An independent contractor (IC) is someone who runs his or her own business. Independent contractors earn their livelihoods from their own businesses instead of depending upon employers to earn a living. Independent contractors are sometimes called consultants, freelancers, self-employed, and even entrepreneurs or business owners.
Unlike an employee who works for one employer, independent contractors typically work for a number of different clients, tackling particular jobs or projects that require special expertise.
There can be many advantages to being self-employed:
Despite the advantages, however, being self-employed is not always a bed of roses. Here are some of the major drawbacks:
For more information, see Being a Consultant, Freelancer, or Contractor: Pros and Cons.