Earlier quoted context omitted.
Good point, but only employees must be paid the minimum wage. If you founded the company, you are not an employee because you direct your work. The IRS says an employee is "anyone who performs services for an organization is an employee if the organization can control what will be done and how it will be done" ( http://www.irs.gov/charities/article/0,,id=131137,00.html ).
But as soon as you incorporate, take on cofounders and investors, and adopt a title, you're essentially working at the direction of the organization. Your equity is likely subject to a vesting schedule and (given the right constellation of agreement among the other founders and investors) you could even be 'let go'. Also, the IRS doesn't enforce minimum wages and labor laws, so its definitions aren't necessarily rele…
Re: Announcing HackStars
#111I'm pretty sure it's tricker than that because there are a number of high profile executives with their $1 salaries and now even some of the bank folks that are in non-executive positions that have elected to take no salary. It seems like those would be more prone to scrutiny than unpaid interns.