Bizfilings Review (December 2023)

BizFilings provides business formation and compliance services for entrepreneurs, small businesses, and corporations. It offers a range of services related to the incorporation and ongoing compliance requirements of businesses in the United States.

BizFilings helps individuals and business owners navigate the process of forming a new business entity, such as a corporation, limited liability company (LLC), or nonprofit organization.

They offer services for registering the business with the appropriate state authorities, obtaining an Employer Identification Number (EIN) from the Internal Revenue Service (IRS), and preparing the necessary legal documents.

Additionally, BizFilings assists businesses in maintaining compliance with state and federal regulations. They provide services like annual report filing, registered agent representation, and other compliance-related tasks to help businesses stay in good standing with the authorities.

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BizFilings Pros & Cons

Pros:
1. Expertise and Experience: BizFilings has been in the business formation industry for several years and has extensive experience in helping entrepreneurs and businesses navigate the process. They have a team of experts who understand the legal requirements and can provide guidance throughout the process.

2. Time and Convenience: BizFilings saves businesses time and effort by handling the paperwork and administrative tasks associated with business formation and compliance. They take care of preparing and filing documents, monitoring deadlines, and providing ongoing support, allowing business owners to focus on other aspects of their operations.

3. Compliance Support: BizFilings offers compliance monitoring and support, ensuring that businesses stay in good standing with the state authorities. They send reminders for annual reports and other compliance requirements, helping businesses avoid penalties and maintain legal compliance.

4. Registered Agent Service: As a registered agent, BizFilings provides a legal address for businesses to receive important documents and correspondence. This can be especially beneficial for businesses that operate from home or do not have a physical office, ensuring that they don’t miss any critical communications.

5. Business Resources: BizFilings provides educational resources and tools to help entrepreneurs and business owners better understand the formation and compliance process. These resources can be valuable for those who are new to the business world or seeking guidance on specific topics.

Cons:
1. Cost: Using a service like BizFilings incurs a fee, which can be an additional expense for entrepreneurs and small businesses on a tight budget. The cost may vary depending on the specific services required and the jurisdiction in which the business is being formed.

2. Limited Personalized Support: While BizFilings provides support and guidance throughout the formation and compliance process, the level of personalized support may vary. Some users may prefer more one-on-one assistance or have specific questions that may require additional clarification.

3. Service Limitations: BizFilings primarily focuses on business formation and compliance services. If businesses require additional legal or accounting services beyond the scope of BizFilings’ offerings, they may need to seek assistance from other professionals.

4. Potential Delays: Depending on various factors, such as the workload of BizFilings or state processing times, there may be some delays in the filing or processing of documents. While BizFilings strives to complete tasks efficiently, external factors can sometimes affect the overall timeline.

5. Changing Regulations: State regulations and requirements can change over time. BizFilings makes efforts to stay updated with the latest regulations, but it’s important for businesses to remain aware of any regulatory changes that may impact their compliance obligations.

It’s essential to consider these pros and cons in the context of your specific business needs and requirements before deciding whether to use BizFilings or any similar service.

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Main Services and Features

Here are some of the key services and features provided by BizFilings:

1. Business Formation Services: BizFilings helps entrepreneurs and business owners with the formation of various business entities, including corporations, limited liability companies (LLCs), and nonprofit organizations. They assist in preparing and filing the necessary formation documents with the appropriate state authorities.
2. Registered Agent Service: BizFilings acts as a registered agent for businesses, providing a legal address where official government correspondence and legal documents can be delivered. This service helps ensure that businesses receive important notices and comply with state requirements.
3. Compliance Monitoring and Support: BizFilings offers ongoing compliance support to help businesses meet their legal obligations. This includes monitoring filing deadlines, sending reminders for annual reports and other compliance requirements, and providing guidance on how to maintain good standing.
4. Business License Research: BizFilings assists businesses in identifying the necessary licenses and permits required to operate legally in their respective industries and jurisdictions. They provide guidance on the application process and the specific requirements for obtaining these licenses.
5. Name Availability Check: BizFilings performs name availability searches to determine if a chosen business name is already in use or if it complies with state naming requirements. This helps businesses avoid conflicts and ensures their chosen name is suitable for registration.
6. Document Filing and Retrieval: BizFilings handles the preparation and filing of important documents, such as articles of incorporation, articles of organization, and annual reports. They also maintain a secure online repository where businesses can access their filed documents for future reference.
7. Compliance Kits and Seal: BizFilings offers compliance kits and corporate seals, which include customized binders, sample corporate documents, and a company seal. These items help businesses organize their important paperwork and maintain a professional image.
8. Foreign Qualification Services: For businesses operating in multiple states, BizFilings assists with the process of qualifying the business as a foreign entity in states other than the state of incorporation. This allows businesses to expand their operations while complying with state laws.
9. Amendments and Dissolutions: BizFilings helps businesses with various corporate changes, such as amendments to articles of incorporation or articles of organization. They also assist in the dissolution of businesses when necessary.
10. Business Resources and Tools: BizFilings provides educational resources, articles, and guides on topics related to business formation, compliance, and general business management. These resources aim to help entrepreneurs and business owners make informed decisions and navigate the complexities of running a business.

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BizFilings LLC Formation Packs

BizFilings provides three types of LLC formation services: Complete, Standard, or Basic. Below is a breakdown of each level’s features.

Basic Plan: $99 + State fee

Articles of Organization (Preparation & Filing): BizFilings drafts and files these documents. These documents are submitted to the state of formation in order to create your limited liability company.

Name Availability Searches: They will search state business databases to verify that the name you are looking for is available. No cost for as many searches as possible

6-month Registered Agent Service: Every LLC in America requires registered agents. This is the person or entity you have designated to receive important documents from the government on behalf of your business. This ensures that the state has an easy way to contact a representative from your LLC. BizFilings will act as your registered agent for six months. After that, they charge $220/year. You are not required to buy this service.

6-month BizComply Tool: This online compliance tool allows you to keep track of state-specific regulations, rules, and filing deadlines. This tool is part of a registered agent service. It only lasts six months before you need to purchase a registered agent subscription.

Standard Plan: Price Variable ($159-244) + State Fee

All the benefits of the Basic package plus…

LLC Kit and Seal: A binder containing your LLC’s name printed on its spine. It also includes a decorative seal to stamp documents and custom membership certificates for owners.

Sample LLC Forms: A CD will be sent to you that contains customizable templates for business documents such as operating agreements, meeting minutes, and resolutions.

BizFilings expedited processing: BizFilings will prioritize the processing of your order over any Basic package orders they receive at the same moment. You will need to pay the expediting fee if you wish to expedite your order to your state of formation.

Complete Plan: Price Variations ($199-434) + State Fee

All the features of the Standard package plus…

• Federal Tax ID Number (EIN), also known as a Social Security Number, is what your LLC needs. An EIN is required to open a bank account for your business, hire employees, and many other things. BizFilings will obtain your EIN directly from the IRS.
• “Now That You’re Formed” Compliance DVD: This is basically a video instruction manual to help you form your LLC.
• Overnight Shipping to a Certified Copy of Your Documents: After they file your documents, they will obtain a certified copy from your state and overnight it to them.

Additional Features Depending on the state where you are forming your company, this package might include additional features. In Washington, for example, the Complete package includes an initial report and a certified copy of your filed formation papers. It also includes a state tax ID form.

Is BizFilings right for you?

BizFilings has many positive points. However, they are not the right fit for all businesses. Let’s look at a few scenarios to help you decide whether to use their LLC formation services.

BizFilings: When is it a good idea to start an LLC?

BizFilings can help you if your state has complex compliance requirements.

BizFilings: When to NOT start an LLC

BizFilings might not be the right choice if your goal is to buy well-balanced packages that include many advanced features and save money.

Final Verdict (Our Recommendation)

BizFilings isn’t very different from other companies unless you are forming a company in a state that has additional compliance requirements. However, they are a reliable provider of LLC formation services with lots of experience.

Their base rate is $99. They also include six months of registered agents service with any of the LLC packages. However, their competitors are able to beat this price and include a full year’s registered agent service.

What other services does BizFilings offer?

BizFilings offers a variety of services that entrepreneurs can use to grow and maintain their businesses. We looked at the features BizFilings offers and found out how much each one costs. This can be particularly interesting when you consider the a la carte pricing of features included in their formation packages.

Let’s look at all BizFilings has to offer and talk about which services are worth your attention and which can be ignored.

Register Agent Service ($220). BizFilings provides six months of registered agent services with every LLC formation package. They charge $220 per annum after the six-month period is up. This is slightly more than average.

Publication Service ($100). In states such as New York, where entrepreneurs must publish proof of LLC formations in local papers, BizFilings can handle the whole process for you for $100 plus the state’s fees. BizFilings is the preferred publication service and we don’t know of any other companies that offer this service at a lower cost.

EIN ($79). It is very simple to get your EIN from IRS. BizFilings will purchase one for you for $79 This price is in line with industry norms.

The Business License Research Package ($99), This package includes a list all licenses and permits that your business requires to comply with local, state and federal law. Although you will still need to apply for licenses, it is very helpful to have a list.

Payroll Tax Registration ($199). BizFilings can set up accounts to help you with your company’s unemployment tax and withholding. This is a unique offer as few competitors offer assistance in payroll tax registration.

Sales Tax Registration ($199). BizFilings can also register your company for use and sales taxes with your state, county and/or municipality.

Certified Copy (39 USD): BizFilings can acquire official copies of any state-filed documents for $39. This is a lower price than what most competitors charge.

DBA Name ($139). A DBA name (doing business under) is an alternative to creating a business entity. It gives you the legal right of using an assumed business name. BizFilings’ $99 price is fairly standard. This is especially true if your state requires you to complete a name availability check. In which case, you can add $25.

Annual Report (pricing unknown): All states require entrepreneurs to submit an annual or biennial report. This report is used to keep the state informed about basic business information, such as your address and registered agent’s names. BizFilings cannot disclose the cost of this service. You’ll need to contact them if interested.

LLC Kit (99$): This is a binder that has your LLC’s name on it. We are not convinced that anyone needs an LLC kit. In fact, we wouldn’t recommend spending more than $100 on this product.