Starting a business involves many steps, particularly if you’re forming a limited liability company (LLC). LLCs have certain requirements that differ by state, making the LLC formation process a bit cumbersome. Fortunately, there are business formation services that can help you, one of which is Tailor Brands.
But is using Tailor Brands worth the money? Here we’ll discuss what Tailor Brands offers so that you can decide if it’s the right choice for you.
What Tailor Brands Can Do for You
Tailor Brands offers several services that can make your life easier.
LLC Formation
Forming an LLC requires filing a document with your state, usually through the Secretary of State. It’s important to handle this correctly so that your LLC will be filed and approved quickly. Tailor Brands can handle this process for you, ensuring that it goes smoothly and saving you time.
They’ll also make sure your chosen LLC name is available before the documents are filed, which is important because if the documents are filed with an LLC name that’s already taken, the filing will be rejected by the state. This can result in delays and potentially more state fees.
Registered Agent Services
Your LLC will be required to have a registered agent, which is a person or company who will accept official correspondence on behalf of your LLC. A registered agent is required to be personally available during business hours at their registered address, which is why most entrepreneurs choose not to be their own registered agent.
Tailor Brands offers registered agent services, meaning that they will accept your correspondence, notify you, and make the sent documents available to you online. This again saves you time and allows you the freedom to be where you need to be to handle your business matters.
Operating Agreement
An operating agreement for an LLC is required in a handful of states, but even if your state is not among them, you should have one in place anyway. An operating agreement specifies the ownership percentages of your LLC’s members, how profits are allocated and distributed, the management of the LLC, voting rights of members, and much more.
You can have your operating agreement drafted by an attorney, but that will cost you several hundred dollars at minimum. Instead, Tailor Brands offers an operating agreement template that you can customize for your business.
Annual Compliance
LLCs are required to file annual reports in most states, meaning that you need to keep track of filing due dates to make sure that your LLC remains in compliance. Tailor Brands offers an annual compliance service, meaning that they will file your annual reports for you.
Digital Tools
Tailor Brands distinguishes itself from competitors by offering a variety of digital tools that can help your business. These include a website builder and online store, a digital business card, a social media post maker, and a digital business card tool so that you can create more than one card.
These tools make Tailor Brands an excellent choice for entrepreneurs with online businesses.
Tailor Brands Plans and Pricing
Now we get to the costs. Tailor Brands offers three packages of services.
Their Lite Plan includes the business formation service and a name availability check. Believe it or not, this plan comes at no cost. You’ll pay only your state’s filing fee.
Their Essential Plan offers the business formation service, plus an operating agreement and the annual compliance service. This plan costs $199 annually.
Finally, their Elite Plan offers all of the above plus all their digital tools, a domain name, and eight logos for your business. The plan costs $249 annually.
You can add registered agent services to any of the plans for $199 annually.
Other Services Offered by Tailor Brands
Tailor Brands offers a few other services that can also be helpful for a new business owner.
If you need to register a trademark for your business, Tailor Brands will file your application for you for a cost of $299.
They also offer business licensing guidance for $99. If you want Tailor Brands to apply for your business licenses and permits for you, including your sales tax permit, you’ll pay $999. If you just need a sales tax permit, they will handle it for you for $299.
Alternatives to Tailor Brands
Many companies offer services similar to those of Tailor Brands. The most notable include ZenBusiness, LegalZoom, Northwest Registered Agent, and IncFile. All of those companies also have a free starter plan for entrepreneurs who just want the business formation service.
IncFile stands out, though, because all of their plans include registered agent services for one year, and their paid plans offer more services than the paid plans of Tailor Brands. You can read here to learn more about IncFile.
The Verdict
Tailor Brands offers their plans at competitive prices, although in some respects, their competitors offer more for the money. However, as mentioned, Tailor Brands stands out because of its unique digital tools. If you’re a digital entrepreneur, their Elite Plan is an excellent value since the digital tools are included.