There are a number of issues posed as to your role here - beginning with defining your relationship. That is: are you an employee or an independent contractor? It's a question that allows but one of those two answerrs; be wary of any attempts to blur the distinction.
Part of the answer depends on whether the license belongs to you, or to the company.
For example, in Nevada the law allows for a 'qualifying employee' to allow the firm to hold a contracting license. If the employee leaves, the firm must have the State approve the replacement; the employee is not allowed to carry that license with him to a new job, or to do work on his own.
There are other considerations that enter the picture. Among these are the responsibility for paying workmans' comp insurance, unemployment insurance, and witholding taxes. These are major considerations; many marginal operations attempt to avoid their responsibilities by claiming that you are an 'independent contractor,' while at the same time paying you discounted wages. DON'T FALL INTO THAT TRAP!
Whoever issues your 'master' credentials ought to be able to explain some of this stuff to you. Likewise, a CPA and the local trade groups are good resources for you to discover.
