I work for a small startup company that hasn't paid wages for about 6 months--they're struggling to get financing for their new product in these hard times. I continue working for them because I believe they will get the financing and make good on what they owe us.
However, I'd like to show my earnings for this year (for tax and social security reasons). My question is: does it make sense to have them pay me what they owe, with the agreement that I will lend them the money back as a loan at a reasonable rate of interest?
A sub-question is this: Should they go belly-up, which would have the stronger claim in a bankruptcy case, unpaid wages or the IOU?
This is in Ohio.
Thanks.
However, I'd like to show my earnings for this year (for tax and social security reasons). My question is: does it make sense to have them pay me what they owe, with the agreement that I will lend them the money back as a loan at a reasonable rate of interest?
A sub-question is this: Should they go belly-up, which would have the stronger claim in a bankruptcy case, unpaid wages or the IOU?
This is in Ohio.
Thanks.
