Yes, I know this - but life's not always fair now is it ?
In this particular case it might not be a problem since Max can keep an eye on his employees , but as soon as you have a manager - you might be very afraid to get on his bad side (maybe in an argument over something technical or a complaint about your chair) for fear of getting fired.
Life may not be fair in every situation, but if you were really creating value for the company it shouldn't be too hard for you to find another job that may even furnish you with a proper chair.
In this particular case it might not be a problem since Max can keep an eye on his employees , but as soon as you have a manager - you might be very afraid to get on his bad side (maybe in an argument over something technical or a complaint about your chair) for fear of getting fired.