Inc Authority is one of the best and affordable places to form an LLC (Limited Liability Company) for your new company.
After discovering this company, I found it to be the only affordable place to start your company formation and it takes a few minutes.
Inc Authority has been in existence since 1989 and has formed over 110,000 LLC and Corporations, it also has over 2000 positive reviews by happy customers.
In this post, we will be doing an Inc Authority Review and know how well they perform in 2020.
Whether you need an LLC to set up your Stripe account, show proof you have a business in the US, or for other things, you’re at the right place.
We will also discuss the Inc Authority features, pricing, and alternatives so you can make your choice and be proud of it.
They waive their service charges, labor costs, and overhead.
You only pay the mandatory secretary of state fees, which you’ll need to pay regardless of who forms your LLC for you.
The state fees differ considering the state you’re forming your LLC in and you should be careful where the state you form your LLC, or you may end up paying ridiculous annual filing fees.
- 1 What is Annual Filing Fee?
- 2 Inc Authority Review & What they do
- 3 Overall Steps and Requirements to Open an LLC in the United States
- 4 Inc Authority Pricing
- 5 Inc Authority Features
- 6 Alternatives to Inc Authority
- 7 How to Form an LLC at Inc Authority
What is Annual Filing Fee?
I figured out that some of us may not be updated as regards to United States Laws when it comes to forming a company and some certain law words you should know.
Filing fee is fee charged by a government organization to accept a document for processing, and this is paid yearly.
This fee keeps your company going whether you made sales or not.
The moment you stopped or don’t pay them, their will be numerous reminders, they may decide to add additional late fee to the initial filing fee price, but when it shows you how no interest in paying, your company will be taken back and it will cease to exist.
California charges an $800 annual filing fee, and a super high State fees and Delaware charges a $500 annual filing fees, and a high State fees.
Just to mention a few.
You pay these annual fees yearly and the time you stop paying them, your LLC will seize to exist.
However, we will be recommending a State you’ll form your LLC with a $15 annual filing fee and little state fees.
In the end, you’ll only be spending $178 to form your LLC including getting an Employer Identification Number (EIN).
Meanwhile, on other LLC formation companies, they charge various service fees and other extra fees to form your LLC, that’s why you may end up paying over $700+ to form an LLC.
You may be wondering why Inc Authority offers this service 100% free, well it’s because they want to gain your trust and to help those with little budget form their LLC.
While using Inc Authority LLC, the fees are super cheap, you only get to pay for State fees, Operating agreement, and EIN. You can pay for other ad-dons if you actually need them.
The Employer Identification Number (EIN) or Federal Tax Identification Number, is used to identify a business entity.
It’s also a Social Security Number (SSN) for the company.
Always form your LLC in a state called Kentucky or any other state that has cheap formation prices and affordable filing fees.
You can always form your LLC in any state, considering you’re ready to pay whatever that comes your way.
Inc Authority Review & What they do
Don’t have any idea what exactly Inc Authority is all about? Don’t panic – we got you covered.
By the end of this highly wide-ranging article, you will feel like a greatly informed person with a detailed overview of what Inc Authority can do for the smooth running of your business from scratch.
Authority is a Legal Service Company that provides assistance to customers or clients to build different business entities.
They do that with the help of document filing services. Yes, you heard it right – ‘Document filing services’. That is what you are going to get when you think through buying an LLC formation service from IncAuthority Reviews.
Overall Steps and Requirements to Open an LLC in the United States
1. Select a State: Before you form an LLC in the United States, you have to select a specific where you want to form your LLC in.
Each state has different fees which the state government charges to accept your formation.
We always advise our readers to form their LLC in Kentucky, since the state fee is only $40.
States like Alaska charges over $250 to form an LLC in their state.
2. Name Your LLC: While forming your LLC, you need to come up with a name for your business. For example, I would use TheProfany LLC for my business name.
3. Registered Agent Services: You will also need a registered agent residing in the state of your formation.
You will get a personal US address in the specific state you formed your LLC if you formed your LLC using Inc Authority.
These agent helps forward and scan every physical mail you receive to your electronic mailbox.
They serve as a middle party in your business in terms of conveying the physical mails sent to you in the united states to your electronic mailbox.
Fortunately, Inc Authority gives its customers a free 1-year registered agent service, the following year, you start paying $99.
But it’s OPTIONAL if you won’t be really making use of it. You can also buy a cheaper US Physical Address for forwarding online if you make some searches.
4. EIN (Employer Identification Number): If you’re a non us citizen, an EIN is considered as your SSN. This is required to prove your identity in the united states especially if you will be forming an LLC, opening a US bank account, or doing some signups online that require an EIN. In fact, it’s necessary.
Inc Authority package comes with an EIN for $49. It’s affordable, since other LLC formation companies charges from $119 to file an EIN on your behalf.
5. Operating Agreement: This document officially proves you as the owner of the LLC that was just created. Should in case in the future, you’re required to prove you own the LLC, you will be required to provide an operating agreement.
Even if you ignore it for now, if it’s required in the future, you will still need to file for an operating agreement for your US Company.
6. US Bank Account: Personally, I will advise you to open a Payoneer account. Since it has little requirements, and you can easily get your US Banking details.
The interesting part of forming an LLC using Inc Authority is, you don’t need to do these yourself, you just to fill a questionnaire form and submit and that’s all.
Always select the features or packages you really want and do away with the irrelevant ones.
Inc Authority Pricing
Like I previously said, Inc Authority is one of the cheapest places to form a legal LLC for your new company.
The service is completely 100% free and you only pay necessary state fees depending on the state you choose.
There are also add-ons you will meet while forming your LLC, and you can decide to add them or skip them.
The most important ones are:
- Choose Kentucky as State (for affordable state fee)
- Operating Agreement
You’ll only be spending only $178 if you selected the most important things such as State (Kentucky), EIN, Operating Agreement, etc, you will only be spending less than $200 to start your LLC.
And that’s really amazing knowing the fact, you’ll have to spend up to $500 to set up an LLC on other sites.
Inc Authority Features
They do have good features if you form your LLC over there and few of them are:
1. Free Name Search
Inc Authority will check your business name against multiple databases.
2. Preparation & Filing
Inc Authority will prepare your entity formation documents and submit them to the state.
3. Registered Agent
Ensure you never miss a legal notice. Inc Authority will be your registered agent for 1 year.
4. Digital Storage & Delivery
A digital copy delivered to you and the storage of your essential start-up documents.
5. Business Checking Account
Inc Authority will provide access to a business checking account with exclusive incentives.
6. S-Corp Election Form
Inc Authority prepares and files S-Corp document Form 2553 with the IRS.
7. INC CARE Support
Our expert support staff will help answer any questions you have, via email or phone.
8. Tax Planning Consultation
Your new business will receive a Tax Planning Consultation to help you save more of your business income.
9. Business Funding Analysis
A Funding Expert will review your financing needs and share with you startup funding solutions.
Alternatives to Inc Authority
A very good alternative to Inc authority is Incfile and with $189, you can form an LLC at Incfile while choosing your state like Kentucky.
They are my best places (IncFile and Inc Authority) to set up a limited liability company because it’s affordable and gives me everything I need.
Meanwhile, the best state we always recommend to our readers to form an LLC in Kentucky because the annual tax fees are super cheap as well as the state fees.
Always form your LLC in Kentucky!
How to Form an LLC at Inc Authority
If you’ve decided to start your LLC and most especially with just $178, then you can go ahead and form your LLC as soon as you can before it’s too late.
At Inc Authority, you’re going to form your LLC and get your EIN/TAX ID. Follow the simple guidelines below to complete the signup. It’s easy and takes just a few minutes. All you have to do is choose your state, enter your business name, and form your LLC!
Step 1: Go to IncAuthority.com
When you arrive at IncAuthority.com, click on the “start now for free” tab.
Step 2: Select Entity Type and Filling State.
In your entity type, select Limited Liability Company (LLC) and in the Formation State, select Kentucky.
Click on Save & Continue.
Step 3: Enter Your Personal Details
In this step, enter your First and last name, email, and contact phone number.
You’ll need a US Phone number, download DingTone from play store and buy a US Phone Number for $4.99.
DON’T use the one in the photo below.
Click on save and continue.
Step 4: Enter Your Business Details
Enter your business name and business description (if you have a clothing online store, say you have an online and you sell clothing and apparel).
A brief description of your company, a sentence or two describing your business.
Select your business benefit and click save & continue.
Step 5: Business Address
You need a US Address to continue in this step, go to Shipito.com and signup.
You’ll get a US address instantly, use it, and continue your signup. Takes just 1 minute.
In your US Address, note that CA means California.
Step 6: EIN/Federal TAX ID
The interesting part about Inc Authority is they get an EIN for you at $49, which is considered as the cheapest place to get one. Others charge from $95 and above.
You need to include the EIN/Federal Tax ID which is very important!
Click save and continue.
Step 7: Operating Agreement
An operating agreement is important because it provides proof you own the business.
In case any problem occurs in the future, you can be able to correct them with your operating agreement and in case of Stripe requires it.
Select the operating agreement and proceed with the form.
Step 8: Addons
The next pages contain Addons and they include the following:
- INC Protection Advisor. $27/month.
- LawSuit Protection. – $99.
- Express Delivery – $49.
- Domain Name – $29.95
- Business License Package – $99
All these ad-dons are not important, so you can skip all of them until you get to the payment stage.
Step 9: Make Final Payments
In the end, you’ll only be paying for State Filing Fee, EIN, and Operating Agreement.
Other formation companies charge a lot for offering this service but IncAuthority Charges $0 Service fee.
Now you need to make payment using either Debit/Credit Card or PayPal.
For the Delivery Option, you can select $0 free delivery (Electronic Delivery) and they will be delivered to your email.
Finally, that is all. You’ve successfully created your LLC in the United States.