re: Why you should incorporate (as a contractor) VIEW POST

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re: I started contracting 11 months ago. Just renewed my 12 month contract for another year. I signed up with an accountancy company that assigns out ...
 

Thanks for sharing and congrats on your contract renewal. 👍

Do you get to 'control' the umbrella company if you leave the accountancy? Seems like the accountancy owns it.

I've also never heard of this kind of setup before...some agencies sort of work like that when you're a employee of a agency but never heard where a individual umbrella corp is created just for you. It sounds like it takes off much of the burden for incorporating but still allows access to the orgs that only want to deal with incorporated contractors!

 

Do you get to 'control' the umbrella company if you leave the accountancy?

The accountancy firm owns & controls a bunch of umbrella companies.
When I leave I no longer have control of the company.

It sounds like it takes off much of the burden for incorporating but still allows access to the orgs that only want to deal with incorporated contractors!

I work with a large multi-national fin-tech company, they will only sign a contract with a limited liability company, and not a person directly.

The accountancy firm deals with all things tax-related, and sort out even my personal taxes from things like Airbnb.

It's a pretty sweet deal as they often find ways of saving money that I didn't know about.

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