qqp question1: If you are a chief financial officer of a start up, is that an employee position? question2: For a start-up that does not have cash to pay salary to an early stage employee, could it structure a convertible note in lieu of sweat equity? And, what are the tax implications of this for the employee and for the company?  For example, if the market rate of this early stage employee is $120k then every month a convertible note of $10k can be issued to the employee. The convertible note will have the same terms as for the angel investors that are providing early stage financing at the same time.