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Forming a company is tough. Not only is there a lot of work in coming up with a profitable niche, figuring out what to sell, who to sell it to and raising funds, there is still the stress of the questions and paperwork to legal start the business. Should the business be an LLC or corporation? How should the entity be taxed? Do I need an operating agreement? The questions go on.
Fortunately for today’s entrepreneurs, they don’t have to decide between doing it themselves or hiring an attorney. Entity formation companies like Filenow help bring business ideas to life by offering a team of tax and business experts that will guide you through the process of forming your company. With Filenow, you can register your new business as an LLC or corporation in less than 15 minutes.
Check out our review of Filenow and see how they compare against other formation companies.
Overview of the Filenow formation service
New York-based Filenow is a very simple and straight-forward entity formation service and one of the best things about them is that you don’t need to have any previous experience in forming a company. Filenow offers a set of guided questions to help you discover whether the LLC or corporation is best suited to your business. Once the entity is selected, Filenow helps new entrepreneurs through the formation process by preparing and filing the paperwork with the state. In seven short steps, you will quickly be through the formation process.
Filenow is a mid-priced entity formation company. What do you get for the money?
Starter Package $49 (plus the state fee)
With the Starter Package you get:
- 24-hour order processing
- Error-free money-back guarantee
- Free Employer Identification Number (most formation companies charge between $70 and $75).
- 1-year free registered agent
- Business name reservation – If you’re not ready to form your entity yet, you can ensure your name remains safe by reserving it. Your reservation application will last for 60 days, with two extensions available.
- Company alerts are sent to your email to ensure that you remain compliant with annual reports and other important filings.
- Phone, chat and email support – Live and personalized help is available in case you need instant help while working on your formation.
- Online status tracking
- Electronic delivery
- FedEx shipping of physical documents
Premium Package $149 (plus the state fee).
The Premium Package from Filenow includes everything listed above in the Starter Package, plus a company kit and banking resolution.
There isn’t much to differentiate the two packages and is not worth the additional cost for most people. A company kit (sometimes referred to as a company binder) can be purchased from Amazon for only $50 and banking resolutions are available from your bank at no cost.
To save a little more money from Filenow, as of this writing, if you scroll off the page, a pop up will give you an additional 15% off!
Filenow Customer Reviews
Filenow is an affordable and easy-to-use solution for entrepreneurs that need an easy way to launch a business. The company has an A rating from the Better Business Bureau and a 4.8 out of 5 score on Shopperapproved.com. Although the company only started in 2018, it’s quickly gained a lot of positive attention.
How much are Filenow’s registered agents after the first year
The cost to renew the registered agent after the introductory year, Filenow charges $119 annually, which makes Filenow’s renewal fairly priced as registered agent services normally cost between $100-$150 per year.
Provided you, a friend or family member, accountant, trusted employee, etc, live in the state the entity is being formed in, a registered agent doesn’t need to be hired. Many business owners act as the company’s registered agent and save on this cost.
Many people like paying for a registered agent service for privacy reasons. Most states make the names and address of registered agents available on public records. When the owner is also the registered agent, their name and address is now publicly linked to the business and anyone can search find this out. In most states by using a registered agent service, the owner’s name and address is private.
Filenow Turnaround Times
Filenow provides 24-hour processing on both of their packages. Note that this is the time for Filenow to process the order not the time for the entity to be approved. The actual time to create the LLC or corporation will depend on how long it takes the state to process the paperwork, which can be one day to several weeks.
Filenow also offers a same-day expedited filing service if you’re forming an entity in Delaware or New York.
On IncFile’s free plan you don’t get 24-hour turnaround and some companies like LegalZoom will even hold the formation paperwork before sending it to the state for 30 days when using their Economy Package.
Why use Filenow to form your LLC or corporation?
Filenow is an affordable and easy-to-use option for setting up a business. Added freebies like a free Employer Identification Number (EIN) and registered agent service for the first year adds to the value. While this might not be the cheapest service on the market, it still offers one of the best values.
While Filenow might not be as cheap as IncFile, it offers competitive pricing compared to other brands. On top of that, the service is incredibly straight-forward. All you need to do is spend about 15 minutes filling out the online questions and Filenow will do the rest for you – without a lot of annoying upsells.
Compared to options like LegalZoom ($79 – $349) and the Company Corporation ($99+), Filenow is a lot less expensive and offers more benefits like the no-cost registration of the EIN and 24-hour processing. Filenow comes in at the same price as Swyft Filings ($49), but Filenow provides faster turnaround and the free EIN vs Swyft Filing’s free business tax consultation and free domain name.
Although Filenow hasn’t been around for as long as some of its competitors, it’s gaining a very positive reputation. You should definitely consider this service if you’re looking for an affordable and simple formation service that can handle all of the stressful parts of forming a corporation or LLC. What’s more, Filenow offers one of the quickest turnaround times around, so if you’re in a hurry, then this company could be ideal for your needs.
Do I have to use Filenow to form my LLC or corporation?
No! You can file an LLC or corporation without using an entity formation service or attorney. While you can do it yourself, some states are more difficult than others. This is why having a formation service is beneficial, since they do this work every day and can confidently guide you through the complexities of entity formation.