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Silent partnership
I have a very good friend that wants to use my HVAC license for buying equipment to install on change outs or add on. He has been doing HVAC service for over 20 years and his last partner passed away that did this for him. I would not be involved in his company but he would pay me for the use of my license.He currently hold liability insurance. What would I be liable for or what kind of contract do I need set up to cover myself?
Asked on January 26, 2019 under Business Law, Georgia
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You should not allow your friend to use your license because you would be liable for fraud. His liability insurance may be inadequate to settle a potential claim resulting in a lawsuit or his insurance company may deny a claim because he committed fraud by using your license.
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