Intuit Inc. (Nasdaq: INTU) today announced it has signed a definitive agreement to acquire My Corporation Business Services, Inc. Doing business as MyCorporation.com, the company is a leading provider of services that enable small- and mid-sized businesses to incorporate and form limited liability companies, or LLCs, online.
Founded in 1997 and headquartered in Agoura Hills, Calif., privately held MyCorporation.com was one of the first companies to offer easy and affordable, online incorporation packages targeted to small- and mid-sized businesses as well as to legal and accounting professionals whose clients are starting a new business.
"Incorporation is an important way for many small businesses - millions of which are already Intuit QuickBooks, TurboTax and Quicken customers - to execute tax planning strategies and protect their personal assets," said Gordon Whitten, vice president of Intuit's small business tax initiatives. "We're excited about acquiring MyCorporation.com because it will enable us to offer customers a do-it-yourself solution that's simple and affordable, much as we've done with online tax preparation and online accounting."
Under the terms of the agreement, Intuit will pay approximately $20 million in cash for MyCorporation.com. Intuit does not expect the acquisition to have a material effect on financial results in fiscal 2006. The acquisition is expected to close within the next 30 days.
