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EOR and PEO
Stand for employer of record and professional employer organization.
A PEO is a Professional Employer Organization, which is a third party that co-employs individuals with a business. They provide the payroll and other services in a country and ensure compliance requirements are met. While similar to an EOR, a PEO is different in that it is not the legal employer. They act as an employment partner and similar to an outsourced payroll and compliance vendor.
Related Glossaries
Full time employee
Workers with a minimum number of hours defined as such by the employment standard.
Compliance
Compliance exists to ensure that banks operate with integrity.
Form 1099
A 1099 is another IRS form, most commonly used by employers when they hire contractors.
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