When you start a business, it’s important to have a budget for both one-time expenses and ongoing costs. A good rule of thumb is to save enough money to cover your fixed costs for six months.
Incfile is a full-service online business filing company that offers state formation services for LLCs, corporations, and nonprofits. It also offers EIN obtainment for Gold and Platinum package users and a free registered agent service for the first year ($119/year after that).
Free Tax Consultation
Having experts on your side can make a difference when it comes to tax paperwork. With a Gold package membership, you’ll have access to business contract templates and an expert consultant to assist with tax write-offs and more. The Gold plan starts at $199 and will renew annually unless canceled.
In addition to helping you set up an LLC, Incfile can also help you obtain a nine-digit employer identification number (EIN) from the IRS, which is required for some types of businesses, like hiring employees and opening bank accounts. While this service is offered for free with the Silver and Gold plans, it will cost extra to add an operating agreement and banking resolution. You’ll also find a variety of useful tools in their online client dashboard, including a company status update tracker. These features make Incfile a strong contender in the market for business formation services. However, their customer support is only available on weekends, which can be a drawback for some entrepreneurs.
Free Registered Agent Service
At $0 + state fees, Incfile is one of the cheapest business formation services around. However, the company does earn its revenue from add-ons and upgrades, which can lead to additional costs for new business owners. By being vigilant during the registration process, you can avoid any unnecessary charges.
Every LLC and corporation must have a registered agent in the state where they operate. This person is responsible for accepting service of process and mail from the state and federal agencies on behalf of the business. Incfile provides this service free of charge for the first year (renewable annually at $119), beating out competitors like ZenBusiness and Harbor Compliance.
The site also offers free templates for important documents like operating agreements and banking resolutions. It can help you save time and money when starting a business by providing the paperwork you need to open your bank account. It will also make it easier for you to obtain an EIN, or tax ID number.
Free EIN/Tax ID Number
When your company registers as an LLC or corporation, the IRS will also issue you a nine-digit Employer Identification Number (EIN). Think of it like a business-specific social security number. It’s needed to open a bank account, hire employees, obtain loans and more. Incfile can take care of obtaining your EIN for you by submitting an IRS Form SS4.
Aside from its core services, Incfile has a wealth of free entrepreneurial resources available to new business owners. Their website features a business startup guide and a small-business toolkit that contains everything from sample contracts to privacy policies.
Aside from their a la cart services, Incfile offers three service packages. Depending on your needs, it may be cheaper to go with the Silver or Gold package rather than paying for services a la carte. However, the add-on prices sometimes make little sense. For instance, getting a certificate of good standing for $70 simply doesn’t make financial sense.
Easy Online Forms
Many new business owners don’t realize that there’s a large monetary barrier to getting their business off the ground. Setting up a legal entity like an LLC can cost as little as $0 + state fees with Incfile.
After you’ve set up your legal entity, Incfile can help you acquire an Employer Identification Number (EIN) for less than ten minutes online through the IRS. The EIN acts as a business’s “Social Security Number,” allowing it to open bank accounts, hire employees, and file taxes.
Additionally, Incfile offers a variety of other services for new entrepreneurs. These include a Statement of Organizer, which lists your initial members, and Banking Resolution, which authorizes someone to open a bank account on behalf of your entity. You also get access to business contract templates and lifetime alerts for filing deadlines and compliance reminders. This is a huge benefit for new businesses, as it can save you a lot of time in the long run.