I was asked to get onboard with a startup. How should I structure payment?
I will be getting paid and I have the opportunity to get equity depending on the extent of involvement. I am a college student and will be working remotely and the ball is in my court as to how I get paid. What is the best way to structure this so I can keep the most money e.g. freelance, employee, under the table, etc.? Also, it is a corporation if that matters. Thank you!
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Definitely don't suggest to them that they should pay you "under the table" (i.e., off the books payments that are not reported to the IRS). That would be asking them to enter into a conspiracy with you to commit tax evasion, which is a federal crime. No legitimate company would do that, or want to deal with somebody who would suggest that they do that.
If you are trying to build a career and a life, you should seek a documented form of payment, else you'll have a hard time convincing future employers, your government, and lenders/creditors that you're legit. In general, I've heard the advice "pay yourself first" which when pondering jobs I interpret as: make sure you are getting enough compensation every month to pay rent, groceries, health insurance, etc.
At that point hopefully you can start negotiating(/deciding) between more salary versus more equity. Only take equity if you're sure you won't need the cash any time soon, because lots of companies are staying private for a long time these days, so you may be waiting around for an acquisition/IPO.