I've looked around, but can't seem to find a straightforward answer for this.
I am one of 4 founders in a start-up incorporated as a C-corp. 2 of us work full-time on the start-up, and so far have not been taking any pay, but we would like to start.
What's the way to do it?
Since we are only going to be able to pay ourselves randomly depending on cash-flow, and most definitely below minimum wage, doing payroll and W2's doesn't seem to make sense.
But on the other hand, I keep reading that officers of a corporation should not be classified as contractors.
Is it okay to pay ourselves as contractors while being officers or should we be doing payroll, in which case, we would not meet minimum wage requirements?