What describes individuals who run their own business and contract services under a commercial agreement?

The term that best describes individuals who run their own business and contract services under a commercial agreement is "Independent Contractors." This designation captures the essence of what these individuals do—they operate as separate entities from the businesses or clients they provide services to, often working on a project basis. They have control over their work and can take on multiple clients simultaneously, allowing them the flexibility to manage their own schedules and business expenses.

Independent contractors typically enter into contractual agreements that specify the terms of their service, responsibilities, and payment, distinguishing them from employees who work under a standard employment contract. This distinction is key in understanding their relationship with clients and the nature of the work they provide.

While the other options like freelancers and self-employed individuals may share some similarities with independent contractors, they do not fully encompass the formal nature of a commercial agreement present in the definition of independent contractors. Freelancers often work on a more casual basis and may not always have the formal business structure that independent contractors maintain. Similarly, while self-employed individuals encompass a broader category, the term "independent contractors" specifically highlights the contractual aspect of their services. Consultants provide expert advice and may not necessarily run a business in the traditional sense like independent contractors do.