Having an unregistered employee seems like a monthly saving. It is not: it is a loan you make to yourself with an interest rate you don't control and a maturity date decided by someone else. The day that worker resigns badly, has an accident, or calls a lawyer, the bill arrives in full and with interest. Here I explain what it concretely implies to have people "in the black" in Argentina, what happens to the employer when a claim appears, and why unregistered employment is the main source of hidden labor liabilities in an SME.