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Confused about what it means to be an Independent Contractor?
Maybe you are working for a business but you want to start your own business.
Maybe your employer has suggested that you could work at home, and they will change your status to that of an Independent Contractor.
Before you make this change, you should know about some of the pros and cons of working independently.
TIP: An Independent Contractor can have a contract. Get a written contract from each person or business you work for. Having a contract spells out “what happens when.” Having a contract can settle many disputes before they start, and you can take a contract to court to get paid, if necessary.
If you need further guidance on the benefits and drawbacks of being an Independent Contractor, consider a consultation with your Accountant. This is a critical decision which can affect your future wealth creation and your current living standards.