorpNet is the scrappy underdog in the online incorporation service arena. It was started by a husband and wife team and is significantly less expensive than its competitors. In fact, if you’re deciding on a name for your business, CorpNet will do a business name or trademark search for free, something LegalZoom includes only in its packages. They also stay competitive via a price match guarantee. CorpNet prides itself on being fast, accurate, and affordable. While their basic package runs $49, you can upgrade to their Express filing service for $100. Keep in mind that all package prices are merely for the document filing services; state fees are additional.
Best for
If you’re a bootstrapper looking for a free name or trademark search, definitely check out CorpNet. And if price is paramount, they seem to offer the best value on a basic package.
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LegalZoom
LegalZoom is well-known for its array of online legal services encompassing far more than incorporating; their website handles wills, name changes, and other personal and corporate legal needs. LegalZoom is the most expensive online document filing service, but its cost still comes in well below a corporate attorney’s fee. LegalZoom’s Economy package starts at $99, and its most popular package comes in at a hefty $369. Why so pricy? If you need to expedite your filing, LegalZoom’s Express Gold package The price tag affords you a 7-10 business day turnaround vs. their standard 20-35 day service. There is a reason LegalZoom is so popular: their site lays out their process in a clear, easy to grasp way. Check out the info on their site, but go with MyCorporation unless you plan on consolidating personal and business services at one website.
Best for
If you’re a little nervous about filing on your own, without a local attorney to walk you through it, LegalZoom’s name brand service and document review process might be worth the premium price.
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