Over the past couple of years, controversy rose around independent contractors. The line between employee and independent contractor has thinned, and many are confused over how workers should be classified. In general, the independent contractor is considered to self-employed, and the company is their client. This means that there are some vast differences between the tax obligations for independent contractors and employees.
Small business owners are basically living in the dark ages. No, I’m not referring to the aversion many mom and pop stores seemingly have to the power of web-based marketing or even how tough it is to become successful in the currently gloomy economic climate. Rather, I’m talking about the fact that politicians and financial regulators don’t seem to think that small business owners are worthy of the same rights and protections as the general consumer population.
While the CARD Act of 2009 has proven to be a huge success – adding transparency and fairness to the personal finance industry – it doesn’t apply to credit cards branded for business use. That’s alright, you might be thinking; small business credit cards are just different, right?
When starting a new business from scratch, there are several factors you need to consider from marketing materials and hiring employees to selling products and saving money, that your business’ credit could easily take a backseat on the priority list. However, maintaining your business’ good credit is extremely important when it comes to building a successful company.