Employee vs Independent Contractor
May 21, 2009 10:00 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?