Content Last Revised: 4/23/04 ---DISCLAIMER---

29CFR541.101 - Business owner.

• Section Number: 541.101
• Section Name: Business owner.

    The term ``employee employed in a bona fide executive capacity'' in 
section 13(a)(1) of the Act also includes any employee who owns at 
least a bona fide 20-percent equity interest in the enterprise in which 
the employee is employed, regardless of whether the business is a 
corporate or other type of organization, and who is actively engaged in 
its management. The term ``management'' is defined in Sec.  541.102. 
The requirements of Subpart G (salary requirements) of this part do not 
apply to the business owners described in this section.