If you own 25% or more of the company by which you are employed, you are considered self employed for loan purposes.
Self-employed people are those who report their main source of income on Schedule C in their tax returns, or in some cases those who own more than 25% of the equity interest in the company they work for.
An individual who works for himself/herself. This will include partners in businesses and professional practices such as lawyers. You will be best to apply for a Self Employed Homeowner Loan. back to the top
A person who works for themself. For the purpose of mortgage applications, partners in unlimited companies and professional practices (eg: vets, accountants, etc.) are also classed as self-employed.
A borrower is typically considered self employed if they own 25% or more of the company by which they are employed.
An individual working on own account. For mortgage purposes this will include partners in unlimited liability businesses and professional practices.
Those borrows that fall outside the "Pay as you go" ( PAYG ) tax system. Most lenders will want to see 2 or 3 years of experience in being self and employed before lending funds.
A person is is not employed and works for him or herself. Directors of companies who pay themselves with PAYE but own a certain percentage of the company, will sometimes be classes as self employed by lenders.
A person who is not employed by another Related links: Child Maintenance/Child Support Workcover