Contracts and Finance

consultant

Overcoming Top Consulting Challenges

By MBO Partners

Working as an independent consultant and being your own boss offer a number of benefits including setting your own hours, determining your specialties, and choosing your clients. However, independent consulting is not without its challenges. In MBO’s State of Independence report, we surveyed independent consultants to learn about their experiences, goals, and difficulties. Here, we…

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GUIDE | 12 MIN READ

How Much Should I Charge as a Consultant? (Guide)

By MBO Partners

Use these techniques to understand how much you should charge as a consultant. Make sure you are not under or overcharging for your expertise and experience. 

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irs

3 Tax Implications of Becoming an Independent Contractor

By MBO Partners

If you’re ready to take the leap and start your career as an independent professional, there are a few key steps to take to build a successful business. Understanding the tax implications of becoming an independent contractor is an important part of your financial preparation. While your employer was required to withhold federal income, Social…

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How to Write a Consulting Contract (Guide)

GUIDE | 10 MIN READ

How to Write a Consulting Contract (Guide): Types and Terms to Include

By MBO Partners

The modern independent consultant must be adaptable to their surroundings, particularly when client organizations change rapidly.

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consultant

Verbal Contracts: 4 Best Practices

By MBO Partners

Entering into a verbal contract with clients is a common practice among independent professionals. Without the red tape and bureaucracy that can slow down larger businesses, independents enjoy the advantages of being flexible and agile in transactions and deals. However, while verbal contracts often simplify business, if things go sour they can end up complicating your relationship…

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consultant shaking hands

How to Negotiate a Consulting Contract: 5 Steps

By MBO Partners

In any business agreement, it is highly recommended to use a well-written contract, and the terms of the contract are often the result of negotiation between the parties involved. Contracts provide clarity, establish a relationship, and offer protection to all parties involved. For these reasons, many independent professionals wisely insist on using written contracts for…

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consultants

How to Write a Consulting Contract: 6 Best Practices

By MBO Partners

Writing contracts is an important part of your business as an independent professional. A contract defines the work you agree to do for a client, and it also provides you with legal protection.  Contract negotiation can be an intimidating part of starting a new project but setting up this legal framework will help protect you…

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consultants

Top 5 Common Contract Mistakes to Avoid

By MBO Partners

Contracts are an important part of starting a new project. They provide legal protection, discuss services to be performed, and include payment terms and conditions. If you’re new to the process, you may find that drafting a contract is a complicated task, requiring specific key terms, provisions, legal obligations, and ultimately, client agreement.  As a…

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contractor

Filing Independent Contractor Taxes: 4 Best Practices

By MBO Partners

Filing taxes as an independent contractor can be a tricky road to navigate. When you work as an employee, your employer is required to withhold federal income tax as well as Social Security and Medicare taxes from your payroll check, but as an independent, you’re on the hook to do this yourself. When you work…

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contractor

How Do 1099 Contractors Get Paid?

By MBO Partners

There are a few different ways you can get paid working as an independent contractor. Typically, you will get paid either by the project or by the hour—this is determined by your bill rate and the written contract you establish with your client. 1. Hourly Payment Most independent contractors prefer to set an hourly-based bill…

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