Asset protection and privacy are important in any business. These two should be taken seriously especially because when you do real estate business, you are dealing with investments and your name is out there. Today, we speak to Jonathan Feniak of WyomingLLCAttorney.com and he talks about everything we need to know about asset protection and privacy.
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Jonathan details the structure you need to have when you are registering your business or your limited liability company (LLC). He says doing it right the first time is an important step whether you are a general partner or a limited part of a particular LLC. But, if you have not done it right, Jonathan says it is never too late. Jonathan also shares about three crucial points to focus on in any business – products, productivity, and marketing. Click the play button now and find out how you can secure asset protection and privacy for your real estate business!
Key Points From This Episode:
- Jonathan talks about asset protection and privacy and how they can help passive investors.
- Jonathan lays out a typical structure for someone who plans to invest in real estate syndication.
- What can an investor do if he does not want to have any debt?
- Jonathan elaborates on the purpose of having a subsidiary LLC.
- How to figure out the best structure for your real estate business whether you are a GP or an LP?
- The big issues that Jonathan sees investors making right now in terms of asset protection.
- The daily habits that helped Jonathan to achieve success.
- How big of a risk does posing on social media may pose in terms of an asset protection plan?
- The number one thing that contributed to Jonathan’s success – willingness to change.
- How does Jonathan like to give back?
“Now the thing to think about is, you know, I mean, people know who you are, there’s absolutely a lot of benefits to that. But having people know what you own is potentially something that could be disruptive in your life.” [0:02:38]
“It’s not too late to fix it (structure) in a lot of cases. It’s a little bit more you need to spend to set up the structures.” [0:18:48]
“Being willing to sort of find my happiness, find my sweet spot. And in each point in time, I’ve built on that prior experience to offer more to my clients.” [0:23:55]
Links Mentioned in Today’s Episode:
About Jonathan Feniak
Jonathan Feniak is an attorney and partner at ColoradoLLCAttorney.com. In this position, he helps business owners at nearly every level and in nearly every industry with asset protection, estate planning, and business formation. Beyond business owners, Jonathan also helps activists of all political persuasions to legally protect themselves.
Despite being an attorney today, Jonathan will readily admit that he never planned on becoming one. And unlike other supposedly “accidental” lawyers, Jonathan has the track record to prove it. Look over his backstory and you’ll see that law is actually his third career.
Career #1 was spent at international delivery firm DHL as a District Operations Manager. Working in Manhattan, Jonathan was responsible for three facilities with hundreds of employees. A typical day would see him meeting planes at the airport at 3 AM, taking calls around the clock, and doing whatever was needed to support the daily delivery of tens of thousands of packages throughout his designated area alone.
What about on an untypical day? That would have been 9/11, a day when Jonathan’s leadership abilities were put to the test. With his delivery area including the Twin Towers, Jonathan managed to keep his teams united and on track, even amid the horrific events transpiring around them. And that’s just one moment from his first career.
Career #2 followed Jonathan’s earning of an MBA and his subsequent transition into the financial services sector. Working at Wells Fargo Advisors, along with several boutique investment firms; Jonathan became well-versed in everything from deal structuring and asset management to life insurance and annuities.
Jonathan might have remained in the financial services sector were it not for a startling realization he had. This was the realization that the average person or business owner has deep unmet needs when it comes to the law. Such an individual often needs a reliable source of legal advice. Yet they cannot afford to have an attorney on retainer and frankly, don’t need to keep one on retainer either.
Driven by a desire to address this unmet need, Jonathan embarked on Career #3. Venturing into the legal world, he worked first at a promising legal tech startup (Term Scout) and later at the law firm of Lewis, Bess, Williams & Weese. These experiences, along with earning a law degree, led Jonathan at last to his current role at ColoradoLLCAttorney.com.
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