So what exactly does the formation service entail? Are you starting off a new business and currently exploring avenues of how your business can grow and also be protected? Are you considering forming a Limited Liability Corporation (LLC) or a Corporation (whether it be C Corporation or S Corporation), but you are not by the means to afford an attorney? With the aid of the formation service businesses will no longer have the burden of filing and completing unnecessary and tedious paperwork relating to any business structure matters. Formation services is a third-party online platform that handles the entire business formation process at a very low cost.
What are the advantages for utilizing a formation service provider?
The business owner does not need to be concerned about any of the legal aspects when it comes to registering the business. The duty of business incorporation service providers deals with all of these aspects of the process.
All good service providers will ensure that their clients are notified about all future legal requirements that the owner will need to deal with as far as state requirements are concerned, removing the element of surprises.
The owner has no need to get involved regarding any of the steps for the process, as it is the duty of the formation service provider. This allows the business owner to focus their energy and time on getting the business off the ground.
The services of the formation service provider include support via phone, email, and online, allowing business owners to easily access any information regarding the status of the business formation process.
What are the disadvantages for utilizing a formation service provider?
The lack of personalization of the process, as when compared to utilizing the services of an attorney.
The services offered are very helpful and cost-effective, but utilizing the services of a legal professional can give the added benefit of insight and help with the starting of a business.
What should I look for in a service provider?
Options vary from one service provider to the next. Some offer entry-level packages to more elite packages, each offering their own perks and benefits. If a business owner is merely looking for something standard, without the necessary bells and whistles, then s a great place to start is to ensure that the service provider will provide the business with, the preparation and filing of the LLC, searching the availability of the business name, phone, and email support to clients, a portal that allows for documents to be accessed online, special credit card offers, the statement for the organizer, a free CPA assessment, a virtual business guide, a registered agent, the drafting and finalizing of the operating agreement as well as ensuring that the filing is done within a standard time frame.
At an added cost owner also have the option for extra services such as the option of choosing to have the filing done at an expedited time frame, allowed to also choose to have the filing done at a rush speed, banking resolution, employer ID number, worry-free guarantee, access to a business website, domain name privacy as well as access to a business email address.
So how do I decide which formation service provider to sign with?
For 2020 there were seven service providers identified as the top-ranking service providers, ZenBusiness, Rocket Lawyer, Incfile, Northwest, MyCompanyWorks, LegalZoom, and Bizfilings.
So how do I decide which service provider is the right fit for me?
ZenBusiness – Their services include; they do the business formation, the drafting of biennial or annual reports and ensuring that these are communicated to the respective businesses, assistance with EIN, drafting and finalizing of the operating agreement, providing the services as per the requirements of any registered agent services as well as ensuring that the respective businesses are provided with the best tax filing information and advice.
Rocket Lawyer – Their services include; they offer free incorporation services, they offer a registered agent services package that is valid for one year and they also offer legal services that include easy to use contracts and documents and they answer promptly to all legal questions, they also offer consultations with business lawyers and more importantly they have a wide range of exclusive discounts available.
Incfile – Their services include; a one year Registered Agent Services, they offer free shipping, clients are also able to do real-time order tracking and clients also have access to an online dashboard comprising Compliance tools.
Northwest – Their services include; a years’ free Registered Agent Services, plenty of industry experience ensuring to provide a personal touch as well as great customer support.
MyCompanyWorks – Their services include; after the formation process they have a start-up Wizard to aid with this formation, they also offer next day processing for all important documents as well as personalized Organizational meeting minutes and corporate bylaws.
LegalZoom – Their services include; they file all formation documents with the state, they offer a LegalZoom peace of mind review as well as a one-to-one customer support base.
BizFilings – Their services include; a six-months Registered Agent Service for free as well as a BizComply compliance monitoring tool and access to an extensive document library.
Deciding on which formation is best is guided by business needs. For more information regarding formation service providers click here.
By 
