I'm in discussion with a long term freind ( I'll call him Dave) to start a partnership in the construction industry.

Here's were I'm at, I'll do my best to make things clear.

I'm a State Licensed General Contractor. Prior to talking to Dave about a partnership, I set up a LLC which is qualified by my GC License. This made it possible to keep the license active without having to purchase Workers Compensation.

I'm working full time for a large corporation as a Project Manager so I'm not actively using the license.

I would like to set up the LLC to include Dave which would be doing 98% of the work. Basically letting him utilize my license to do business. He would keep me up to date on the all the jobs. Depending on how things go, I would take on more responsibility down the road.

Hope this makes sence, I'm not that good at putting words on paper.

Any input on the best way to go about this would be greatly appreciated.

Thanks,

RKF