Silent partnership

Get Legal Help Today

 Secured with SHA-256 Encryption

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 2 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption