Employee vs Independent Contractor

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May 21, 2009 6:00 pm

Can anyone fill me in on the difference between operating as a "dual employee" vs an "Independent contractor" in a bank setting?

 
Right now I am a W2 employee with a bank with a forgivable draw and full benefits.
 
Bank is moving to making the reps "Independent Contractors" - full commission - and paying via 1099 with no benefits.
 
I believe there are restrictions on what the "employer" is allowed to do/not do or can/cannot tell the rep to do when they are no longer techinally an employee, but I do not know the details.
 
What's the benefit of staying in the bank?  Will I now have to pay for office space, and all other items as if I had an office down the street and was truly Independent?