One of the perks of being self-employed is deciding on the hours and not having to provide a doctor’s note when ill. The drawback to being self-employed is that the work follows wherever you go and that taking a ‘break’ is not as easy as it sounds. While law defines a self-employed person as someone who works 20 hours a week and makes a minimum of 50% of the standard wage, the truth is most of the self-employed can and do work 50 to 60 hours a week.
The reason this is worth mentioning is that someone who is self-employed is vibrantly aware that every hour they are not working is an hour they are not being paid. This generates a vested interest in success and a higher number of hours for that person to be productive in. Depending on the level of income and the business, incorporation can help the self-employed, but there are other factors to consider.
The majority will make their decisions based on whether it makes financial good sense for both profits and taxes. They will factor in the cost of insurance. They will look at the asset liability coverage provided. What few people consider are the laws governing breaks. Granted, for the self-employed breaks aren’t something they think about on the requirements list, but from the moment the first employee is hired, it’s a good idea to study the requirements for rest and meal breaks. 21 states have laws that include provisions for breaks. 19 of them require specific rest or meal breaks while only 7 require rest and meal breaks.
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