What is Independent contractor?
Independent contractor refers to a self-employed individual who provides work for another person or organization under contract but not classified as employees.
Independent contractor definition
Independent contractor refers to a self-employed individual who provides work for another person or organization under contract but not classified as employees.
Independent contractors typically have specialist skills or knowledge that is required on a fixed-term basis. They also provide their own tools and equipment.
Advantages and disadvantages of independent contracting
Advantages include relative freedom to set business rules and not having to report to a superior, to build a network of businesses and work for a variety of companies. Also, independent contractors typically own the copyright work they create.
Disadvantages include the lack of rights and benefits associated with being classified as an employee and being responsible for tax affairs.