All posts by Nell

Analyze Life Force Fitness, Inc.

Activity-Base Usage (hrs. per unit) X Activity Rate per Hour = Activity Cost
  • Motor assembly 1.50 x $20 = $30.00
  • Final assembly 1.00 x 18 = 18.00
  • Testing 0.25 x 22 = 5.50
  • Rework 0.40 x 22 = 8.80
  • Moving 0.20 x 15 = 3.00
  • Activity cost per unit = $65.30

All of the activity costs are related to labor. Management must remove $2.00 of activity cost from the product in order to remain competitive.

Rework involves disassembling and repairing a unit that fails testing. Not all units require rework, but the average is 0.40 hours per unit. Presently, the testing is done on the completed assembly; but much of the rework has been related to motors, which can be tested independently prior to adding the motor to the treadmill during final assembly.

Thus, motor issues can be diagnosed and solved without having to disassemble the complete treadmill. This change will reduce the average rework per unit by one-quarter.

Determine the new activity cost per unit under the rework improvement scenario. Round your answer to 2 decimal places.

Answer

New Activity cost per unit = $63.10.

Explanation

The computation of the new activity cost per unit is shown below:

Activity Hours per Unit Per Hour Activity Cost
Motor assembly 1.5 $20 $30
Final assembly 1.00 $18 $18
Testing 0.25 $22 $5.50
Rework 0.30 (0.4 – (0.4 ÷ 4)) $22 $6.60
Moving 0.20 $15 $3.00
Activity cost per unit $63.10

The TRUE Cost to Form an Illinois LLC

Starting your new business in the state of Illinois? Want to learn the costs of forming an Illinois LLC? We are here to help! Before you get your business up and running, you will need to form an LLC. You have to keep an eye on filing fees, registered agent charges, annual reports, etc.

To make sure you know how much it costs to start an LLC in Illinois, we have put together this comprehensive guide with the common Illinois LLC costs you’ll have to pay.

Quick Summary

We know that as a new business owner, you are going to be short on time. To save your time and energy, we will provide you with quick highlights about the true cost to form an Illinois LLC.

The LLC filing fee in Illinois is $150 for hard copy submissions.

If you file online and use an expedited filing service as well, it will cost you $250. Thinking about reserving the name of your LLC? You will have to pay $25 for an LLC name reservation in Illinois. Apart from these major expenses, you will have to pay annual report fees, business operating agreement costs, etc.

Form Your Illinois LLC Quickly

Don’t want to get lost in confusing legal paperwork? You can choose a qualified, professional LLC incorporation service such as ZenBusiness or IncFile. By paying a minimal service fee, you will be able to relax and let them handle the job for you!

  • Signup for ZenBusiness if you are looking for a professional LLC incorporation service with affordable rates and excellent customer feedback to help you form your LLC in Illinois
  • Signup for IncFile if you are working with a small budget, and can’t afford expensive services. With the free Silver package by IncFile, you can not only get your LLC formed but will also get a free year of registered agent services!

Illinois LLC Costs

Requirements Cost
LLC Name Reservation $25
Registered Agent $0-$125 (per year)
Certificate of Formation $150
Business Operating Agreement $0 (free templates available)
Federal Tax ID Number (EIN) $0 (free on IRS site)
Annual Report $75
Taxes Varies

To get your LLC formed in Illinois, you have to select a name for your LLC, choose your registered agent, and file the articles of organization. These are the essential steps that you have to take so that your company can be incorporated.

After that, you will have to get an EIN, pay annual report fees, business taxes, along with a few other expenses. Getting confused? Don’t be – we are going to explain all these details for you below!

Certification of Formation Filing Fee

Articles of Organization are the documents that you have to fill to incorporate your company. To legally create your LLC, you need articles of organization. You have the option to file the articles of organization for your Illinois LLC through mail or online.

  • Filing Paperwork by Mail. If you file your paperwork through the mail, you have to pay a one-time filing fee of $150. Within 10-15 business days, your Illinois LLC will be formed!
  • Filing Paperwork Online. You can file your documents online. It will also cost you $150. However, if you want to expedite your filing process, you will have to pay $100 additionally. Instead of 10-15 business days, your LLC will be formed in only 1-2 business days!

This is the biggest expense when it comes to forming your LLC.  We recommend that you file your paperwork online since it is easy, efficient, and you have the option for expedited filing as well. Moreover, make sure that you have selected the name for your LLC as well as your registered agent.

Want to save your time? Hire a professional LLC formation service!

Illinois LLC Name

Decided on your LLC’s name yet? If you have, and don’t have the filing paperwork ready, or haven’t selected a registered agent yet, you should reserve your LLC name. We know the time and effort it goes into selecting a name for your business and you don’t want someone else grabbing it just because you weren’t vigilant!

By paying a $25 fee, you will be able to reserve your name for a period of 90 days. This is non-renewable. On the other hand, for Illinois LLC formation, name reservation is not a prerequisite. This means that if you select a name, search the Illinois business database, and then file your articles of organization immediately, you can do so.

Illinois Registered Agent

Going to file your articles of organization? Haven’t selected a registered agent? Well, you can’t file your paperwork! A registered agent is an individual or service that will accept legal documentation on your behalf from the state of Illinois.

Moreover, a registered agent acts as a point of contact for receiving payment reminders, annual report notices, business tax notices, etc. For an individual to become a registered agent in Illinois, they are required to have a physical street address in the State.

Moreover, they have to be available during business hours in case the state of Illinois contacts your LLC. You have three options here. You can become your own registered agent.  If you become your own registered agent, you will have to be vigilant about potential legal issues and business filings which will create added pressure.

Moreover, your address will become part of the public records, thus, no privacy! However, you will not have to pay anything if you are your own registered agent. Secondly, a family member or close friend can act as your registered agent.

However, they would need to be a resident of Illinois. The third option is to hire a professional registered agent such as Northwest Registered Agent. Forming an LLC is a time-consuming and complicated process.

We recommend that you spend more time planning and growing your business instead of going through piles of paperwork. Hire a professional incorporation service such as ZenBusiness or IncFile to form your LLC and they will provide you free registered agent services for a period of time as well!

IncFile’s free package is a great option if you want to get your LLC formed free of cost and get a whole year of free registered agent service! Read our comprehensive Best Registered Agent Services review to know more about high-quality registered agents!

Illinois Operating Agreement

What is the hierarchical structure of your company? What will be the governing rules and principles for the working of your company? How will you share the profits? All this, and a lot more, is part of your business operating agreement.

Unlike the articles of organization, you don’t have to file the business operating agreement with the state of Illinois. This is an internal document and paperwork that defines how your taxes will be paid, how your LLC will be run, etc.

You can easily find operating agreement templates online and customize them according to the needs of your LLC. However, if you choose a professional LLC formation service, they will provide you with customized business operating agreements as part of their incorporation packages.

You can also buy operating agreements separately from these companies by paying $40-$60. You can also get the help of a business attorney to make sure that all the legalities are covered. However, LLC incorporation services charge less than a professional business attorney!

Illinois EIN Number

As citizens of the US, we all have social security numbers. Similarly, for LLCs, the government has EINs. EIN stands for Employer Identification Number and you get one from the IRS after your LLC is formed. With the help of EIN, the IRS can easily identify your LLC for filing and tax purposes.

With the help of an EIN, you can open a bank account in Illinois for your business. Moreover, you can handle employee payroll, apply for specific permits and licenses, and a lot more. Before you apply for EIN, you have to wait for your LLC to be formed. In case your LLC filing is rejected due to any reason, you will have an EIN for a non-existent LLC.

You can apply for an EIN yourself from the IRS and it will cost you nothing. However, it is possible that you will not be able to understand the legal jargon, and will end up wasting time and effort. Therefore, you should get the help of professional LLC formation services.

EIN acquisition is part of most of the packages offered by LLC formation services. You can buy this service separately by paying $40 to $100 as well. Moreover, a business attorney can help you with EIN acquisition as well but the charges for this will vary from one lawyer to other

Illinois LLC Bank Account

It is a prudent choice to keep your personal and professional bank account separate. To open a business bank account in Illinois for your LLC, you need a copy of your articles of organization, the business operating agreement, and your LLC’s EIN.

Moreover, if your LLC has multiple members, you can also bring the banking resolution to authorize the other members to open business accounts in the name of your LLC. Northwest Registered Agent not only helps you with LLC formation but also provides banking resolution templates to ensure a smooth business for you!

If you open a business bank account yourself, you will save money since opening a bank is free of cost. However, you will have to pay in terms of the time you spend going to the bank several times to get a bank account opened! Hire a professional LLC formation service and save your time and energy folks!

Illinois Business Attorney Fees

Have questions about the LLC formation procedure? Have been searching all over the internet for information but are still not satisfied? It is better that you consult a business attorney instead of taking chances and making errors on your own.

Even though the rates of professional attorneys are pretty steep, at least you will have peace of mind! Business attorneys usually offer free consultations for the first time and then charge you for the rest of the consultations.

Another option that you have is to contact the customer services of a reputed LLC incorporation service. Northwest registered agent has a stellar customer service system with personalized and one-on-one customer service. If you have any queries, their Corporate Guides will be happy to answer them for you!

Moreover, LegalZoom and Rocket Lawyer are comprehensive legal services that offer legal assistance as part of their LLC formation packages.

Foreign Qualification Fees

Do you have an LLC in another state and are now expanding your business into the state of Illinois? You will have to pay foreign qualification fees. Instead of filing the articles of organization, you will have to submit an application for transacting business in Illinois.

You will have to pay $150 for this as well. However, it is a one-time fee, so you don’t have to worry about the hefty expense every year.

Illinois LLC Annual Fees

Every LLC in Illinois is required to submit an annual report. This report keeps the state aware of the status of your LLC and keeps your information up-to-date. The annual report fee is $75. However, the real killer is the late submission penalty fee.

If your annual report is late by 60 days, you will have to pay a $100 penalty every year after that! You can submit the report online or send a hard copy. It is better to use a professional LLC formation service for this because we, as humans, tend to miss deadlines.

And we can’t afford to miss the annual report filing because of the hefty penalty!

Illinois LLC Taxes

Since LLCs are “pass-through” entities, the members of the LLC have to file their personal taxes instead of the LLC filing a tax return. Moreover, there is no Franchise Tax for your Illinois LLC. However, LLCs have to pay “Personal Property Tax”.

This tax is 1.5% of your overall income. Other than that, there may be additional taxes for your company as well. Which taxes you are going to pay is determined by the type of business you own, the location of your LLC, etc.

From income withholding tax to accommodations tax, there are various kinds of taxes you will have to pay. If you are selling goods through your Illinois LLC, you are legally obligated to pay sales tax to the state.

You have to submit the sales tax returns annually to the state of Illinois. To know which taxes are applicable to your LLC, you should consult a professional business attorney or tax consultant. LLC formation services such as ZenBusiness or IncFile offer business tax consultation services so that you can know everything clearly.

It is better to get professional help in this case because you are not going to be well-versed in the tax requirements of your state as well as federal taxes.

Business Licenses

Do you need a business license for your LLC in Illinois? Well, this depends on the location of your business as well as the type of your business. For example, if you are going to open a brewery in Illinois, you will need a Liquor Manufacturing License.

Moreover, every city and county has its own licensure rules for businesses. Make sure that you check out the rules of your local government to see what permits and licenses your business requires. The cost of each license varies.

You might need federal and state licenses as well, so check the respective websites to know more. Instead of making errors on your own, hire a professional to check the licensing requirements for your business in Illinois.

How to form an Illinois LLC yourself

Running a successful business is a dream that most of us have. Forming your Illinois LLC is the first step you have to take to make your dream a reality. We know how important your time is and so we have put together this list of steps you have to follow to get your LLC up and running.

One of the lesser-known Illinois LLC costs is the cost of your time to prepare and file the paperwork when you could be focusing on your business!

To make sure that you don’t waste your time and make errors, get a professional LLC formation service such as ZenBusiness or IncFile to handle all the paperwork for you.

  • Signup for ZenBusiness if you value excellent customer services and are looking for affordable rates and stellar quality
  • Signup for IncFile if you have a small budget yet want professional services with glowing customer reviews to handle your paperwork.

However, if you want to form your LLC yourself, here are the steps you need to follow!

  1. Naming your Illinois LLC

The first thing you have to do is decide the name of your LLC. After choosing the name, search the Illinois business database to ensure that the name you have selected is not already taken up by someone else.

You can reserve your LLC name for a period of 90 days as well. Moreover, the name of your LLC must contain the words LLC, L.L.C, or Limited Liability Company. Illinois law doesn’t allow abbreviations such as Ltd. Or Co. Moreover, words such as Corp., Inc., etc. are also not allowed.

Check the Illinois State Name rules to know more.

  1. Choosing a Registered Agent

The next thing you need to do is select your registered agent. Anyone who has a physical address in Illinois can act as the registered agent for your LLC. You are legally obligated to designate a registered agent for your LLC otherwise your articles of organization will be rejected.

We advise that you hire Northwest Registered Agent or pick one from our Best Registered Agent Services review instead of becoming your own registered agent.

  1. Filing your Articles of Organization

After choosing a name and registered agent for your LLC, you have to file the articles of organization with the Secretary of State of Illinois. The paperwork must include:

  • The name of your LLC
  • The address of your LLC
  • Name and address of the Registered Agent

A few other things such as the name and addresses of your managers, duration of the LLC, are also required. The filing fee for the articles of the organization is $150 and you can file online or through the mail.

  1. Creating a Business Operating Agreement

Once your LLC is formed, you should get a business operating agreement. As we have discussed above, you are not legally obligated by the state of Illinois to create a business operating agreement. However, this internal document will help you a lot in the future in case of any legal issues.

With the help of the best LLC formation service you choose, you can get a business operating agreement customized to your LLC.

  1. Getting an EIN

Even if you don’t have any employees, if your LLC has more than one member, you are required to get an EIN. You can easily obtain an EIN by filling an online application on the IRS website. It doesn’t cost you anything if you do it on your own.

However, choosing a professional LLC service for EIN acquisition will take loads off your back!

Cost to Start an Illinois LLC: Conclusion

To get your business up and running and form your LLC, you have to pay a filing fee of $150 in the State of Illinois. You will also have to get a registered agent, business operating template, EIN, etc.

Frequently Asked Questions

Why should I form an LLC?

If you are starting your business in Illinois, it is a good idea to form an LLC. If you form an LLC, it will limit your personal liability in case of lawsuits and business debts. Moreover, you will have a lot of flexibility when it comes to management, taxation, and ownership.

How can I check if the LLC name I have chosen is available?

To ensure your LLC’s name is distinct and unique, you can search the Illinois State Business database for free. The name search option is available on the official website of the state.

How much does it cost to form an LLC in Illinois?

For filing your articles of organization, you will have to pay $150. If you want to reserve the name of your LLC, you can do so by paying a $25 reservation fee.

Do I need a business operating agreement for my LLC in Illinois?

No, you are not legally obligated to get a business operating agreement. However, it is an important document that prevents any managerial and financial misunderstandings in the future.

Are there any business licenses that I have to get to operate my LLC in Illinois?

This depends on the type of your business and the location of your business. To check which local licenses you need, you check with your local government’s office. For state licenses, you can check the Illinois state website.

Enter Mia’s total profit/loss for the month of January account in the box below

Are you stuck on this EverFi answer? Let’s break this down for you to give you the correct answer AND show you how to work it out:

For the month of January we can see that Mia has Revenue, Fixed, Expenses and Variable Expenses like so:

Revenue

Dog Food $3,500
Cat Food $2,100
Pet Treats $1,200
Pet Suppies $2,750
Total $9,550

Fixed Expenses

Rent $2,000
Salaries $2,000
Utilities $1,000
Product Stock $4,000
Total $9,000

Variable Expenses

Newspaper Ad $200
Total $200

Okay, so the question here is asking us to “Calculate whether Mia had a profit or loss”.

The first thing you need to do is add up the expenses.

Total Expenses = Fixed Expenses + Variable Expenses
Total Expenses = $9,000 + $200 = $9,200

So now we know that total expenses is $9,200 and total revenue is $9,550.

All you have to do is deduct total expenses from total revenue:

Profit/Loss = $9,550 - $9,200 = $350

Mia’s total profit/loss for the month of January account is $350.

Hope that helps you!

Enter Mia’s total profit/loss for the month of May account in the box below

Are you stuck on this EverFi answer? Let’s break this down for you to give you the correct answer AND show you how to work it out:

For the month of May we can see that Mia has Revenue, Fixed, Expenses and Variable Expenses like so:

Revenue

Dog Food $3,650
Cat Food $2,850
Pet Treats $1,650
Pet Suppies $1,800
Total $9,950

Fixed Expenses

Rent $2,000
Salaries $2,000
Utilities $1,000
Product Stock $4,000
Total $9,000

Variable Expenses

Card Purchase $300
Total $300

Okay, so the question here is asking us to “Calculate whether Mia had a profit or loss”.

The first thing you need to do is add up the expenses.

Total Expenses = Fixed Expenses + Variable Expenses
Total Expenses = $9,000 + $300 = $9,300

So now we know that total expenses is $9,300 and total revenue is $9,950.

All you have to do is deduct total expenses from total revenue:

Profit/Loss = $9,950 - $9,300 = $650

Mia’s total profit/loss for the month of May account is $650.

Hope that helps you!

IncFile Bank of America Offer

Had a great idea for a business and are ready to get your company up and running? To ensure the safety and protection of your personal assets, the first thing you need to do is form an LLC. However, we are not all lawyers and all that legal jargon and paperwork goes right over the top of our heads.

IncFile Bank of America Offer

With the help of a professional, high-quality LLC incorporation service, you can get your LLC formed quickly and efficiently. There are so many business incorporation services out there so that it becomes difficult to choose one that fulfills all your needs and requirements.

IncFile is a very popular, well-known LLC incorporation service that is loved by its users and respected by its competitors. With stellar customer feedback and reasonably priced packages – they even have a free starter package – IncFile is a company that we absolutely trust and recommend.

Normally, we are not big supporters of third-party offers since they don’t bring a lot of value to the table. Usually, they are just attempting to increase the potential amount of revenue by the services. However, this IncFile Bank of America Offer is something that caught our attention and we deem it worthy enough of being shared with you.

Both IncFile and Bank of America are trusted brands in their own industries which makes this offer highly interesting for the users. In this comprehensive IncFile Bank of America Offer review, we will take you through everything that you need to know about this offer and help you decide whether it is a good fit for your business or not!

Without further ado, let’s get started!

IncFile is one of our recommended LLC formation services, and with the Bank of America offer in the mix as well, it’s a great choice to quickly and easily form your new LLC.

Therefore, IncFile teamed up with the Bank of America to make the most of their offers. If you are an IncFile client, you will receive exclusive offers and benefits from the Bank of America if you establish your business banking account with them.

The IncFile Bank of America offer provides you $450 value in terms of various bonuses along the way. If you open a new business banking account with Bank of America, and you are an IncFile client, you will earn $100 if you deposit $1000 within 60 days of opening your bank account.

Moreover, if you pay a minimum of 2 bills through the bank, you will earn $50. Another benefit you will get is a $300 statement credit if you use the credit card associated with the bank account and make purchases worth $3000.

All in all, they give you $450 for using their different services which is a pretty great offer if you ask us! Therefore, this feature makes using IncFile as your LLC incorporation service even more enticing!

  • IncFile is the best LLC formation service when it comes to efficient and affordable professional business formation service. They not only help you get your LLC up and running but with their Silver starter package, they do so absolutely free of charge!

IncFile Bank of America Offer – Detailed Review

Now that you know what the Bank of America offer from IncFile is briefly, it is time for us to delve deeply and thoroughly into all the aspects of this offer. When you are completing the order form for the formation of your LLC at IncFile, you will come across a third-party offer from the Bank of America.

Importance of a Business Checking Account

What are the benefits of having a business bank account? Plenty, to say the least! Not only will you be able to keep your personal and business finances separate, but you will also be able to use the various banking features such as online bill payment, credit cards, and a lot more.

Moreover, with the help of a business bank account, it will be easier for you to keep track of all your financial transactions. Furthermore, you will have an easy way of receiving payments from your customers.

When you start a new business, you need to separate your personal and professional finances. To do this, you need to open a separate business checking bank account to maintain your corporation’s or LLC’s corporate veil.

The greatest feature and benefit offered by an LLC is the limited liability protection that it provides to its users. Under this limited liability protection, your personal assets such as your house, car, etc., remain safe and protected no matter what your business financial standing is.

If you don’t keep your personal and business finances separate, it is likely that you will lose the protection offered in case you get sued or face bankruptcy. Therefore, every LLC needs a separate business checking account.

Bank of America Offer for IncFile Users

This offer is for a business bank account with the Bank of America for the customers of IncFile. They offer you a value claim of $450 which can be broken down as follows.

  • Earn $100 on Money Deposits. If you open a new Bank of America business checking account while being an IncFile client, you are eligible for a $100 value claim. If you deposit $1000 in your account within 60 days of its opening, you will get $100.
  • Earn $50 on Online Bill Payments. The second bonus that this offer gives to the users is $50. We live in a digital world where most of our lives are lived online from office work to business transactions.

The Bank of America comes with an online bill-pay feature that allows you to pay different bills without the hassle of physically visiting the bank. If you pay a minimum of two bills through the Bank of America within 60 days of opening your business checking account, you will earn a bonus of $50.

  • Earn $300 on Credit Card Usage. Bank of America offers credit card accounts as well. If you have a business checking account at the bank, you can open up a credit card account as well and link both the accounts with each other for ease of use.

Once you do that, you are eligible for a $300 bonus if you fulfill a condition. The condition is to make a minimum amount of $3000 worth of purchases using your credit card within 90 days after you have opened your credit card account.

It is clear that the offer does provide you bonuses worth $450 if you fulfill certain conditions. Let’s see whether you need a business checking account and a credit card account, and a few other things before we make a decision regarding this offer.

Bank of America Offer for Non-IncFile Users

Now that you know the importance of having a business checking account, comes the next question. Should you go with the Bank of America for your business checking account or not? Bank of America offers business checking accounts to everybody, even if they are not IncFile clients.

To know whether the IncFile Bank of America offer is worth availing of, we need to compare this offer with the amenities accessible to non-IncFile users.

Bank of America offers for business checking accounts vary from one location to another, but overall, the Bank does offer a few things that you should take a look at.

  • Earn $200. If you open a business checking account with the Bank of America and deposit $5000 in the account within 15 after you open it, you can earn a $200 bonus.
  • Earn $500. Another offer that they have is a bonus worth $500. You will get this bonus if you deposit $20,000 in your account within 15 days of opening it.
  • Earn $750. The last offer they have for non-IncFile clients is a bonus of $750. If you deposit over $50,000 in your business checking account, you will earn $750.

However, these bonuses all have a common catch: You have to maintain your balance for at least 60 days to be eligible for the bonus. Moreover, you also have to make 5 electronic payments via your bank account.

If you fulfill both of these conditions and keep the respective amount of deposits in your bank, you will get these bonuses.

Comparison of the IncFile Users Offer vs Non-IncFile Users Offer

If we compare the offers for IncFile and non-IncFile clients, we can clearly see that IncFile clients get more value in the long term. Even if you get less amount in terms of money, but you don’t have a time limit for your deposits.

Moreover, the amount of money you need to earn the bonuses is quite less as well, which as new and emerging business owners, you will highly appreciate. Furthermore, there is no bonus offer for online bill payment or linking up your credit card account with your business checking account.

Therefore, if you are going to start a business, it is better than creating a business bank account at the Bank of America as an IncFile user to avail of the maximum benefits.

Things to Keep in Mind Before Opening a Business Bank Account

Opening a business bank account is an important decision that will prove to be beneficial for you down the road. There are a few mistakes while opening a business bank account that you should avoid. Moreover, there are few things you need to keep an eye out for while opening a bank account.

Let’s see what they are.

Don’t Open a Business Bank Account without creating an LLC

Haven’t formed your LLC and are thinking of opening a bank account? Think again. It is foolhardy to open a bank account before you form an LLC and an EIN to pay your taxes. Having a legal business entity, an LLC ensures that your identity is separate from that of your business.

You can open a personal bank account as a sole proprietor, but in that case, you will not only miss out on the benefits of having an LLC, you will not be able to enjoy the benefits of the IncFile Bank of America offer.

By missing your business and personal funds, you will forgo the advantages of deductible business expenditure when it comes to taxes. The last thing that anyone wants is for their business issues to seep into their personal lives and without a business checking account, and an LLC, this is highly likely.

Get all the Required Documents Professionally

When you open a personal bank account, you need to provide identity verification documents to your bank. Similarly, when you are opening a business bank account, you have to give documents to the bank regarding your business.

The documents that you need for a business bank account are:

  • Articles of Organization
  • Federal Tax ID (EIN)
  • Business operating agreement
  • Business Licenses

These documents are the requirement for opening a business bank account. Therefore, instead of going around making mistakes on your own, you should get professional and expert help. This will save your time, effort, and energy, which is extremely important as a new business owner.

Thus, we recommend that you go for the professional services offered by IncFile to get your LLC formed in a professional manner. Moreover, you will be able to enjoy the perks of IncFile’s Bank of America Offer as well!

Thoroughly Search the Features of the Bank Account

Are you the owner of a single-member LLC or are running a multi-member LLC? Would you be going to the bank to withdraw your money or will someone else do that for you? There are various things that you need to consider when you are creating your business bank account.

There are various bank account packages available, and if you don’t keep your business’s needs in mind, it is very likely that you will end up choosing the wrong package for your LLC. Usually, an LLC needs a business checking account (like the one offered by Bank of America), a business savings account, and a business credit card for future use.

Moreover, banks offer features such as online-only bank accounts, line of credit, merchant services accounts, etc. However, it is likely that you don’t need them. For example, what will you do with an online-only account if you’re going to deposit cash, right?

Therefore make sure that the services and offers you choose are perfect for your LLC’s needs. Consult the expert and courteous customer services available at IncFile to know everything in detail before you make a decision, folks!

Look for a Long-Term Banking Partner

The bank you choose to create your business account with is going to be a long-term partner for you. From keeping financial records straight to putting in requests for future loans, you are going to have a lot of interactions with your bank.

The longer you stay with a bank, the more offers you will get from them in the form of discounts, special features, and other value-added services. Therefore, even if you don’t need a lot of banking services today, keep an eye out for the features provided by the bank to ensure that they are the right choice for your LLC’s future.

IncFile Bank of America Offer – Final Word

For your business, you are going to need a business checking account. There are plenty of bonuses that the Bank of America offers. If you keep $5000 in your account, they will even waive the $15 monthly fee that they have.

Moreover, you can do 200 transactions without paying any fees as well. Moreover, if you deposit up to $10,000, they will not charge a deposit fee. Moreover, they have a mobile app, so that you can transfer funds, pay your bills, and access your account no matter where you are!

All in all, the Bank of America is a great bank, with plenty of credibility and loads of beneficial features for their customers. The offers available at Bank of America are enticing and alluring but as an IncFile user, you will get an even better deal.

Therefore, we recommend that you avail the services of IncFile for forming your LLC. Even if you have no money, you can go with their Silver business formation package, which is absolutely free of cost!

IncFile Bank of America – Frequently Asked Questions

What is an LLC?

An LLC is a type of business structure that keeps your personal and professional assets separate by providing limited liability protection. Limited liability protection ensures that even if your business assets are under stress, in case you are being sued or are on the verge of bankruptcy, your personal assets such as your house, car, etc., will remain safe and protected.

Is IncFile a good choice for LLC formation help?

To form an LLC, you need plenty of legal paperwork from filing the Articles of Organization to opening a business checking account. To save your time, energy, and efforts, you should get the help of a professional LLC incorporation service.

However, these expert services cost a lot of money, which makes them less feasible for new business owners working on a budget. For LLC owners like these, IncFile is the perfect option. They help you form your LLC without charging you an LLC formation service fee. All you need to do is pay the state fees and you are good to go!

What is the Bank of America IncFile offer?

All business owners need a business bank account to keep their finances straight. The Bank of America offers various benefits to its customers when they open a business banking account with them.

However, if you are an IncFile user, and go to the Bank of America to open your business banking account, you will get added value in form of a $450 bonus, once you fulfill certain criteria.

How does having a business bank account help?

A business bank account will help you stay legal and compliant with the tax rules of your state as well as the federal tax rules. Moreover, you will be able to track your business finances and costs and will be able to keep an eye on them effectively.

Which types of businesses need a business bank account?

If you have an LLC, an S-corp, a C-corp, a non-profit organization, or are even running a sole proprietorship, you should get a business bank account to keep your finances straight.

What details you are going to need in order to open your business bank account?

To open your business bank account, you are going to need the following things:

  • Federal Tax ID (EIN)
  • Name of the State of Business Formation
  • Date of Business Formation
  • Legal Business Name
  • Personal Information of the Business owner(s)
  • Details of the business manager(s)
  • Banking Business Resolution

Moreover, you will also need the articles of organization that you filed with your state of formation. If you are operating under a fictitious name, then you have to send the fictitious name certificate or the DBA certificate to the bank as well.

Is there a discount code at IncFile?

No, IncFile doesn’t offer a discount code. Rather, they provide you absolutely free services! For new business owners, they offer their Silver Business Formation package that is free of cost. They will form your business for you and will also act as your registered agent for the first year without charging you anything at all.

Flippa Alternatives

Are you looking for a suitable alternative for Flippa? If so, you’re in the right place.

Flippa is the biggest and most well-known online marketplace to buy and sell websites, domain names, and apps and was one of the first marketplaces online for websites.

You could say that Flippa is the eBay of selling websites. They have mass-market appeal, it’s easy to list, and they have built up a database of both buyers and sellers over many years.

However, they also have a reputation for low-quality listings, scammy sellers, and time-wasting buyers.

This has led many people to look for viable alternatives to Flippa and, in this article, I’ll cover why Flippa alternatives are needed, and what the best options are.


Flippa alternatives: the quick version

If you’re in a rush and just want to know what the best alternatives to Flippa are, here’s the list of the 9 best alternatives I could find:

  1. Empire Flippers
  2. FE International
  3. Exchange Marketplace
  4. Quiet Light Brokerage
  5. Micro Acquire
  6. Dealflow Brokerage
  7. Sideprojectors
  8. IndieMaker

Want more information on why these are the best alternatives and why we even need an alternative option to Flippa? Keep reading to find out.


Why do we need an alternative to Flippa?

Flippa is a victim of its own success as the largest website marketplace. As they scaled, so too did the spammy sellers, the buyers only interested in getting information to steal seller’s ideas, and the listing fees. There are a number of problems with Flippa that are easy to see for investors who are experienced with buying and selling websites, but a lot of beginners are not aware of the issues. The simple fact is that because Flippa is so accessible, buying and selling your website with them can be tiresome and painful.

Issues with Flippa for buyers

  • A lot of the listings are fraudulent. I’ve seen first-hand websites for sale on Flippa where the earnings are completely fabricated by the seller and the traffic has been inflated through spammy means.
  • Many sellers price the website too high. Sites making $2,000 a year are listing with Buy It Now prices of $25,000 or more. Do you want to wait a possible 12+ years to get a return on investment?
  • Bidding on listings makes it easy to over-commit. Remember the budget you set? It’s very easy to get into bidding wars on Flippa and before you know it you’ve paid way too much for a website.

Issues with Flippa for sellers

  • You’ll get a lot of messages from tire kickers. The number of time-wasting messages you will receive when selling a site has grown over the years. From spammers trying to promote their own service to buyers who clearly don’t have the money to buy your website but are just fishing for information – it takes a lot of time to sift through these messages on Flippa.
  • You’ll get fake bids on your listings. It’s so easy to place a bid on a listing that you will definitely receive fake bids. I’ve sold websites on Flippa that when it came down to it, the buyer disappeared and I had to relist it. There’s almost no punishment for them as anonymous bidders, and you then have to relist, which is more wasted effort.
  • You’ll get scammers and spammers wasting your time. I’m not sure how much this happens in recent years because I use alternative methods to Flippa now, but I’ve had scammers before purchase my website and then try to arrange transfer of the domain and contents before payment had been made. They prey on people who are new to website selling and it’s just another annoyance and time-wasting activity on Flippa.

Now, this is not to say that there aren’t good-quality websites for sale on Flippa. There are plenty of them.

The problem is that you have to spend considerable time now trying to find the “diamond in the rough” websites amongst all the terrible, terrible listings.

When Flippa first launched, they were pretty much the only choice to buy and sell websites but, over the years, an entire industry has risen up and there are many new competitors and legitimate alternatives to the Flippa marketplace.

Flippa alternatives for buying and selling websites

Let’s jump straight into the alternatives to Flippa and what their advantages and disadvantages are.

Empire Flippers

Empire Flippers took the original model of Flippa – a marketplace to buy and sell websites – and improved on it by making it a curated marketplace. This means that they review each potential listing and verify the details of the websites before they can be listed for sale.

Advantages of Empire Flippers over Flippa

  • The curated marketplace means the websites being listed are much less likely to be scammy or low-quality
  • Empire Flippers act as a middleman so that you don’t have to communicate directly with the buyer
  • They only focus on profitable websites for sale, no starter sites

Disadvantages of Empire Flippers over Flippa

  • To even get the URL of the website you need to pay a 5% deposit
  • The sites are more expensive because they look for around $1k a month in earnings before you can list
  • As a buyer, they tend to sell websites for a higher multiple than you could get on Flippa (or in a private deal)

FE International

FE is a website brokerage that works with clients to sell their websites and internet businesses. They are more focused on business owners looking to sell, compared to the more hobbyist “website flipping” angle of Empire Flippers or Flippa.

Advantages of FE International over Flippa

  • The listings are generally better than Flippa (although I have seen a lot of exceptions)
  • They create and provide a very thorough prospectus to give buyers all of the relevant information they need on a website
  • They handle all communication with the buyer on behalf of the seller

Disadvantages of FE International over Flippa

  • It’s very rare to see a website selling for less than $30,000
  • Their success/broker fee is higher (but you get white-glove service for this so for many sellers it’s not a disadvantage)
  • A lot of the listings are businesses and not “passive” income websites (which means many of the sites don’t actually have that much organic search traffic)

Exchange Marketplace

Exchange Marketplace is a marketplace created by Shopify which offers e-commerce websites and internet businesses for sale. This is a relatively new marketplace, launched in 2017, but it is the go-to place to buy and sell e-commerce sites using the Shopify platform (they have a 10% share of the e-commerce market).

Advantages of Exchange Marketplace over Flippa

  • It’s built by Shopify and sells Shopify websites, so all traffic and revenue is verified
  • They offer the best e-commerce websites for sale
  • You have to pay to use the Shopify platform, which means sellers are generally not scammers

Disadvantages of Exchange Marketplace over Flippa

  • Not really a disadvantage as Flippa does this too, but you do have to communicate directly with the seller on Exchange Marketplace
  • It’s only for e-commerce Shopify websites, which limits your options as a buyer to just one type of site
  • Exchange Marketplace is not transparent about what its sale fee is. In fact, you have to actually list the site for sale before they even give it to you.

More alternatives to Flippa

I’m not trying to create the most comprehensive list of Flippa alternatives in this article, because the truth is that the vast majority of “alternatives” are even worse than Flippa in terms of the spam and scammers on the platforms.

If you’ve found a marketplace that is not mentioned in this article, I will probably be aware of it but will have chosen specifically not to include it. Use that marketplace with caution!

Here’s the “best of the rest” which includes some upcoming marketplaces that have future potential.

  • Investors Club is run by Andrej from Alpha Investors, a well-known guy in the industry. With IC, buyers pay a subscription to get access to the listings, and sellers pay nothing. I love the idea and in my limited experience, the sites have been much higher quality than I’ve seen from FE.
  • MicroAcquire is a new kid on the block with a really nicely designed platform that is completely free. There are some really interesting listings on there, including some which have received funding from investors, and it has a lot of potential. The one downside of free is that you get “pre-revenue” listings which just makes it harder to find decent sites for sale.
  • Quiet Light is a well-known brokerage catering to larger sales of 6 figures upwards. Their NDA system never seems to be work properly and they don’t seem to reply to emails when you ask, but they do list high-quality sites.
  • Dealflow Brokerage is a team of experienced merger and acquisition advisors who have a powerful network of investors and entrepreneurs. From what I have seen from Dealflow, they list very high-quality internet businesses for sale and the multiples seem reasonable (but a little on the high side as all broker sites are). If you have a bigger budget into six figures or more, they are one to keep an eye on for unique listings you won’t see elsewhere.
  • Sideprojectors are typically hobby projects that are not earning as much as established websites and don’t have as much organic traffic, and they tend to be tech/developer-based projects or SaaS apps.
  • IndieMaker was previously 1kprojects-another side project that lets you buy and sell side projects. This one specifically was aiming at projects for selling projects for less than $1,000. The vast majority are from makers who have never made a profit on their project (and want to sell with inflated prices) but it’s worth keeping an eye on for the odd deal.

The Graveyard

Many try to become “the next Flippa” but most fail. Here’s a bunch that had potential but are no longer updated.

  • Borderline is a place to sell or barter your side project to find a new owner. It’s mostly focused on web apps and developer-heavy projects but it’s completely free and just connects the buyer and seller to figure it out between them. Submissions have slowed to a crawl and most aren’t worth buying.
  • Originally the Opportunity Overload email newsletter was started by the guys behind Need/Want, the company that created the Peel iPhone case and other physical products. I haven’t had a new email in a long time. It’s dead.
  • Transferslot started as a side project to sell side projects – how meta! It was once a good place to find potential starter projects to build upon and grow but has been somewhat abandoned. FE International bought this site and did nothing with it. Another one bites the dust.

What is the best alternative to Flippa?

Spoiler alert: there is no “best” alternative to Flippa!

I’ve highlighted the best options above to help you buy or sell any kind of business. There were dozens of other alternatives that I completely ignored because they were spammy, outdated, or unused.

If you have any other Flippa alternatives you think I should include in this article, please contact me and I’ll check them out.

The TRUE Cost to Form an LLC in Virginia

Have big plans for your new business? Before you can get started, you will have to incorporate your company. When you are starting an LLC in Virginia, there are a few startup costs that you should keep an eye on.

Virginia LLC Costs

To make sure you know how much it costs to start a Virginia LLC, we have put together this comprehensive guide with the common Virginia LLC costs you’ll have to pay.

Quick Summary

Short on time and want to get a jump start? Before we dive in with the detailed cost review, let’s give you brief highlights of the cost to start a Virginia LLC. To start an LLC in Virginia, you will have to pay $100 to file the Articles of Organization.

You can file the documentation online or send them through the mail. If you want same-day processing, you will have to pay $200. Moreover, if you want next-day processing, you will have to pay $100. Moreover, you want to reserve your business name before you file the documents, you will have to pay $10 for that as well.

The fee for same-day processing of name reservation is $200 and $50 for next-day processing. There are going to be additional costs such as annual report fees, registered agent charges, operating agreement costs, etc. as well.

If you choose a professional LLC formation service such as ZenBusiness or IncFile to form your LLC for you, they will take care of everything you need to get your LLC up and running.

Form Your Virginia LLC Quickly

Want to save your time and energy and don’t want to get lost in legal paperwork? You can hire a professional incorporation service that will take care of all your business needs. Services such as ZenBusiness and IncFile will take care of your LLC formation process at a very nominal fee.

  • Signup for ZenBusiness if you want high-quality services at affordable prices. Not only will they form your LLC, but you will get free registered agent services for a year as well!
  • Signup for IncFile if you are on a tight budget. IncFile has a free LLC formation package that not only helps become a proud LLC owner but offers various enticing features as well.

Virginia LLC Costs

Requirements Cost
LLC Name $0-$10
Registered Agent $0-$250 (per year)
Certificate of Formation $100
Operating Agreement $0 (free templates available)
EIN Number $0 (free on IRS site)
Franchise Tax Reports $0 (for most LLCs)
Taxes Varies

In order to form a Virginia LLC, you have to register your company with Virginia State Corporation Commission. However, before you get started, you have to choose your LLC’s name, select a registered agent for your company, and create a business operating agreement.

Moreover, you will also need a Federal Tax ID (EIN) from the IRS as well as figuring out taxes your LLC will have to pay taxes at federal and state levels. Sounds a lot? Don’t worry – we are here to help. We will lead you through all the steps you need to follow to establish an LLC.

Ready? Let’s get started!

Certification of Formation Filing Fee

The first thing you have to do is prepare your articles of organization and file them with the State Corporate Commission. This is the largest and most important of the Virginia LLC costs and you will be charged $100 to process the Certification of Filing.

However, it is a one-time charge and you will not have to pay the fees again as long as your LLC is up and running. The filing process usually takes 3-12 business days. If you want next-day or same-day processing, you will have to pay $100 and $200, respectively for expedited service.

If you choose a professional LLC formation service, they will handle all your paperwork and will keep you informed about the status of your order.

Virginia LLC Name

Have you selected a name for your LLC? Working out a few business details and want to reserve your tentative company name beforehand? If you want to reserve your name before you file your documents with the State of Virginia, you can do so.

For a small fee of $10, you can reserve your LLC’s name for 120 days. If you want to renew the reservation later, you can do so by paying $10 again. You can reserve your name online or by filling out a form.

However, you are not legally obligated to reserve your name. You can call the State Corporation Commission in Virginia, and confirm the name availability. If the name is available, you can simply file your Articles of Organization and register your company’s name.

You will not have to pay anything for the Virginia LLC name as long as you don’t reserve it first.

Virginia Registered Agent

After selecting your company’s name and before filing your paperwork, you have to select a registered agent for your business. A registered agent is a person who communicates with the State of Virginia on your behalf.

Your registered agent will handle all the tax documents, sensitive legal documents, and will keep your company compliant with the Virginia business law. Therefore, you need to choose a registered agent that you can trust.

You can become your own registered agent as well. However, you will have to keep up with all the business filings and handle any potential legal issues. Moreover, since your address will become part of the public records, you will have to say goodbye to privacy.

Want to save yourself from the stress of all the paperwork and any penalties due to delinquent filings? It is a good idea to hire a professional registered agent such as Northwest Registered Agent or ZenBusiness to ensure your annual reports and any other legal forms are filed in an efficient and timely manner.

Usually, most professional LLC formation companies offer registered agent services as a part of their LLC formation plans. For the first year, you won’t have to pay anything to companies like ZenBusiness and IncFile. After that, you will have to pay yearly subscription fees that vary from $99 to $250.

If you choose to become your own registered agent then you will not have to pay anything. For the sake of convenience, privacy, and discretion we recommend that you hire a professional registered agent.

Virginia Operating Agreement

The next thing you need for your LLC is an operating agreement. A business operating agreement is the legal document that not only outlines the hierarchical structure of your company but will also lay down a few rules your company will run by.

It doesn’t matter whether you are going to start a single-member LLC or multi-member LLC. Having an operating agreement is pretty important for your LLC. Instead of creating an operating agreement yourself, the best way to ensure you have a legally binding and thorough business operating agreement, you should purchase one from a professional LLC formation service.

Most of the LLC formation services such as ZenBusiness and IncFile provide you with business operating agreements as part of their multi-tiered formation packages. You can buy an operating agreement separately online as well. The fee for operating agreements usually ranges from $40 to $200.

Virginia EIN Number

We all have social security numbers. An EIN is similar to a social security number but it is the federal tax ID for LLCs. With the help of an EIN, you can hire employees, open your business bank account, and a lot more.

You can get an EIN from the Virginia Department of Taxation. Simply register your business by completing the registration form R-1. After registering, your LLC will be assigned a tax account number that you can include on your payments, tax returns, or any other tax filings.

If you don’t want to apply for an EIN yourself, you can get the help of LLC incorporation services online. A few of them offer EIN acquisition services as a part of their formation packages. You can get this service separately as well.

If you go the DIY route, you will get your EIN free of cost from the IRS. If you hire a business attorney, the rates will vary according to their hourly rates. LLC formation companies usually charge $40 to $100 for acquiring an EIN for your LLC from the state.

Virginia LLC Bank Account

After getting your EIN, the first thing you should do is open your business bank account. Every successful LLC needs a bank account for its financial proceedings. Even if you have a personal bank account, it is a good idea to separate your personal and professional financial dealings. This will help you a lot when you file your taxes.

Simply get in touch with your local bank and they will guide and help you to form your LLC’s bank account. If you open an account yourself, you will not have to pay any money.

If you hire a professional LLC formation company, they will handle the opening of your LLC as a part of their incorporation packages. Instead of making several trips to the bank, save your time and get the services of ZenBusiness or IncFile!

Virginia Taxes

LLCs are classified as “pass-through” entities by the federal government. This means that you won’t have to file a corporate tax return for your LLC. Individual members of LLCs have to report the income and the losses on their personal tax returns.

State income tax and franchise tax are not imposed by the State of Virginia on LLCs. However, you have to file business tax returns in order to keep your LLC’s information updated with the State. In specific situations, your LLC will have to pay business-related taxes such as sales tax, use tax, withholding tax, unemployment tax, etc.

You should visit Virginia’s tax website to know more in detail. LLC formation services usually offer business tax consultation free or for a nominal fee. They have professionals who guide you regarding the taxes you have to pay, and when.

Therefore, it is better to get help from a tax expert and professional, instead of making errors on your own.

Virginia Business Attorney Fees

If you have any concerns or questions regarding the LLC formation procedure, then the best option is to get in touch with a professional business attorney. They are definitely not cheap and you will have to pay a hefty sum in lieu of attorney fees.

However, for your peace of mind, it is necessary to get professional help. Business attorneys usually offer free first consultation (30 minutes at most), and then charge hourly afterward. Usually, business lawyers charge between $200 to $400 per hour.

However, we recommend that you contact the customer services of a professional LLC formation company, like Northwest Registered Agent, and let their representatives answer your queries. Moreover, comprehensive legal service providers such as LegalZoom and Rocket Lawyer also exist who will not only take care of your LLC formation needs but will also provide professional legal help.

Foreign Qualification Fees

Do you have an LLC in another state and are now expanding your company into Virginia? If yes, then you don’t have to file your Articles of Organization. Instead, you will have to submit an application to get the Certificate of Registration.

The filing fee for the certificate is $100 and you only have to pay for it once. You can send an application online or fill out a physical form and then mail it.

Business Licenses

Before you can do business in Virginia, it is highly probable that you will have to get a business license. However, not every LLC needs a business license – it depends on the geographical location of your business as well as its type.

For example, cosmetologists have to get a business license from the Board for Barbers & Cosmetology. Moreover, cities and counties have specific rules and licensure laws. Therefore, you have to check whether you need any licenses to operate your business in the area or not.

It is a safe option to hire a professional to do this for you so that you can rest assured that you have all/any federal, state, or local permits to do business in Virginia.

For federal licenses, you can check out the US Small Business Administration website. To learn about the state licenses and permits, you should check out the Virginia State Corporation Commission’s website. Your local Chamber of Commerce will help you figure out the local licensing requirements.

Virginia Annual Business Registration Fees

Every LLC in Virginia has to file an annual report yearly. Remember the date of your LLC incorporation because it will act as the deadline for your annual business report the next year. You can file the annual report online or on paper. You don’t have to pay any filing fee for the annual report.

However, you have to pay an annual registration fee of $25 to the state. If you miss your filing deadline, you will have to pay a fine. Moreover, if you don’t pay your annual registration fee three months after the deadline, the state of Virginia will dissolve your company.

Moreover, if your company has stocks or shares, you will have to pay annual fees based on the number of shares your LLC is authorized to issue. Nonstock LLCs have to pay a $25 flat registration fee only.

How to form a Virginia LLC yourself

Starting an LLC of your own is an exciting prospect. We all dream of becoming our own boss and run a successful business. Forming an LLC with the state is the first step in that direction. You will have to go through plenty of paperwork and cut through legal red tape to get started, but it will be worth it.

If you know the steps for creating an LLC, the task becomes even easier.

One of the Virginia LLC costs when forming the company yourself is simply the cost of your time! Instead of spending hours going through tedious filing paperwork, why not hire the services of a professional LLC incorporation company to help you out?

By paying no money (IncFile’s free package), or paying a very nominal fee (ZenBusiness’s $49 starter plan), you can get your business up and running in no time.

Therefore, we recommend that you hire ZenBusiness or IncFile to form your Virginia LLC.

Let’s take a look at the few things that you need to know before you start forming your LLC on your own!

  1. Naming your Virginia LLC

The first thing you have to do is find the perfect name for your LLC. A well-chosen name will help you attract clients and increase the popularity of your business. Apart from choosing a catchy name, you have to make sure it fulfills the legal criteria as well.

You have to choose a one-of-a-kind name since Virginia law doesn’t allow duplicate names of LLCs. Check for the name availability by going through Virginia’s business database. Moreover, your business name must include a particular version of Limited Liability Corporation, such as LLC, L.L.C, Ltd., Co., etc.

Moreover, you can’t add certain words in your business’s name. Check out the rules for business names on Virginia’s Corporate Commission website. You have the choice of reserving the name beforehand, which we have already mentioned above.

  1. Choosing a Registered Agent

Once you have decided on a name, you need to choose a registered agent for your business. A registered agent is a person who will receive legal documents from the state on the behalf of your LLC. You can become your own registered agent, but we highly recommend that you use a professional service like Northwest Registered Agent to take care of this for you.

  1. Filing your Articles of Organization

After you have selected your business name and registered agent, you have to file your articles of organization with the state. You have to get the LLC filing form and fill in the relevant information. You can file the documents online or send them through the mail. In both cases, you will have to pay a $100 filing fee.

If you are opting for paper filing, you will have to send the fees via a check to the State Corporation Commission. In case of online filing, you can pay through e-check or credit card.

  1. Creating a Business Operating Agreement

Even though you are not obligated to have a business operating agreement for your LLC, it is a good place to start after you file your documents with the state. It will help safeguard and protect your company against any legal liabilities.

An LLC operating agreement will set out the precise rules which your company will follow along with details of the company’s ownership structure. With the help of an operating agreement, you can avoid any future conflicts.

LLC incorporation services either give you a standard operating agreement as part of their packages or separately for nominal fees.

  1. Getting an EIN

The last step to acquire an EIN for your LLC. If your LLC has 2 or more members, then you need an EIN. You can apply for one on the IRS’s website and get one free of cost. However, if you don’t want to get lost in the legal jargon and paperwork, LLC incorporation services such as ZenBusiness take care of acquiring an EIN for your LLC.

Costs to Start a Virginia LLC: Conclusion

To get your LLC up and running in the state of Virginia, you have to pay a $100 filing fee. There are a few other expenditures such as registered agent service, operating agreement template, etc. that you have to take care of.

However, we recommend that you should get the help of a professional LLC incorporation company such as ZenBusiness so that you can relax and focus on running your business.

Here’s to your successful business in Virginia!

Frequently Asked Questions

Does the State of Virginia have any publication requirements?

No. If you are forming an LLC in Virginia, you don’t have to publicize the formation. Therefore, you will need publication services that are offered by many LLC incorporation services.

Do I have to submit company bylaws to the state?

No. It is not a legal obligation to submit the bylaws of your company to the State. However, it is necessary that you create a business operating agreement that you can use as a blueprint for your company’s day-to-day operations.

How long will it take to form my LLC in Virginia?

Usually, it takes almost 3-5 business days to process your articles of organization. However, if you want, you can get same-day or next-day processing by paying an expediting fee.

Does the State of Virginia allow the formation of a Series LLC?

Yes, if you want multiple LLCs to operate under a single umbrella of a larger LLC, the State of Virginia gives you the permission to do so.

How can I dissolve an LLC in Virginia?

If you want to dissolve an LLC in Virginia, you have to fill out the Articles of Cancellation and file them with the state. You will have to pay a $25 fee for this.

What is an Operating Agreement?

The operating agreement sets forth the guidelines for an LLC, it outlines the ownership and operating procedures of your LLC. This document outlines the working relations, including financials, among the members of the LLC.

The details vary depending on several factors: number of members, the structure itself, tax considerations, and sharing of profits, among others. If there is more than one member in your LLC then it becomes a binding legal contract.

Beware that an Operating Agreement might be required

In some states having an Operating Agreement is required, therefore if you are forming an LLC in California, Delaware, Maine, Missouri, Nebraska, and New York make sure you get one, they are required in those states.

Do I Need an Operating Agreement?

If you are not forming an LLC in the states mentioned above we highly recommend drafting one. In the case of a multi-member LLC, an operating agreement will set expectations above all of the member’s roles and responsibilities.

On the other hand, if you are forming a single-member LLC, then an operating agreement will ensure courts respect your limited liability status.

Basic Provisions

Any basic operating agreement for LLC contains the following provisions:

  • Identifying Information
  • Statement of Intent
  • Business Purpose
  • Terms
  • Tax Treatment
  • Admission of New Members

IncFile can help you draft an operating agreement for your LLC online quickly and affordably.

ZenBusiness vs Rocket Lawyer (Which is the Best LLC Service?)

Starting a new business and searching for a professional LLC formation service? With so many competing services out there, it can get a bit challenging to choose the perfect one. Instead of losing yourself down the rabbit hole of legal jargon, you should focus on the growth of your business.

ZenBusiness and Rocket Lawyer are reputed incorporation services that will take care of your business’s needs. The million-dollar question is: In ZenBusiness vs Rocket Lawyer, which one should you choose? This is what we are here!

In this ZenBusiness vs Rocket Lawyer review, we will compare their features, pricing, customer reviews, and a few other important factors that will help you make an informed choice.

Let’s get started!

Quick Summary: ZenBusiness vs Rocket Lawyer

Busy getting your business up and running and don’t have the time to read our comprehensive ZenBusiness vs Rocket Lawyer review? To save your time, here are the highlights of both companies. Read them and make your choice!

ZenBusiness provides professional LLC formation services and has affordable rates. You will appreciate their fast process and will be satisfied with the customer service you get. They have everything you need for your LLC from EIN acquisition to banking resolutions.

Rocket Lawyer is not a standalone LLC formation service. Rather, it is a legal services provider as well. It has glowing customer reviews and people appreciate the fact they can get all legal services under one roof.

  • Signup for ZenBusiness if you are looking for an affordable LLC formation service with plenty of perks and features. For the best overall value, ZenBusiness is our recommended LLC formation service.
  • Signup for Rocket Lawyer if you want other legal services along with LLC formation services and are willing to pay more for them. For other legal services along with LLC formation service.

Similarities Between ZenBusiness & Rocket Lawyer

ZenBusiness provides LLC formation services only while Rocket Lawyer provides different kinds of legal services as well. However, there are plenty of similarities between these two companies, which their customers like. Let’s see what they are!

Affordable Prices

Usually, when it comes to incorporating companies, business attorneys step in. After all, forming an LLC is part of the portfolios and job description of business attorneys, right? The rates of business lawyers are pretty high and if you hire one to form your LLC, you are going to pay a hefty sum for their fees.

On the other hand, if you choose ZenBusiness & Rocket Lawyer, you will pay only a fraction of the lawyer’s fees. What’s more, you will get other perks such as business operating templates and web domains, etc. for your LLC as well.

Therefore, both ZenBusiness & Rocket Lawyer cost less than hiring a lawyer.

Excellent Customer Reviews

No matter how paper-friendly a company is, until and unless its customers are satisfied, it is no good. Both ZenBusiness & Rocket Lawyer have excellent customer feedback with plenty of reviews online. Most of their customers are satisfied with the services they get.

Responsive Customer Support

As a new business owner, you are bound to have tons of questions. Instead of searching the internet and wasting your precious time, what if you could get in touch with a professional? ZenBusiness and Rocket Lawyer have a dedicated customer support system.

You can contact them through email or phone and get answers in a short time!

Feature-Full Services

Is getting your company filed enough? What about registered agent services? What about business operating agreements and bylaws? When you use ZenBusiness or Rocket Lawyer, you will have access to a multitude of services that will help you get your company up and running.

Business Help

What we really like about both these companies is the fact that they are a credible source of information as well. ZenBusiness comes with a blog on which you can find business help and a lot of information that you will find helpful.

Similarly, there is a “Help” portion on Rocket Lawyer’s website that you can consult for any information that you might need.

Differences Between ZenBusiness & Rocket Lawyer

Types of Services

When you use ZenBusiness, you will only get LLC formation services and basic features that your company will need. On the other hand, Rocket Lawyer is a comprehensive legal service provider.

Subscription Plans

When it comes to subscription plans, ZenBusiness has more options than Rocket Lawyer. With Rocket Lawyer, you will get different services based on whether you buy a membership or not. With ZenBusiness you will be able to choose various packages according to your needs. Thus, ZenBusiness is more flexible.

Years of Experience

Both companies are experienced and have helped thousands of companies. However, Rocket Lawyer was created in 2008 while ZenBusiness is fairly new to the LLC formation industry since 2015. However, the customer reviews show that even in this short period of time, ZenBusiness has made its mark in the industry.

Registered Agent Service

You can become your own registered agent but by doing this, your address will be present in the public records. If you want to avoid this, then you can use the quality Registered Agent Services provided by ZenBusiness or Rocket Lawyer.

For a non-member, the charges for Registered Agent are $149.99. If you are a member, you will get a 25% discount. On the other hand, at ZenBusiness, the first year of the service will be free. After that, it will cost $99 every year, which is a far better deal.

Side-by-Side Comparison

To make it easier for you to make a choice, we will compare important factors for both companies side-by-side. This will help you get a better idea about the type of features and services you will get if you choose Rocket Lawyer or ZenBusiness.

Pricing

For new business owners, pricing holds a lot of importance and it should. There are a lot of expenses to take care of when you are starting your company and if you are getting affordable services, you should go for them.

At ZenBusiness, the Starter package costs only $49. You not only get your company incorporated but also get a free year of registered agent services. The mid-tier package is the Pro Package and it costs $149. It has plenty of features such as EIN acquisition, worry-free compliance, etc.

The last package offered by ZenBusiness is the Premium package and it costs $299. It is a comprehensive package and helps you with various business needs. When it comes to Rocket Lawyer, you don’t get tiered pricing plans.

With Rocket Lawyer, there are two packages.

  1. Premium Member
  2. Non-Member

If you are a non-member, then they will charge you $99.99 and incorporate your business. If you become a member, you will pay $39.99 monthly to get access to their legal services.

ZenBusiness

  • Starter package: $49
  • Pro package: $199
  • Premium package: $299

Rocket Lawyer

  • Non-Member: $99.99
  • Premium Member: $39.99

Overall, Rocket Lawyer is a good company that provides quality services. However. They charge slightly more than ZenBusiness when it comes to LLC formation services. Moreover, they offer fewer features as well.

If you are a non-member, you will pay $99.99 plus $149.99 for registered agent services with Rocket Lawyer. Even if you are a member, you will have to pay $39.99 for the subscription, plus almost $112 for registered agent services.

On the other hand, you will simply get both these services at ZenBusiness by paying $49 only. If your sole goal is LLC formation, then Rocket Lawyer will not be a good choice.

As far as the pricing is concerned, ZenBusiness takes a clear lead.

Features

ZenBusiness’s LLC formation packages are comprehensive and take care of all your business needs. Let’s take a look at the various features both ZenBusiness & Rocket Lawyer provide.

At ZenBusiness, there are three different packages: Starter, Pro, and Premium. All of them have varying prices and different features.

The Starter package, worth $49, has the following features.

  1. Preparation & Filing of Documents
  2. Free Year of Registered Agent Service
  3. Operating Agreement Template
  4. Accuracy Guarantee

The Pro Package is worth $149 and you get the following additional features.

  1. Expedite Filing Speed (1-2 weeks)
  2. Banking Resolution
  3. EIN
  4. Worry-Free Compliance

The last package from ZenBusiness is the Premium Package. You get all the features present in the Pro package and the following additional services.

  1. Rush Filing Speed (3-5 business days)
  2. Business Domain
  3. Company Email Address
  4. Company Website

If you are using Rocket Lawyer, you have two options – to become a member or avail of LLC services alone. If you are a non-member and are going to use their LLC formation package, then you will get the following features.

  1. Business Name Search
  2. Articles of Organization – Preparation & Filing
  3. Online Dashboard
  4. Business Operating Template

Their second package is the Premium Member Package. At a monthly subscription worth $39.99, you will have access to all of their legal services. If you choose their premium membership, you will get your LLC formed for free. In the case of existing members, they have a 25% discount.

In the premium package, you will get the following features.

  1. Attorney Services
  2. Legal Documents Library
  3. Legal Queries will be answered
  4. 30-minute legal consultation
  5. Free Incorporation
  6. 25% Discount on Registered Agent Service

ZenBusiness

  • Preparation & Filing of Documents
  • Free Year of Registered Agent Service
  • Operating Agreement Template
  • Accuracy Guarantee

Rocket Lawyer

  • Business Name Search
  • Articles of Organization – Preparation & Filing
  • Online Dashboard
  • Business Operating Template

Experience

The next thing that we consider in our ZenBusiness vs Rocket Lawyer review is the experience of both companies. ZenBusiness has been providing services since 2015 and helped lots of individuals form their companies.

With glowing reviews from their users, we can rest assured that they provide quality services. On the other hand, Rocket Lawyer has been around since 2008 and according to their website, they have helped over 20 million people.

This is a huge number, but you need to be aware that this number is for not only the LLCs they have formed but all the people who come to them for legal services. Nevertheless, it is an impressive number.

Therefore, this category goes to Rocket Lawyer for they have been around for a longer period of time.

Customer Support

What if you have questions about the services that ZenBusiness or Rocket Lawyer provide? You can contact their customer services and get your query answered!

When it comes to ZenBusiness, they have responsive customer support. You can get in touch with them through email, web chat, or phone. The phone support is available between 8 am – 8 pm (CT) on weekdays.

The customer reps are knowledgeable, friendly, and professional. Moreover, they are also available on Sundays. The timings are 10 am to 7 pm (CT).

You can contact the customer service at Rocket Lawyer from 6 am to 6 pm (PT) from Monday to Friday. Moreover, you can send them an email with your query as well. There is an option for web chat as well but it is more of an FAQ service than a live chat.

Even though both companies have responsive customer services, ZenBusiness provides support even on Sunday. This makes them the winner in this category.

Turnaround Times

When it comes to turnaround times, ZenBusiness has three processing speeds based on the package you choose. If you select the premium package, you will be able to get your LLC formed in 3 to 5 working days! Even if you choose their standard filing speed, you will get your company incorporated in 2-3 weeks.

However, Rocket Lawyer doesn’t offer you the flexibility of choosing the filing speed. Every state has a particular period of time in which they incorporate a company. You will have to check the turnaround time for your state and see how long it will take. If your state offers expedited filing, you will pay extra to avail it.

ZenBusiness is the clear winner here since with them you have the choice to select the turnaround time you want.

Order Tracking

If you can track your order and check the status, you can stop worrying about the legal details of setting up a business and focus on building your company. Both ZenBusiness & Rocket Lawyer have online order tracking tools that you can use to check the order status.

All you have to do is log on to your account and check the status in your profile.

Registered Agent Service

Your state of formation needs a way of communicating with your company. Therefore, you need to have a registered agent. ZenBusiness provides a very lucrative offer when it comes to registered agent services.

With all of their packages, you will get one free year of registered agent services. Later on, the charges are $99 every year.

On the other hand, Rocket Lawyer doesn’t offer a free year of registered agent services. If you are a non-member, you will pay $149 annually and if you are a member, then you will have 25% off, which is still more than $99.

Therefore, if you are looking for a registered agent service, go for ZenBusiness without hesitation! Why would you pay even a dime more for similar services, right?

Customer Reviews

Now that you have gone through a lot of information about pricing and features of ZenBusiness and Rocket Lawyer, it is time for us to learn what their customers say about them. With over 4,700 reviews and a 4.8-star rating on Trustpilot, ZenBusiness is a well-loved service provider.

Their users praise their affordable costs, personalized services, and professional support.

When it comes to Rocket Lawyer, they have over 2,000 reviews on Trustpilot and a 4.7 rating. Even though most of these reviews are positive in nature, we are astonished why the number of reviews is so less. With over 20 million users, one would have expected the number of reviews to be more as well.

Most of their customers are pleased with their 7-day trial offer and responsive customer support. However, users didn’t like the fact that they had to provide their credit card info to avail the trial. When the trial is over, you don’t get a notification and your card automatically gets charged.

ZenBusiness takes the lead here since they have better ratings and more user reviews than Rocket Lawyer.

Ease of Use

The only reason you are choosing an LLC formation service is to save your time. If the registration process takes a long time, you would defeat this purpose. When you use ZenBusiness, you don’t have to fill out complex forms or waste your time learning legal jargon.

Simply choose the package, enter your company’s details, select any add-ons if you want, and that’s it!

With Rocket Lawyer, you have to choose whether you want to become a member or not. After making your choice, you will enter your personal details, and choose additional services, if any. The whole process takes 10 to 15 minutes at max.

In ZenBusiness vs Rocket Lawyer ease of use, it is a tie. Both the services have an easy order process and a user-friendly website.

Additional Services

ZenBusiness as well as Rocket Lawyer have various features and services. ZenBusiness focuses on LLC formation only and thus, you will find services that will be related to LLC formation mostly. Other features such as EIN, business agreement, domain names, etc. are also available.

On the other hand, Rocket Lawyer is a comprehensive legal service provider. You can get your LLC formed as well as handle things such as your estate planning, will, etc. Therefore, it is clear that the services provided by these companies vary.

ZenBusiness vs Rocket Lawyer: Which is Best?

Now is the time for making the final choice. ZenBusiness vs Rocket Lawyer – what will it be? Both the companies are popular amongst their users and have excellent customer service. However, they are very distinct from each other, and we have discussed this in detail above.

ZenBusiness comes with a friendly, affordable pricing model. On the other hand, you will get expensive rates from Rocket Lawyer but they have more years of experience under their belt. By now, your choice should be clear for you. Are you still confused? Don’t worry – let us make this simpler for you.

  • Signup for ZenBusiness if you are looking for a reliable, affordable incorporation service and registered agent service with quick turnaround times

ZenBusiness is for entrepreneurs who are searching for

  1. An affordable LLC service
  2. Free registered agent service
  3. Excellent customer support
  4. Flexible turnaround time
  • Signup for Rocket Lawyer if budget isn’t an issue for you and you are looking for a lot of legal services besides LLC formation

Rocket lawyer is perfect for business owners who

  1. Value years of experience
  2. Are looking for comprehensive legal services
  3. Are willing to pay more

Frequently Asked Questions

What is the biggest advantage of each service in ZenBusiness vs Rocket Lawyer?

ZenBusiness has affordable prices and offers a free year of registered agent services. Rocket lawyer is a comprehensive legal service provider and is perfect for all kinds of legal issues.

What is the refund policy for ZenBusiness and Rocket Lawyer?

If you want a refund from ZenBusiness, you will only get one if they haven’t filed your documents with the state. You will be charged a cancellation fee. However, if your documents have been filed, you will not get a refund.

On the other hand, the refund policy of Rocket Lawyer is flexible. You have 30 days after your purchase to ask for a refund.

Which service do you recommend in ZenBusiness vs Rocket Lawyer?

Due to their affordable rates, flexible turnaround times, and free registered agent service, we recommend ZenBusiness. However, if you want legal services, then Rocket Lawyer is also a good choice.

Are there any upsells with these companies?

Yes, both the companies have upsells. When you go through the order process of ZenBusiness, you will come across various upsells and add-ons. Moreover, Rocket Lawyer promotes their monthly subscription plan a lot, especially with the 7-day trial offer.

All you need to do is focus on your needs, and steer clear of any features that you don’t want.

Can I form an LLC without help?

Yes, you can form an LLC yourself. However, as a new business owner, it will take you a long time to get through all the red tape. Therefore, we recommend that you use a professional LLC formation service to help you.

Wisconsin Business Entity Search (Full Guide)

You can perform a Wisconsin business entity search to get access to information on record with the Wisconsin Department of Financial Institutions (DFI). The available information includes the legal name of the entity, effective date of initial registration, type of the entity (corporation, LP, LLC, etc), DFI entity ID number, the current status of the entity, information about the registered agent, and more. You’ll be able to get the year indicator of the most recently filed annual report, and access document filing history.

Wisconsin Business Entity Search

From the DFI website, you can also access the Name Availability search you can use to see if there are any records that might conflict with the name you’ve searched for availability. However, you should keep in mind that even though it appears there’s no conflict, the final determination will be made by the DFI once the document has been received, examined, and filed.

Since we’ve got a lot to cover, let’s start with the Washington business entity search!

Do you need your LLC forming quickly? Form your new business using ZenBusiness instead. They will do your Wisconsin business entity search, file all the paperwork, and make sure it’s 100% accurate! Save yourself HOURS of painful forms and get your LLC formed quickly and easily.

Search Corporate Records by Entity Name

To access the Wisconsin Corporate Records Search, click on this link. You can use this link to search corporate records by entity name.

Step 1

Click on the search bar and type the keywords you want to look up. Click on the Search Records button below.

Step 2

You’ll see the ID number, name, type, registered effective date, status and status date for business entities that match your search criteria. If there are too many search results, you won’t be able to see all of them.

If there are no records, you’ll see the following message “Sorry, your search returned no records”. You should first check for misspellings, and if the spelling is ok, you can try using fewer words or adding another word if you were using just letters or initials. If nothing gives expected results, you should try an advanced search.

Step 3

To access additional information about an entity, click on its name. On this page, you’ll see a period of existence, addresses (registered agent office and principal office), and historical information.

Search Corporate Records by DFI Entity ID Number

You can also search business entities by DFI entity ID number. The ID number consists of one alpha character (A) and six numeric characters (#). The number will be in one of the two formats – either A###### or #A#####. Since the ID number is unique, there’ll be either one or none search results, depending on whether the number belongs to an entity or not.

If the basic search doesn’t give expected results, you can try Advanced Search by clicking on this link.

Step 1

Click on the search box and enter the words you want to search for. Select whether you’re looking for the exact phrase, names that use all of the words or start with the words entered.

You can search in the names of business entities or registered agents. Select the entity status (in existence, no longer in existence, or both) and names (current, old, or both). You can also select one or more available entity types, and enter the dates in between you think the registration date was. Click on the Search Records button below.

Step 2

Review the search results you’ve got. Click on the hyperlinked entity name for more details or refine your search criteria to get different results. When searching for the registered agent, only the current names are searched. You can try variations of a name to get different search results. Pay special attention to individual surnames that are compounded with prefixes (try with and without spaces and apostrophes).

To check whether the business name you’ve chosen is available for you to use when forming a new business entity in Wisconsin, click on this link.

Step 1

Click on the search bar and type the name you’d want to use. Click on the Search Records button below.

Step 2

If the name is available, the following message will appear “No records appear to conflict with the name you entered”.

Otherwise, you’ll be notified that “The record(s) in the search results below appear to conflict with the name you entered for availability”. You’ll see the entity ID, name, type, registered effective date, and status and status date. For additional information, click on the entity name.

Wisconsin Business Entity Search Recap

Once you’ve read this Wisconsin business entity search guide, you’ll definitely know everything you need to know about both basic and advanced search methods. Use one of these two search methods to find a certain business entity and access the available information. The basic information you’ll obtain from the search records includes:

  • DFI Entity ID Number
  • Name of the Entity
  • Type of the Entity
  • Registered Effective Date
  • Status and Status Date

Once you click on the name of the entity, you’ll access additional information, including:

  • Vital Statistics (all the basic information, plus the period of existence and annual report requirements)
  • Addresses (Registered Agent Office and Principal Office)
  • Historical Information (Annual Reports, Certificates of Newly-elected Officers/Directors, Old Names, and Chronology)

From this page, you can also file an annual report or registered agent/office update form. You can request a Certificate of Status but please note that there’ll be a processing fee of $10. If ordering a document copy, you’ll need an email address and one of the available payment methods.

If you cannot find the business entity you’re looking for it might be possible that it’s not on record. Only the entities in existence on or created after 01/01/1977 are on record with the state of Wisconsin.

If you’re thinking about forming a business entity, you should use the Wisconsin name availability search to find out whether the name is available for you to use or not. If the name is available, you can start the registration process by yourself, or you can hire one of the available LLC formation services, such as ZenBusiness to do everything for you.

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