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Employee or Independent Contractor?

There is certainly a fine line between someone who is an employee of a company, and someone who is an independent contractor. Companies looking to make a distinction with new collaborators must make sure they’re aware of the Fair Labor Standards Act (FLSA), and what differentiates an employee and an independent contractor. Avoid misclassification at all costs. For more information on misclassification visit: Companies must be aware of the difference between hiring employees and hiring independent contractors. Both options have their own unique benefits, it just depends on what the company wants to specifically accomplish with the work they’re commissioning. If a company is classifying someone who should be an employee as an independent contractor, “it may have to pay legal fees, back wages, back taxes, penalties and damages.” Clearly, misclassifying between an employee or independent contractor is not worth the potential penalties! Get your free 30 minute consultation today! #businessconsulting #accounting #accountants #vmgcpa #businessnews #advisory #CPA #CFO #financialadvisor #financialcoach #accountingbusiness #puertorico #covid19 #chicagobusiness #openforbusiness

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