Any experience with Prime Corporate Services?
Hello,
I am trying to get my LLC started and many people (including Pace Morby) have recommended PCS. But there are also a lot of reviews online calling this place a scam. Anyone here who have worked with them before? The only open position they have on their website is a sales position and it seems that for a company of their scale and caliber, they would also be hiring for other positions as well. Any feedback is greatly appreciated!
I’d like to know too. Have you found out anything about them?
IANAL, but just had a call with them and signed up for a holding company registration, and an LLC for a LTR in South FL that I have been running under my STR property LLC, registered in another state (which I don't think was giving me the intended protections for the FL property). All fees seemed right in line with industry standard, ($9.95/mo, per entity + one-time registration fees).
Appears to be legit! I'll definitely update you all if the experience turns sour, but I don't see that happening...
@Jesse Thomas Would love to know how this is going!
Jesse, I was thinking about doing the same. How is it working out for you? Would you mind sharing the cost?
Hi Everyone, I just found out about Prime Corporate Services (PCS) and had a phone call with them recently where they give their presentation. Everything they offer is exactly what I have been needing help with in my business. I'm looking to get their "package" which includes a Holding company, LLC Subsidiary, Corporate Financial Program and an Estate Plan. The price is $6,213 (that includes everything mentioned.) This is also tax deductible. This is not "cheap" but I also think it might be worth it. Trying to do my due diligence and research reviews on them before making this expense. But most of the positive reviews I see only mention the initial presentation (which reviews always comment on how great and informative they were). And the only "client" reviews I've seen mention that their customer service is non responsive and difficult to get a hold of once you're purchased their services. Is anyone here a PCS client that could give their experience? PLEASE. MUCH APPRECIATED
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@Adriana Cortez
$6k is insane
I can send you a free video on how to do this in 15 minutes AND 99.99% of people do not need a holding company. You are not pepsi, apple or alphabet….
Hi Chris,
I’d love to see that video please.:)
@chris
Hi Chris,
I'm in the same position as Adriana. Would love to see that video if possible. Thanks!
We hired them for our holding company. Nothing negative to report.
Quote from @Joe Derobertis:
@Jesse Thomas Would love to know how this is going!
Hi joe,
The relationship with PCS is working out quite well! I've opened two additional LLC's with them since I last posted here. Highly recommend!
Quote from @Tamara Ritter:
Jesse, I was thinking about doing the same. How is it working out for you? Would you mind sharing the cost?
Hi Tamara,
It is working out very well! I have opened two more LLC's with them since I last posted here. I highly recommend them to handle all the business structuring.
STAY AWAY! Prime is ridiculously expensive. Once they get you on auto pay you're stuck paying for whatever bs they claim to do. They don't file for you with the state, they claim it cost extra to do that. They are also very unresponsive, you'll get a lot of upfront communication while you're signing up for things and then they disappear. If you really want an LLC with a registered agent there are much better companies to give your money. Stay away from their tax prep too its so much money every month just to basically to your own taxes. You have to compile all the info to send to them you might as well file yourself on Turbo Tax. As with PCS their tax company is highly unresponsive, I filed over a month ago with no response, until I reached out for an update and they then requested more info from me. My taxes would have been done by the end of January if it weren't for their delay.
I set up LLC's on the secretary of state website for $50 and it takes about 10 minutes. If you want a registered agent, there are services offering that starting at $40. I didn't see a need for a holding company but if someone wants one, you can just use another LLC as the holding company. No need to pay big bucks for this.
For those dissatisfied with PCS, which competitor do you recommend?
Quote from @Steve K.:Ours is a holding company with a registered agent. For that and time saved setting that up ourselves, PCS was worth the cost for us.
I set up LLC's on the secretary of state website for $50 and it takes about 10 minutes. If you want a registered agent, there are services offering that starting at $40. I didn't see a need for a holding company but if someone wants one, you can just use another LLC as the holding company. No need to pay big bucks for this.
Quote from @Sean Allen Fenn:I just used my attorney as our registered agent, PO Box as our business address, and a separate LLC as the holding company. $50/ LLC and it literally takes less than 20 minutes for each LLC and costs less than $20/ yr. to renew each LLC. Most investors don’t even need an LLC and a holding company is extra, extra overkill though IMO. The only reason I got an LLC was to buy a commercial property because it was a requirement of the lender. Check out this recent thread on LLC’s, it’s pretty eye-opening that of all the very experienced investors on here, with centuries of investing experience combined, the consensus was that LLC’s are not needed for most investors: https://www.biggerpockets.com/forums/926/ Of course gurus will tell you that you need one before you even have a single property, because it makes them sound smart. If said guru also has a relationship with an LLC creation company that over-charges by thousands of dollars, then it’s obvious why they tell you that you need one!
Quote from @Steve K.:Ours is a holding company with a registered agent. For that and time saved setting that up ourselves, PCS was worth the cost for us.
I set up LLC's on the secretary of state website for $50 and it takes about 10 minutes. If you want a registered agent, there are services offering that starting at $40. I didn't see a need for a holding company but if someone wants one, you can just use another LLC as the holding company. No need to pay big bucks for this.
Quote from @Steve K.:
Quote from @Sean Allen Fenn:I just used my attorney as our registered agent, PO Box as our business address, and a separate LLC as the holding company. $50/ LLC and it literally takes less than 20 minutes for each LLC and costs less than $20/ yr. to renew each LLC. Most investors don’t even need an LLC and a holding company is extra, extra overkill though IMO. The only reason I got an LLC was to buy a commercial property because it was a requirement of the lender. Check out this recent thread on LLC’s, it’s pretty eye-opening that of all the very experienced investors on here, with centuries of investing experience combined, the consensus was that LLC’s are not needed for most investors: https://www.biggerpockets.com/forums/926/ Of course gurus will tell you that you need one before you even have a single property, because it makes them sound smart. If said guru also has a relationship with an LLC creation company that over-charges by thousands of dollars, then it’s obvious why they tell you that you need one!
Quote from @Steve K.:Ours is a holding company with a registered agent. For that and time saved setting that up ourselves, PCS was worth the cost for us.
I set up LLC's on the secretary of state website for $50 and it takes about 10 minutes. If you want a registered agent, there are services offering that starting at $40. I didn't see a need for a holding company but if someone wants one, you can just use another LLC as the holding company. No need to pay big bucks for this.
It sounds like you have a great attorney!
Quote from @Sean Allen Fenn:They’re good but it’s not exceptional for an attorney to be the registered agent, I think that’s how most people structure it. There are also companies that will do it for $100-300 flat fee or $30-50/yr. I would never pay a lot for any of this, it’s not even really necessary at all for 99% of investors with just a few properties IMO.
Quote from @Steve K.:
Quote from @Sean Allen Fenn:I just used my attorney as our registered agent, PO Box as our business address, and a separate LLC as the holding company. $50/ LLC and it literally takes less than 20 minutes for each LLC and costs less than $20/ yr. to renew each LLC. Most investors don’t even need an LLC and a holding company is extra, extra overkill though IMO. The only reason I got an LLC was to buy a commercial property because it was a requirement of the lender. Check out this recent thread on LLC’s, it’s pretty eye-opening that of all the very experienced investors on here, with centuries of investing experience combined, the consensus was that LLC’s are not needed for most investors: https://www.biggerpockets.com/forums/926/ Of course gurus will tell you that you need one before you even have a single property, because it makes them sound smart. If said guru also has a relationship with an LLC creation company that over-charges by thousands of dollars, then it’s obvious why they tell you that you need one!
Quote from @Steve K.:Ours is a holding company with a registered agent. For that and time saved setting that up ourselves, PCS was worth the cost for us.
I set up LLC's on the secretary of state website for $50 and it takes about 10 minutes. If you want a registered agent, there are services offering that starting at $40. I didn't see a need for a holding company but if someone wants one, you can just use another LLC as the holding company. No need to pay big bucks for this.
It sounds like you have a great attorney!