License&Company?
- Thread starter Benton
- Start date
- Status
growler
Senior Member
- Location
- Atlanta,GA
Is this your company or the company that you work for?
Is this a new company that's being started or one that exist at present? If this is an existing company what happen to the last license holder? What type of deal did he have?
mkgrady
Senior Member
- Location
- Massachusetts
He would be the first person I would call to see what they gave him in exchange for the use of his license. This is a risk/reward situation. You need to get something for the risk you are taking and you need to be given the authority to control the risk.
Bottom line, if they want a license they intend to make money with it, so first you have to find out just what they intend to do, and be sure they understand your position a a license holder, I would get all the facts about their intent, and then if it looks good ask them to put the offer in writing, and then you can have your attorney review the contract to see if it is something you can agree to, he can help you get a decent offer, without an attorney, your in free flight.
- Location
- Simi Valley, CA
I smell partnership.
jxofaltrds
Inspector Mike®
- Location
- Mike P. Columbus Ohio
- Occupation
- ESI, PI, RBO
Talk to an attorney! In your state!
If you 'sell' a license in Ohio you will lose it!
Attorney!
bradleyelectric
Senior Member
- Location
- forest hill, md
He stated he works for this company. Anyone that works for the company can hold the license.
He will be the license holder for the company he is working for, my neighbor closed his shop 3 years ago and is the license holder of record for the company he works for, we were just talking and he said it was the best move he ever made, he gets a six figure salary and has a profit sharing agreement, along with nice benies.
jxofaltrds
Inspector Mike®
- Location
- Mike P. Columbus Ohio
- Occupation
- ESI, PI, RBO
Sorry.
Since he 'works' for the company he does not need an attorney. My bad!
Since he 'works' for the company he does not need an attorney. My bad!
If he is planning on contracting as license holder of record, with a company, an attorney is a wise move, before he makes any agreement.
growler
Senior Member
- Location
- Atlanta,GA
Yes, an attorney would be the best thing. To draw up a contract that would not only protect himself and also give some security in his new position. I wouldn't get involved unless I had a contract to cover a given time period and I wouldn't be that easy to fire either.
I would be very interested in knowing what went wrong between the last license holder and the company that caused them to terminate him. It's always a good idea to know what happened to the last guy so it's doesn't happen to you.
Cavie
Senior Member
- Location
- SW Florida
You can't be a sole proprietor, you don't own the company and there are employees. You could be a member of the LLC, That would intitle you to a % of the business and put you at risk. You could also be just an employee and the qualifier. As a qualifier you run the least risk. Ask for what you think you license is worth over and above you regulary salary. Note I said salary not hourly rate.
mkgrady
Senior Member
- Location
- Massachusetts
Will he tell you what his deal was and how he would do it differently in hind sight? That would be information I would want as I formulated my idea of what is fair.
If they were giving him next to nothing or they were very generous I would want to know before my deal were finalized.
and now you are going to carry his license?, or am I missing something:roll:
Typically you turn over your masters lic to create a corp lic. Getting a lawer that knows this type of material is very tough but legal concil on something you draw up is a wise idea. Dedpending on the state you will need to be appointed a position on the board of directors. You may want to contact you state board of electricians for proper procedures to do this properly.
Last edited:
- Status