Would you like to be more savvy about the best type of structure for your business? Or are you unsure about whether someone doing work for you is an employee or an independent contractor? If so, listen in to today's episode of Tailgate Entertainer with Alan Bruess, as he talks business with his knowledgeable guest, Thomas Rock Lindsay.
Thomas owns a company called Humanly HR. He has more than twenty years of experience working in a PEO (Professional Employer Organization), focusing on all aspects of workers compensation, risk management, loss control, employee benefits, HR and payroll. He also hosts a podcast called SmallBiz Brainiac. Thomas is a valuable resource you can turn to if you're trying to solve problems related to your business.
On today's show, Thomas will share about three topics which come up all the time
in the fair industry:
- Is someone an employee or a private contractor?
- Is your business structured properly for your needs? (i.e. sole proprietorship or incorporated)
- Business Insurance.
Today, Alan and Thomas discuss:
- The huge fines levied by the IRS for treating an employee as a private contractor and how you can avoid this happening to you.
- How insurance and licensing play into the IRS's decision to fine or not.
- What could happen if someone is injured on the job while working as an independent contractor, without licensing or insurance?
- A test you can take to tell the difference between an employee and a private contractor- and where you would go to do that.
- Your exposure to liability due to your choice of business model- whether you should incorporate or not.
- The differences between an LLC, an S Corp and a C Corp.
- Where you can go to learn more about business structures.
- Partnerships in business- a good idea or not?
- How to know where to start with business insurance.
Links:
Thomas's website: www.smallbizbrainiac.com
Thomas's email: tom@smallbizbrainiac.com
Alan's email: tailgateentertainer@gmail.com
Resources:
- Thomas's Podcasts: SmallBiz Brainiac (Note: Episodes 3 & 4 deal with the test relating to employee or private contractor)
- The Khan Academy: www.khanacademy.org