News Americas, NEW YORK, NY, Mon. Nov. 1, 2021: The global economy is being reshaped by the rapid digital revolution, which has infiltrated virtually every industry and aspect of daily life, changing how we study, work, trade, interact, and access public and private services and information. In recent years, the global digital economy was valued at USD 11.5 trillion, accounting for 15.5%of global GDP.
With the digital economy being valued at such a high number, it suggests that more and more businesses are embracing the use of digital services and digital tools when conducting business. Throughout the pandemic, the present economic climate has caused certain Caribbean companies to shift away from pre-pandemic business patterns and refocus on helping the Caribbean bloc’s economic recovery. Despite the fact that larger corporations have provided some economic relief, entrepreneurs are now refocusing their efforts on smaller areas that are still heavily impacted by the virus, socio economic issues, and Caribbean traditions. Caribbean entrepreneurs are starting to incorporate business in the U.S by making use of incorporation services.
Two of the most commonly preferred incorporation services are Incfile and Legalzoom. Both companies essentially offer the same services, but entrepreneurs still wonder which is best, Incfile or LegalZoom?
Incfile
Since its inception in 2004, IncFile has grown to become one of the most popular LLC formation websites, having formed over 500,000 businesses. There are a lot of businesses that can help you register an LLC online, but IncFile has managed to carve out a niche for themselves in this crowded market, recently surpassing LegalZoom in popularity.
Incfile can help you start your business and provide a full year of registered agent service for only $0, one of the lowest fees we’ve seen. The registered agent service will renew for $119 per year after the first year, which is a good deal. Despite the fact that IncFile’s pricing are lower than all competitors, every LLC creation package includes a full year of registered agent service (which is a requirement for all LLCs). If you register an LLC with IncFile, you’ll get lifetime company notifications, which will send you emails anytime a deadline for annual reports, business licenses, statements of information, and other documents approaches. You’ll have to keep track of everything yourself if you don’t have this option, which can be a real pain. Customer feedback about IncFile is overwhelmingly positive. Not only do they have good average rating scores, but they also have a large number of internet reviews (now over 27,000).
Legalzoom
From LLC formation to trademark registration, LegalZoom offers a wide range of services for small business owners. You can select from one-time services like forming a firm, free services like generating specific legal documents, or the subscription-based Business Advisory plan, which provides ongoing legal aid.
LegalZoom is one of the most well-known and well-established online legal services, with over four million businesses and consumers served. They have the industry’s longest money-back satisfaction guarantee at 60 days. You can also get a prorated refund if you terminate your membership at any time. LegalZoom is the least expensive for a business legal package that includes regular contact with an attorney. The business legal plan includes phone consultations with an attorney and document evaluation, just like rivals. Tax advice and an annual business review (checks to ensure you’re in conformity with relevant regulations) are included in LegalZoom’s legal plan, whereas competitors do not. It also includes one monthly copyright registration, which is a fantastic offer for painters, musicians, and other creative freelancers and businesses.
Why Incorporation Is Necessary
The most important reason to incorporate your company is to shield yourself from potential commercial obligations. If you run an unincorporated business, the creditors of that business may be able to seize your personal assets. Personal assets, such as your home and bank account, can be utilized to pay corporate debts or settle a lawsuit against your company. Because an incorporated corporation and its owners are different entities, business creditors cannot reach personal assets if you incorporate.
An incorporated business has the benefit of perpetual existence. The term “perpetual existence” refers to the fact that the life and continuing of a firm are unaffected by the departure or death of one of the proprietors. The departure or death of one of the owners usually causes an unincorporated business’s existence and functioning to be disrupted. By incorporating, you may eliminate this risk from your company. Similarly, it may be difficult to transfer an unincorporated business’s ownership interest. If the company is formed, the shareholders can simply sell or give their shares.
U.S and Caribbean businesses alike are investing in incorporation services. Whether you choose LegalZoom or Incfile will depend on your individual business needs.
