I work for a start up firm as an "independent contractor". The firm gave me a 5% share in the company and they put it in writing. My salary is very low however, mainly because the company is not profitable yet (they are loosing money still). The company has been around for 4 years and I have been working there for the last 3 years.
I am working here only because of the future share value, because my salary is so low that it does not even cover my expenses.
My question is:
is it OK that I am hired as an independent contractor instead of a full time employee, with a VP title, can I claim my shares some day if and when the company's share become valuable?
Thanks for your answer in advance.