What’s the difference between self employment and business owner?
- JayLv 68 months ago
I Own the business so I am responsible for what happens...if the taxes are paid ...if the employees behave...
But I am ALSO an employee of my business (Not all business owners are employees) because I pay myself a salary and I give myself work assignments to complete)
I have an assistant who is also an employee.
I COULD hire an extra person and put my assistant in charge...and only be the OWNER...but then the amount that I would get would decrease because I would have added a person to the payroll and I would have to rely on monthly distributions from the company for my income. And that varies from month to month.
- Robert JLv 78 months ago
Self employed means you are the business owner and the business is not limited or incorporated etc.
You work for yourself, not another person or company.
Someone can own an business outright, eg. all the shares of a limited company - but they are still an employee if they work for it, the company is the employer.
In law, a limited/incorporated company or business is effectively a "person", a separate legal entity, so even any nominal owners who are part of the business are employees of the business and not self employed, in that case.
- JohnLv 78 months ago
The day you realize the bank won't give you a car loan if you are self employed, but they WILL if you are a business owner. All else being equal.
- geraldLv 78 months ago
its changed over the years lots of people used to have small businesses and were self employed for tax purposes it was a benefit but this government have relaxed it and some minimum wage workers are encouraged to be self employed bear the responsibility of tax and stamp and poor pay and escape the law through loop holes , its despicable use of a poorly paid job market , Shopkeepers lots of little businesses worked hard did their own accounts after work like Boots and Rolls Royce M&S all started like this but the gig economy has killed it taxi drivers working and making profits for UBER are self employed how are they going to ever be a BOOTS sick isn't it
- How do you think about the answers? You can sign in to vote the answer.
- PearlLv 78 months ago
you have a business if youre a business owner
- megalomaniacLv 78 months ago
One can be self employed without technically owning a business (but it often amounts to the same thing).