In Depth Review Of Betterlegal Business Formation Services- How To Start A Small Business At Home In Sri Lanka

{business}

How To Start A Small Business At Home In Sri Lanka

In this review, we’ll go straight to the point and explain the essential information you need to be aware of about BetterLegal, including:

  • The real cost for BetterLegal’s LLC formation services
  • Time for formation expected to be completed
  • Customer reviews, BetterLegal’s reliability, support offerings and so much more

In addition, we’ll give clear explanations of the many other pertinent, formation-related services that BetterLegal provides.

Below is a quick summary of the findings. Further down, you’ll see our comprehensive review that outlines our conclusions and also explains the essential information you need about BetterLegal.

Is BetterLegal the Right Choice for You?

BetterLegal is different from other establishment companies because it provides only one LLC formation and a single incorporation package. Although this package comes with amazing add-ons, like Operating Agreement or Bylaws drafting includes some unneeded services too.

We were generally delighted with the ease of use on BetterLegal’s website and simple electronic filing. Prices of services provided were simple to locate, for the most part.

BetterLegal’s prices on recurring services, including registered agent services as well as annual compliance, were reasonable. Additionally, they offered more filing options than other smaller competitors.

You can visit BetterLegal.com yourself, or, to learn more about the factors we used to rate BetterLegal’s services Read on!

BetterLegal Quick Overview

Established in 2017, and based at Austin, Texas, BetterLegal is a relatively small company in the business formation industry.

Like many of its young competitors, BetterLegal tries to emphasize its efficiency. On their website, you’ll find the statement:

We’re a 21st century business that makes the process quick, easy and inexpensive – without the unnecessary waste of time or paper.

The company does indeed boast impressive turnaround times and an easy-to-use website.

Similar to several other small-scale formation companies, though, BetterLegal uses third parties to provide a number of its services, such as its registered agent service. They also offer several services through partner companies, including banks as well as online accounting companies, along with at least one other insurance firm.

Although they concentrate on business formation services, BetterLegal provides many other solutions for creating and running a company. Some of the other services BetterLegal offers are:

  • Operating Agreement and Bylaws drafting
  • A permit and business license search service.
  • Compliance services, such as preparation of annual statements
  • Amendment filings, for example, the ones needed to alter your company’s name address, state of operation, or member details

>>In a hurry? click this link to set up your business in 10 minutes or less!<<

BetterLegal Pricing

The pricing structure for BetterLegal’s formation is simple. Contrary to their competitors, which tend to offer a variety of formation package tiers, BetterLegal offers its formation bundle at a single cost.

BetterLegal’s formation bundle applies to both LLCs and traditional corporate entities (C-corps). In the following section, we’ll discuss the services included. BetterLegal also offers many additional services, whether with monthly subscriptions, or with fixed charges, related to the formation of businesses. We discuss those further down, in the “Services” portion of this review.

BetterLegal’s Formation and Incorporation Package: $299 plus state fees

BetterLegal’s only package for incorporations and formations is comparable to a lot of its competitors’ middle-tier packages. It offers more than the standard bare-bones structure.

For a set price of $299, and any applicable state fees, here’s what’s included:

Articles of Incorporation or Organization: The documents officially establishing your LLC or corporation with the state in which you reside. BetterLegal promises to file your documents on the same day and prompt return of documents once the state has processed them.

EIN Filing: EINs (Employer Identification Numbers) are utilized by the IRS to keep track of businesses. Many businesses have an EIN. The good news is that the process of filing one is simple. The whole process is online in just a few minutes via the IRS’s EIN filing web page.

Operating Agreement or Bylaws: They establish guidelines for how your LLC or corporation is to be run. Though not legally required in most states, we believe they are important to all business owners.

banking resolution: An official document that outlines who is allowed to create a business account as well as carry out other banking transactions on behalf of a business. The document must be signed if you are planning to establish a bank account for your company.

Websites: BetterLegal will provide you with a domain and set up a basic website or “online store with inventory management services.” Business owners can decide that they want to purchase a premium site plan at a later time.

Tax Analysis: Basic analysis of the company’s tax position performed by a third party partner of BetterLegal.

Insurance Evaluation: An evaluation of your business’s insurance needs along with the service options offered through a third-party partnership of BetterLegal, CHUBB Insurance.

We’ll go into greater detail about the overall value of this program little further inside the post.

BetterLegal vs Competitors Pricing

Below, you’ll find our table which compares the formation costs of BetterLegal with the prices of its primary competitors.

The prices listed within this table are not part of BetterLegal’s package pricing. They are standardized to allow comparison with competitors.

We define Fundamental Formation, Full Form, and Full Formation plus Website below the table.

Cancellation policy

For more information about BetterLegal’s cancellation and refund policies, you have to dig through a lot of the legalese found on the Terms of Use Page.

Here’s what BetterLegal states regarding the cancellation of their registered agent service:

To cancel the automatic renewal of your RA Service, you must notify BetterLegal of your intent to cancel by calling our Customer Service Line at (512) 969-2339, emailing us at email@betterlegal.com, or by canceling online through your account portal.

Although it isn’t explicitly stated We assume that this policy is applicable to other services that require recurring fees for example, BetterLegal’s annual compliance service. How To Start A Small Business At Home In Sri Lanka

For other fixed-fee options BetterLegal’s terms are clear: “All purchases through the Website are final and will not be refunded.”

 

BetterLegal Pros

Below are a few of the areas we believed BetterLegal was especially strong.

Timely turnaround

BetterLegal showcases its turnaround times on its main website. They offer same-day filing for all their entities which means that the Articles of Organization or Incorporation will be sent to the state authorities within the same day as you file them with BetterLegal.

They also say that you’ll receive your documents in two business days. It’s likely that this doesn’t account for actual states’ time to process, which could be a couple of weeks. However, it seems like BetterLegal is doing everything they can to move things along in the quickest manner possible.

Many reviews confirm BetterLegal’s claims. Many of the reviews we looked at like this one, discussed the firm’s speedy turnaround on the formation process.

The same-day filing offered by BetterLegal is applicable to all of their orders. There is no need to shell out extra money to receive internal prioritization this is something that many of BetterLegal’s competitors do cost for.

A quick turnaround time is often one of the most crucial factors when creating new businesses (the other one being the cost of formation), this is an enormous benefit for BetterLegal.

Fantastic reviews

BetterLegal is a tiny company, and we don’t have as many customer reviews to go off of as we’d like. However, the reviews we have are pretty well-constructed.

BetterLegal has an 4.8 from 5 Trustpilot

They also have a 4.88 rating out of five on the BBB.

These are Better Business Bureau accredited as well, boasting An A grade.

The reviewers of BetterLegal seem to have nice comments throughout the board. They praise the firm’s transparency, turnaround time, and pricing (even although we ourselves don’t think their prices are very impressive).

Limited customer support

Smaller-sized formation companies are more likely to be nimbler, more efficient, and less expensive than larger companies. However, many smaller formation companies do not have the support staff that bigger players have.

BetterLegal is no different here.

Although the BetterLegal website provides an online chat feature however, there’s no contact information that can be found on their main pages. To locate those bits of information, you’ll have go down to the very bottom of the privacy page. There, too, there’s no info on how often phone lines are open or the speed at which emails are responded to.

BetterLegal, it seems similar to other companies in their field heavily relies on automation for their customer service.

The ideal scenario is that your order should go without a hitch, and you’ll never need to contact an agent for service. There is the lack of service rep availability as a definite downside, though.

 

BetterLegal Services

Below, we’ll look at some of the most important services related to formation that BetterLegal offers. We’ll go over when and why you might need each service, and include BetterLegal’s prices too.

LLC Formation and Incorporation



$299 plus State fees

BetterLegal will assist you to fill out and file the essential documents required to establish your LLC or incorporating your business.

LLCs, or Limited Liability Companies, are one of the most popular businesses in the United States. Nimbler and easier to manage than conventional corporations (C-corps) LLCs are able to meet fewer recordkeeping and compliance requirements. They can also confer some important tax benefits via tax pass-through.

Corporate entities have more stringent requirements, however they can also confer some structural or tax advantages, based on the size of your company and field of operation.

If you’re not sure whether an LLC or a corporation is the best business model for you, speak to an expert in small-scale business or a certified accountant.

Both corporations and LLCs are formed on a state-level, typically with a given state’s Secretary of State Office.

Every state has specific rules and regulations concerning the creation of LLCs. Learning about all the processes and laws relevant to you could be a time sink.

Many new business owners hire the services of a formation company, such as BetterLegal to fill out and fill out their paperwork. For LLCs, this means the filing of Articles of Organization. For corporations, this involves filing Articles of Incorporation.

Within their regular form bundle, BetterLegal will file your documents and forward it to the relevant state authorities. The process is simple and can be completed entirely online. You’ll just be asked some simple questions about your company, e.g., its name as well as its owner(s) as well as member(s) and its industry and address. How To Start A Small Business At Home In Sri Lanka

BetterLegal will also run a quick name check to make sure your LLC or company’s name isn’t already used (which could result in an application being rejected).

As we stated at the beginning of this article, BetterLegal’s $299 formation price does not include fees for filing with the state, which may range anywhere from $40 – $500, according to the state in which you’re filing.

EIN Filing



It is included in the Formation package

An EIN, or Employer Identification Numberis the form of tax ID that the majority of new businesses will need to acquire. It is issued through the IRS, EINs are legally required for businesses with employees. They’re also required if you want to start a business bank account.

You can imagine your EIN as a bit like your business’s Social Security Number. Each one is unique and utilized by the IRS to keep track of business’s activities.

The good news is that getting an EIN is a very easy procedure. You can do it online, through the IRS’s EIN application page within a matter of moments. Simply enter a few bits of information about your business, and you’ll be assigned an EIN in a matter of minutes.

Because filing for an EIN is easy and easy, we advise against any pay-per-click EIN filing service. Although many companies give you the option to file for your EIN for an extra fee (or in conjunction with a higher-priced formation bundle), BetterLegal automatically includes EIN filing as part of the sole formation package.

You can eliminate EIN file from the basket at the time of checkout however it will not reduce the cost of filing at all. We’re not thrilled by the way BetterLegal “builds in” the price of EIN filing but doesn’t give customers a discount for removing the unnecessary service.

Operating Agreement or Bylaws



Included with Formation package

A Operating Agreement is one of the most crucial legal documents for any LLC. Operating Agreements lay out the basics of how an LLC is run. They generally contain information like:

  • Who the LLC’s owner(s) or member(s) are, and how ownership is divided between them
  • Who and by whom is the LLC managed? LLC will be controlled
  • How are profits to be distributed
  • What should you do if the owner or member of the group leaves or dies
  • …plus other key pieces of info

A few states – California, Delaware, Maine, Missouri, and New York – legally require you to have an Operating Agreement. Even in these states, you do not need to file an contract with your state; you are just required to keep it on hand.

However, we suggest that all LLCs across all states, write the Operating Agreement to keep on hand.

An Operating Agreement defines your LLC’s insurance against liability. Since liability protections are one of LLC’s key benefits It’s not a good idea to ignore them.

Operating agreements also aid by providing direction during unplanned situations. You probably don’t go into the business hoping that a partner will quit or a dispute about profits to arise , but having a pre-written document available can help get through such situations more easily.

If you’re considering incorporating, instead of making an LLC, then you’ll require Corporate Bylaws in lieu of operating agreements. Corporate Bylaws operate similar to they provide the same advantages to operating agreements.

In their primary formation package, BetterLegal will help you draft a legal Operating Agreement or Corporate Bylaws.

Banking Resolution



In the Formation package

A banking resolution is another essential, yet simple document. A banking resolution outlines which member(s) of an LLC are authorized to establish a business bank account and to participate in other banking-related activities.

Banks require you to submit a banking resolution at the time of opening a business banking account.

As part of their formation package BetterLegal will create a banking resolution for your company. All you’ll have to do is provide them with the information needed to determine who’s eligible to start and / or access a bank account in the name of your LLC.

Website services



It is included in the Formation package

BetterLegal is one of only a handful of companies that provide a website domain in addition to their formation packages. Unfortunately, the details of the service are scarce.

The main page of their package states that you’ll have the ability to “Set up a free website or online store with inventory management.”

However, there is evidence of upselling too in the following paragraph reads: “As your business grows, transition to a paid plan to unlock more features and customization.”

BetterLegal includes a GoDaddy ribbon on their main website, but nowhere does the company explicitly state the name of its third-party hosting partner is. It’s not even a name given when you dig through the terms of service for the company.

We’re all for openness, but we’re not happy with BetterLegal this time. In any case, we always recommend directly going to a domain hosting service or a business website builder in the first place.

A lot of businesses are specialists in these areas So there’s no reason to purchase these services through a formation business.

Registered Agent Service



$90 per calendar year, or $10.00 per month

All LLCs and corporations must have a registered agent. While it sounds like a fancy term however, the job of an agent registered is easy – they get official correspondence as well as service of processes (legal notices, like lawsuits) for the benefit of a business.

Registered agents must be present during business hours, and they must be based in the same state in which your LLC or corporation is based.

Being able to properly receive official correspondence and being able respond in a timely manner, is essential.

If you don’t respond to a compliance notice from the federal or state government, your company could be in trouble and be subject to fines or penalties, and even be dissolved. If you fail to respond to a court summons and miss your court date and your case is not attended to, it could be automatically canceled.

The presence of a registered agent This is why it’s vital.

Technically, you can be your business’s own registered agent. However, there are numerous reasons why entrepreneurs choose to employ an agent registered with the company.

We suggest using the registered Agent service when:

  • You travel frequently and are not always at a single address
  • You are not a resident within the United States
  • Your business is operating in several states.
  • You don’t want your name and address to be made publicly made available

Like most other formation companies, BetterLegal offers a registered agent service. And, like most other small-sized formation companies, BetterLegal contracts this service out to an outside party.

The complete terms of service for BetterLegal can be found here..

If you can ignore the issue of transparency BetterLegal’s registered agent program is actually a bargain cost. You can pay either the monthly fee of $10 or you can pay $90 each year. That later price is very cost-effective – many major companies in the industry cost $150 annually or more.

BetterLegal’s registered agents service is an additional service that is not included in their basic formation package. This makes them somewhat of an outliersince many competitors include registered agent services in their formation packages, typically with the first year of registration for no cost.

Business License Search



$125

The kind of business you manage or operate in, the type of industry you’re in, and where your business is located, you might require several or even a number of permit and licences. They may be required at the local, state or federal level.

Licenses can be quite a hassle to deal with, but they’re absolutely necessary. If you’re not in compliance and are found to be in violation, you could face an enormous penalty or be forced to shut down your business temporarily or even completely dissolved.

Finding out what licenses and permits are applicable to your particular business will require quite a bit of research. Instead of wading through tons of red tape and legalese your own, you can engage an organization such as BetterLegal to perform a business license search.

Lots of formation companies provide this service. Enter the information about your company, and BetterLegal will do a comprehensive search, accumulating all licenses and permits that are relevant to you and providing instructions on how to fill them out.

Be aware that BetterLegal doesn’t file these for you – it gives you the tools and information to file them on your own. This can still be a significant time-saver particularly for businesses that are highly regulated.

Annual Compliance



$90 per calendar year, or $10.00 per month

The majority of state governments require corporations and LLCs to submit some form of annual report. The majority of the time, these reports aren’t too complicated or thorough. They’re just meant to be an avenue to monitor the state’s position on the companies operating within their area of responsibility.

The deadline for filing your report could be fixed (e.g. every business have to submit a report in December) or dependent on your company’s founding date (e.g. in the event that you were founded in August of 2021, you’ll submit the first report of your annual in the month of August 2022). Some states only have you submit a report once at least every 2 years.

Filing your annual report may appear like a hassle but it is a necessity and should not be overlooked. If you don’t submit your annual report in time and you fail to file it on time, you could face the cost or lose status with the government.

Many of the formation companies, like BetterLegal offers annual compliance services. For a monthly or yearly fee, BetterLegal will send you reminders regarding your upcoming annual report deadline. Once you’ve completed the relevant info the firm will draft your annual report and mail it to the state on your behalf.

Most states have a nominal (under $100) cost for filing annual reports – BetterLegal will accept that fee from you and forward it to the appropriate agency.

Third-Party Offerings



Included with Formation package

BetterLegal also offers a small selection of third-party services as part of their business formation program.

Business checking: You’ll be set up with a free minimal business account online. The account will be linked to debit cards with the account and you’ll also be able to send physical checks from the account online.

Tax Analysis Advice and analysis from an “leading virtual tax service”. It’s not clear how thorough the analysis is and what sort of questions you’ll have the ability to ask.

Assessment of Insurance: An evaluation of your business’ specific insurance needs. Insurance services are then offered through an BetterLegal partner, CHUBB Insurance, which is based within New Jersey.

Payroll Benefits, Payroll, and HR Platform: A more extensive service that, unlike other options, isn’t included when you sign up for your formation package. Many different services are covered, all provided by third-party providers.

Although it’s possible that business owners get value out of these services, we’re inclined to stay clear of “offers” like these. Usually, services like these are just opportunities for companies to sell their products to partners.

We recommend going directly to specialists for tax, insurance, payroll, and HR needs.

In the case of banks, it’s typically to your benefit to use one you already have a relationship with. However, if you’re not able to find a bank that fits that description for you, the BetterLegal partner offer could be a tempting one.

Additional Filing Services



Prices differ

BetterLegal also provides a range of one-off filing services that are not included with its main formation package. Below, we’ve listed those which we believe to be the most useful to new business owners and BetterLegal’s fixed-fee for each.

Internationally-domesticated foreign LLC The LLC’s state of residence from one state to another, $299

Reinstate LLC or corporate: Reinstates an LLC or a corporation that has previously been dissolution and is worth $199.

Ending a corporation or LLC: Legally dissolves an LLC or corporation for $199.

Get a Certificate of Good Standing: You will receive a document from your company’s home state that proves you are up to date on all fees and in compliance with state permit and license laws. $25

Register foreign LLCs in a new state. allows an LLC that was established in one state to legally operate in another state. Also known as “Foreign Qualification,” this process usually involves applying for the “Certificate of Authority” – essentially, a permit to conduct business in a particular state. The cost is $199.

Change the principal office address: Your business’s address is changed from the one originally listed on the Articles of Organization or Incorporation to a new address, costing $99

Add or remove directors, members, or shareholders: Officially alters your company’s information to reflect any changes to its members, directors, or shareholders, $99

Since BetterLegal has a solid reputation and a user-friendly website, and a good record on turnaround times We’re happy to recommend these services.

Most new business owners would prefer to do their startup filing and add-on paperwork in one place, though, so we recognize this suggestion won’t be applicable to all.

If you’re looking to find out more about the offers offered by competitors take a look at the numerous reviews available here!

BetterLegal FAQs

What is BetterLegal?

BetterLegal’s main focus will be LLC creations as well as incorporations. However, they also offer plenty of solutions related to creation and running of companies which include searches for business licenses, registered agent service, amendment and compliance filing services.

How much does it cost to create an LLC with BetterLegal?

BetterLegal’s LLC formation package costs a fixed $299, plus the state fee. The package comes with Articles of Organization and an Operating Agreement however it does not include a registered agent .

Is BetterLegal legit?

Yes. The company has been operational since 2017 and is Better Business Bureau accredited. BetterLegal also has an A+ BBB rating as well as a high customer review score on Trustpilot.

Who do you think BetterLegal most suitable for?

BetterLegal is ideal for those who want to pay a little extra for a fast and reliable LLC formation or incorporation.

What are the benefits of using BetterLegal?

BetterLegal offers convenient online forms and has fast turnaround times. However, the company’s formation program is quite expensive. BetterLegal has also contracted a lot aspects of their services to third party partner companies.

What states do BetterLegal serve?


BetterLegal serves all 50 states.

Our Conclusion

We recommend BetterLegal to amyone looking for a solid and quick buisness formation service. BetterLegal has a proven lightning fast turnaround, mostly a day or two, and very up front pricing on all services. They are also very well rated on the better business bureau. How To Start A Small Business At Home In Sri Lanka

While some larger competitors may have some services included in packages, such as registered agent etc, all things considered this is a great deal for anyone looking to do a business formation fast and easy.

>>Click this link now to start your business in 10 minutes or less!<<

error: Content is protected !!