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re: Anyone here have experience with their own construction company?
Posted on 2/14/23 at 7:59 pm to BayouBengals21
Posted on 2/14/23 at 7:59 pm to BayouBengals21
quote:
Would it better to 1099 the few guys or list them as employees for said company?
It’s technically not really a choice but dictated by the factors (not to say all businesses do it correctly though). Are they providing their own tools, setting their hours? Those are a couple of the criteria to consider. As a company, if you pay them as contractors you don’t have to match the payroll taxes, don’t have to file payroll returns, so in general a lot of businesses prefer to go that route.
If this is a one off job or two, I’d look strongly at going the 1099 route. Once you open payroll accounts, theres filings you’ll have to keep up with until they’re closed. Insurance can be high to say the least, I’d put together a projection of your revenue, labor costs and see if an agent can give you an idea before jumping in.
quote:
what all was needed besides LLC and insurance?
Assuming you have a contractor’s license already, if not, would look into your state’s requirements.
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