What is an Independent Contractor?
An independent contractor is someone who is self-employed and gets contracted to a company or corporation to provide services and perform work as a non-employee. An independent contractor is similar to but not to get confused with an employee. Since companies and corporations are not required to provide you any sort of employee benefits that they may give to other employees.
Why be an Independent Contractor versus Employee?
Independent contractors are very important as they provide some of the crucial services that you use in your daily life. Doctors, dentists, veterinarians, lawyers, artists, and many other professions are considered independent contractor jobs by the IRS. As a freelance contractor, you can set your hours, pursue work you love, and decide what work you will and will not accept.
One of the main cons is the chance of losing income. If business is bad for the company you are contracted to you are not guaranteed a salary as other employees are. As a freelancing contractor, your salary can be unpredictable and very volatile over long periods.
Independent Contractors in Startup Wars
For example, when the user goes to hire an individual to their company they are presented the option to hire them as either an employee or contract them. If the user chooses to contract a self-employed contractor they will have to decide how long they want to have them for. Once the contract expires they will have to choose if they want to extend or finish the contract.