There couldn't have been much left over after Global IP took their %. And Neom can't borrow more money from YA if they have money in reserves....so...SPEND SPEND SPEND...BORROW BORROW BORROW!!!
Person: There were not two "employees" hired, they are both independent contractors. Col. Baer's consulting contract was twice the price of the former CFO so Laura could have picked up two new contractors for the price of one. I can't quite figure out how these folks are dodging IRS employment laws.
We have included the answer a true independent contractor would give in parenthesis after each question:
-Are you required to comply with instructions about when, where, and how the work is to be done? (No.) -Does your client provide you with training to enable you to perform a job in a particular method or manner? (No.) -Are the services you provide integrated into your client's business operation? (No.) -Must the services be rendered by you personally? (No.) -Do you have the capability to hire, supervise, or pay assistants to help you in performing the services under contract? (Yes.) -Is the relationship between you and the person or company you perform services for a continuing relationship? (No.) -Who sets the hours of work? (You do.) -Are you required to devote your full time to the person or company for which you perform services? (No.) -Do you perform the work at the place of business of the potential employer? (No.) -Who directs the order or sequence in which you work? (You do.) -Are you required to provide regular written or oral reports to your client? (No.) -What is the method of payment - hourly, commission or by the job? (Fixed price, not-to-exceed, and/or milestone payments are standard for independent contractors.) -Does the client reimburse your business and/or traveling expenses? (No.) -Who furnishes tools and materials used in providing services? (You do. This includes workstation, Internet, etc.) -Do you have a significant investment in facilities used to perform services? (Yes. Key here is "significant." Lots of employees have a home computer.) -Can you realize both a profit and a loss from your work? (Yes-very important-you must assume risk based on client satisfaction with your work.) -Can you work for a number of firms at the same time? (Yes.) -Do you make your services available to the general public? (Yes. -You should have business cards, stationery, invoices, and a business listing in the phone book, for example.) -Are you subject to dismissal for reasons other than nonperformance of contract specifications? (No.) -Can you terminate your relationship without incurring a liability for failure to complete a job? (No. If you work on a project or milestone, basis, you must deliver to receive payment for your efforts.)
In summary, true independent contractors usually have years of experience, multiple clients for whom they work, a home office, and a contract between themselves and the client that enforces the appropriate expectations of the 20 questions.
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