Frequently Asked Questions
2. Registered Agent Service FAQs
1.1 How does growup.is LLC formation work?
We handle the entire filing process for you. First, we gather the required information and submit your paperwork to the state. Once your business is approved, we upload all documents to your growup.is dashboard for easy access and printing.
1.2 What are the filing fees?
There are two fees:
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growup.is Service Fee – What you pay us to handle your filing. Our packages include everything you need to start and manage your business.
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State Filing Fee – This varies by state. Use our calculator to see your state’s cost. We pass this fee directly to the state.
Each state requires a filing fee to form “statutory entities,” which are businesses registered with the state, such as limited liability companies (LLCs), corporations, limited partnerships, limited liability partnerships, etc. Common law entities are businesses like sole proprietorships and general partnerships, which usually don’t require any paperwork to be filed or fees to be paid to the state before doing business.
Initial filing fees are what statutory entities pay to the state to officially form the business entity. The amounts vary depending on the state and the type of business you are forming.
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1.3 How long does it take to file my business?
Timelines depend on the state. Use our calculator to estimate processing time. Need it faster? Upgrade to expedited or rush filing to move to the front of the line.
1.4 Are business formation costs tax deductible?
Yes—up to $5,000 in startup costs may be deductible in your first year. Check with your tax professional to confirm your eligibility.
1.5 What is your refund policy?
We offer a 60-day money-back guarantee. Cancel within 60 days for a full refund, minus any state or third-party fees.
1.6 What can’t be refunded?
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State Filing Fees – Once submitted, these are non-refundable.
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Third-Party Services – Fees paid to third parties (like registered agents or tax services) can’t be refunded.
2.1 What is a registered agent?
A registered agent is your business’s official point of contact for legal and government documents. They make sure important notices—like lawsuits or state filings—reach you promptly.
2.2 What does a registered agent do?
They receive and forward legal documents, government notices, and other official mail to your business. This keeps you informed and in compliance.
2.3 What are a registered agent’s responsibilities?
A registered agent must be available during normal business hours at a physical address to accept legal papers and state correspondence. Some offer extras like digital access to your documents.
2.4 How much does a registered agent cost?
Most services range from $100 to $500 per year. Prices vary based on experience, support, and extra features like compliance reminders or document portals.
2.5 Do I need a registered agent for my LLC or corporation?
Yes. Every state requires LLCs and corporations to appoint a registered agent to stay compliant and maintain good standing.
2.6 When should I appoint a registered agent?
You’ll need to name your registered agent when you form your business. Most states won’t approve your filing without one.
2.7 What should I consider when choosing a registered agent?
Look beyond price. Choose an agent with experience, reliable service, and extras like compliance alerts to help you stay on track as your business grows.
2.8 What happens if I don’t have a registered agent?
Without one, you risk missing critical documents, which could lead to fines, legal trouble, or even losing your business’s good standing with the state.
2.9 Can I be my own registered agent?
Yes, but it’s a big responsibility. You must be available during business hours and handle all legal and government mail yourself. Many business owners prefer hiring a registered agent so they can focus on running their business.
3.1 What is an EIN and why do I need it?
An Employer Identification Number (EIN), or federal tax ID, is a unique number from the IRS that identifies your business. You’ll need it to open a business bank account, file taxes, and hire employees.
3.2 Which businesses need an EIN?
Most businesses do. If you’re starting an LLC, corporation, S corporation, nonprofit, or plan to hire employees, you’ll need an EIN. Many banks also require one to open a business account.
3.3 How does an EIN protect my personal assets?
An EIN helps keep your business and personal finances separate. This separation supports limited liability protection, helping shield your personal assets if your business faces legal issues.
3.4 Does an EIN protect my privacy?
Yes. With an EIN, you won’t need to give out your Social Security number on business forms—reducing the risk of identity theft.
4.1 Do I need to file an annual report?
Most states require businesses to file an annual report to stay compliant and in good standing. Each state has different rules, but don’t worry—we’ll remind you when it’s due and can handle the filing for you.
4.2 What happens if I forget to file?
Missing your annual report can lead to:
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Late fees
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Losing your “good standing” status
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Losing liability protection
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Your business being dissolved by the state
Avoid the hassle with our annual report service—we’ll track deadlines and file on time so you stay protected.
5.1 Is there a minimum balance to open an account?
No. There’s no minimum opening deposit or balance required. You can open and keep your account ready at no extra cost.
5.2 Can I use both physical and virtual debit cards online?
Yes! Both work for online purchases. But we recommend using your virtual card for online shopping—it’s safer and easier to replace if needed. Use your physical card for in-person purchases.
5.3 Who can apply for Business Banking?
Right now, Business Banking is available to customers who form their business with us and are structured as a single-member LLC.
5.4 Are my deposits FDIC insured?
Yes. Deposits are insured through our partner, Thread Bank (Member FDIC), up to $3,000,000 through the deposit sweep program. You can find more info and a list of program banks here.
5.5 Can I deposit cash into my account?
Not directly. You’ll need to transfer funds from another account that accepts cash deposits.
5.6 Can non-U.S. citizens apply?
Yes, if you formed your business with us. You’ll need a U.S. mobile number for OTP authentication and may need to upload your passport to verify your identity.
5.7 What’s the cost of Business Banking?
It’s $5 per month.
Includes:
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Free same-day ACH
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Mobile banking
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Virtual and physical debit cards
Wire transfers: -
Receive: $5 per transaction
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Send: $15 per transaction
5.8 Can I transfer funds from my personal account?
Yes. You can fund your Business Banking account from your personal account. This is called an owner’s contribution and might have tax benefits—ask your tax pro!
5.9 Can I send international wire transfers?
No. We don’t currently support international wires. We suggest using a service like Wise for that.
5.10 Can I use Business Banking for e-commerce?
Absolutely. Connect it to your payment processor to receive funds directly into your business account. It keeps your personal and business finances separate—great for protecting assets and simplifying taxes.
5.11 Can I link Business Banking to PayPal?
Yes! You can connect your Business Banking account to PayPal, transfer funds in, and use your business debit card for expenses.
5.12 Can I cancel anytime?
Yes. You can cancel your Business Banking account anytime by reaching out to our customer support team.