"EC doesn't have to build a company"
How does this non existing company, obtain general liability, and workers comp for their employees? something needed to obtain a business permit, and comply with labor laws, also in New Jersey he will have to show that as Lic. holder, he has 51% controlling intrest in this company.
LK, i really was having a tough time yesterday articulating my thoughts. lets' see if today is better.
The following seems obvious to me from Novs post, and my answers were based on these assumptions:
nov has a license, but no BP, therefore no company.
The HVAC contractor does not want to sub out electrical- too expensive
The HVAC contractor wants to find a young licensed electrician, bring him in house, use his license, but not pay him what he's worth. One company comes to mind, i think they are in your area as well, Mid State Plumbing/Heating?etc.
It appears at this time, Nov does not want to really run an EC company. He is looking at the HVAC contractor as a gift horse. Hoping that essentially the HVAC contractor will run the company and Nov will be able to collect a nice salary+
When I say that they should form a company together, that it will allow Nov to "not build a company", what I am referring to is this:
BTW, I am assuming that the HVAC contractor is established and running several trucks if he is contemplating bringing electrical in house.
By forming a company with the HVAC contractor, at whatever % they decide (I honestly have not looked up the BOE rules on this), they could set it up this way:
Nov brings his EC lic, BP, experience and whatever contacts he has.
HVAC cont brings money (insurance, existing employees when needed to sub to new company, etc)
I am also guessing that there is enough electrical work needed by the HVAC contractor that they will not have to go out and solicit other work. Hence the reason the HVAC contractor wants to bring an electrician in house.
So, they will form a company as partners and perform electrical installations primarily for the HVAC company.
This will allow Nov to not have to build a business. It will allow the HVAC contractor to save some money. And it might be the only way that Nov can go into this deal without getting himself royally screwed.
Does any of this make sense?