Independent contractor expenses5/28/2023 ![]() However, employers shouldn’t classify independent contractors as employees since they operate as distinct entities, including What Does It Mean To Hire Someone As an Independent Contractor?īeing hired as an independent contractor is when a company employs someone under contract to perform a specific service. That also defines independent contractors. Regardless of your position, it is critical to recognize these rights and incorporate them into your independent contractor agreements as a matter of practice and formality. Violating the above-referenced rights can leave employers on the hook for expensive fines and penalties. The rights of an independent contractor are essential for employers to honor and recognize, including: Sets the terms and conditions of the business relationship between the company client and the contracting service provider. ![]() They generally function as an entity contracted to offer specialized services as a nonemployee. The information below contains everything you should know about hiring or working as an independent contractor:Īn independent contractor is self-employed individual. However, the employer-independent contractor relationship must follow specific federal rules and may be subject to further state regulations. Independent contractors offer a unique skill set to companies, and in exchange, employers save money on labor costs while creating a competitive advantage.
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