Welcome to the Mike Holt "XXX" forum!
I don't much care for comments like the ones in this thread that refer to glass pipes and smoking. Please refrain from such personal slurs.
One need not resort to that sort of thing, just because they hold a strong opinion, and disagree with another. Indeed, I'm about to show you how to express a strong disagreement.
There seems to be some confusion about just what is 'businessmans' risk.' That's the risk of doing business, and it matters not whether the business has other financial resources. Whether one is doing contracting on the side, after their regular job, or has a full-time business with a fleet of trucks and corporate headquarters, the concept of businessmans' risk is the same.
It's the contracted EC whose license is required, who needs to pull the permits, who is liable for the completion of the job and any warranty issues. It's the contracted EC who found the job, designed it, and made the deal with the customer. It's the contracted EC who sends the bill and collects the check. It's the contracted EC who takes the risk of a bad quote, and the risk of nonpayment. I will agree that the risk of nonpayment seems trivial- until it happens to you.
The second guy, the OP, isn't the 'contractor' with the customer in any manner. From the customers' perspective, it's no different than were he an employee of the first EC. The second guy is nothing more than an 'independent contractor' type employee to the first EC. Which, btw, can bring up some interesting issues if the job goes sour and a lien needs to be filed.