A community of 30,000 US Transcriptionist serving Medical Transcription Industry
IC Position - Obtaining a Business License? - mom12599
Posted: Dec 22, 2011
I have been offered a position as an IC for a company who posted on this website. I was told by them that I needed to obtain a Business License through my State/County in order to work for them. Has anyone had to do this? Is this common practice now for ICs? If anyone has any information on how to do this and if I should do this, please let me know. Thank you so much!
you are only required to do that if - hmmm
[ In Reply To ..]your state or county requires it. You can usually find out if you need one by searching those websites if they have one. Where I live, I am not required to have a business license by either entity. I suppose I could obtain an EIN (Employer Identification Number) from the IRS to show I am filing taxes as an IC, but still, no licensing is required where I live. Whether or not you work for this particular company or another company, having a business license, if required, is complying with the laws where you live.
business license - IC
[ In Reply To ..]I file a schedule C with the IRS and always retain 1099s from all my clients.
With that said, by obtaining a business license, I believe you are possibly subjecting yourself to far more financial paperwork and reporting and paying higher taxes. Most IC transcripitionists are not required to have business licenses and unless you make over $50,000 yearly and have a workforce of subs, it is not cost effective.
However, as a licensed business entity, the company "hiring" you as an IC is contracting with you and not you with them. Therefore, they should sign your contract and not you sign theirs. You will need to provide detailed invoicing based on your line counts and not what the company says is your line count and can include incidentals such as higher rates for STATs, hourly rates for your attendance at company online meetings as well as any duties outside your regular transcribed line production, such as responding to e-mails and IMs. The invoice should not have to be approved but only verified and paid according to your terms and not theirs.
Business license - Susan B.
[ In Reply To ..]In my city you are only required to have a business license for a work at home business if people are actually coming to where you live. And my homeowners insurances requires it, but only if I have actual clients coming here. (I obviously don't, since I work for a national.)
Company requires it - mom12599
[ In Reply To ..]I always thought it was up to the IC to decide if they wanted to get a license or not, and I actually worked as an IC for several years and never had a license. The company I got contacted by says they REQUIRE all of their ICs to register as a business or sole proprietorship in the state they live in. Not sure about the sole proprietorship either, as far as registering for that. But they say that filing for an EIN/FEIN with the IRS would be okay too, so I am even more confused! Guess I'll be looking into all of this over the holiday weekend! Thanks so much for all of the responses I have received! Happy Holidays!
I was told.... - alias
[ In Reply To ..]that you only need an EIN if you have employees of your own that you subcontract work to. Your SS# is what you file your taxes with and that constitutes your EIN. This company is misleading you. It sounds like you would be an employee and not an IC. Check with a tax accountant who understands what an IC truly is.
ask them if you can work for them for 30 days without it..sm - former IC
[ In Reply To ..]I had to do that same thing, I went through the process of getting my license for the county and I live in the city limits so had to get a license for the city also. Each license was $15. I only worked for them for 15 days. The biggest waste of $30, but I thought I HAD to have it. Just see if they will let you do your trial period without it and if you make it through yoru trial period of 30 days, then you will go get your license. Don't know if it will work, but it's worth a try.
If this is the company I think it is... - IC
[ In Reply To ..]This company is requiring their ICs to obtain business licenses in order to keep away from labor disputes due to their MTs filing for unemployment compensation due to being misclassified as an IC versus an employee. They've even threatened to hire more Canadians over US MTs for this very reason.
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