An independent contractor is a person or business who performs services for another person under an express or implied agreement and who is not subject to the other's control, or right to control, the manner and means of performing the services. The person who hires an independent contractor is not liable to others for the acts or omissions of the independent contractor. An independent contractor is distinguished from an employee, who works regularly for an employer. The exact nature of the independent contractor's relationship with the hiring party is important since an independent contractor pays their own Social Security, income taxes without payroll deduction, has no retirement or health plan rights, and often is not entitled to worker's compensation coverage.
There are a number of factors which to consider in making the decision whether people are employees or independent contractors. No one factor is controlling, and the characterization of the relationship by the parties is also not controlling.
One of the most important considerations is the degree of control exercised by the company over the work of the workers. An employer has the right to control an employee. It is important to determine whether the company had the right to direct and control the workers not only as to the results desired, but also as to the details, manner and means by which the results were accomplished. If the company had the right to supervise and control such details of the work performed, and the manner and means by which the results were to be accomplished, an employer-employee relationship would be indicated. On the other hand, the absence of supervision and control by the company would support a finding that the workers were independent contractors and not employees. Whether or not such control was exercised is not the determining factor, it is the right to control which is key.
Another factor to be considered is the connection and regularity of business between the independent contractor and the hiring party. Important factors to be considered are separate advertising, procurement of licensing, maintenance of a place of business, and supplying of tools and equipment by the independent contractor. If the service rendered is to be completed by a certain time, as opposed to an indefinite time period, a finding of an independent contractor status is more likely.
The Cook Illinois Real Estate Salesman Independent Contractor Agreement with Real Estate Loan Broker is a legal document that outlines the relationship between a real estate salesperson and a loan broker operating in the Cook County, Illinois area. This agreement serves as a contract, defining the rights and obligations of both parties involved. A real estate salesperson is an individual licensed to represent clients in buying, selling, or leasing real estate properties. They work under the supervision of a real estate broker and are responsible for facilitating property transactions and providing valuable advice to clients. On the other hand, a loan broker assists clients in finding the best mortgage or loan options for their real estate transactions. The Cook Illinois Real Estate Salesman Independent Contractor Agreement with Real Estate Loan Broker establishes that the real estate salesperson operates as an independent contractor, highlighting their separate status from that of an employee. This arrangement allows the salesperson to work flexibly and independently while maintaining a professional relationship with the loan broker. Key terms and provisions that may be included in this agreement are: 1. Scope of Work: Clearly defining the tasks and responsibilities of the real estate salesperson, such as listing properties, showing properties to potential buyers, negotiating deals, and coordinating with the loan broker for seamless loan processing. 2. Commission and Compensation: Outlining the commission structure and payment terms for the real estate salesperson. This may include a percentage or flat fee for each successful transaction, with details on when and how payments will be made. 3. Duration of Agreement: Specifying the duration of the contract, whether it is a fixed term or an ongoing agreement that can be terminated by either party with prior notice. 4. Non-Compete and Confidentiality: Highlighting any non-compete clauses that restrict the real estate salesperson from engaging in similar business activities within a specific geographic location or for a certain period after the agreement ends. Additionally, including provisions that ensure the confidentiality of client information and trade secrets. 5. Indemnification: Defining the rights and responsibilities of both parties in cases of legal claims or disputes arising from the real estate transactions facilitated by the salesperson. Different types of Cook Illinois Real Estate Salesman Independent Contractor Agreements with Real Estate Loan Brokers may exist to cater to specific variations within the industry. These may include agreements for residential real estate sales, commercial real estate sales, investment properties, or specialized agreements for working with specific types of loan brokers, such as those focused on government-backed loans or niche markets. It is essential for both parties involved, the real estate salesperson and the loan broker, to carefully review, negotiate, and understand the terms of the agreement before signing. Seeking legal counsel or professional advice is crucial to ensure compliance with relevant laws and regulations in Cook County, Illinois.The Cook Illinois Real Estate Salesman Independent Contractor Agreement with Real Estate Loan Broker is a legal document that outlines the relationship between a real estate salesperson and a loan broker operating in the Cook County, Illinois area. This agreement serves as a contract, defining the rights and obligations of both parties involved. A real estate salesperson is an individual licensed to represent clients in buying, selling, or leasing real estate properties. They work under the supervision of a real estate broker and are responsible for facilitating property transactions and providing valuable advice to clients. On the other hand, a loan broker assists clients in finding the best mortgage or loan options for their real estate transactions. The Cook Illinois Real Estate Salesman Independent Contractor Agreement with Real Estate Loan Broker establishes that the real estate salesperson operates as an independent contractor, highlighting their separate status from that of an employee. This arrangement allows the salesperson to work flexibly and independently while maintaining a professional relationship with the loan broker. Key terms and provisions that may be included in this agreement are: 1. Scope of Work: Clearly defining the tasks and responsibilities of the real estate salesperson, such as listing properties, showing properties to potential buyers, negotiating deals, and coordinating with the loan broker for seamless loan processing. 2. Commission and Compensation: Outlining the commission structure and payment terms for the real estate salesperson. This may include a percentage or flat fee for each successful transaction, with details on when and how payments will be made. 3. Duration of Agreement: Specifying the duration of the contract, whether it is a fixed term or an ongoing agreement that can be terminated by either party with prior notice. 4. Non-Compete and Confidentiality: Highlighting any non-compete clauses that restrict the real estate salesperson from engaging in similar business activities within a specific geographic location or for a certain period after the agreement ends. Additionally, including provisions that ensure the confidentiality of client information and trade secrets. 5. Indemnification: Defining the rights and responsibilities of both parties in cases of legal claims or disputes arising from the real estate transactions facilitated by the salesperson. Different types of Cook Illinois Real Estate Salesman Independent Contractor Agreements with Real Estate Loan Brokers may exist to cater to specific variations within the industry. These may include agreements for residential real estate sales, commercial real estate sales, investment properties, or specialized agreements for working with specific types of loan brokers, such as those focused on government-backed loans or niche markets. It is essential for both parties involved, the real estate salesperson and the loan broker, to carefully review, negotiate, and understand the terms of the agreement before signing. Seeking legal counsel or professional advice is crucial to ensure compliance with relevant laws and regulations in Cook County, Illinois.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
