I agree,
The whole deal with being a corporation is to minimize liability. When British Petroleum (BP) fucked everyone in the gulf with their rig the owners of the company and their employees did not loose their houses. The shareholders lost money and did not receive a dividend. The corporation can and may spend all cash and assets of fix what they did. If they run out of assets the damage claims are ended.
If you, as an employee, drive over a kid or puppy with a company truck the parents and the kid and the puppy will go after the company (corporation). They may not get to you unless they can prove you violated terms of employment by falsification of ID or drinking or intentionally running down the puppy etc.
If you are incorporated as a company you enjoy the same protection as BP. You have to charge enough to cover the huge costs of being a corporation. You cannot exist as a corporation accepting the money often offered for installations. You are paying both side of Social Security (FICA)= 15%...you are paying all insurance costs, vehicle costs. fed & state tax, materials....office costs like phone, computer, cells. If you have employees you pay their costs and collect their taxes.
Individuals that are craftsmen usually are not corporations.
Joe
Re: sub contractor or employee you tell me?
Member #: 66409
Registered: 2/26/2009
Posted:
991
Name:
joe diamond
Name:
Joe Diamond
Company:
phone & dtv contractor
Occupation:
installer
Location:
east MD
Personal:
late 70s
Experience:
~32 years
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