29 CFR 541.101 Business owner.
29 CFR Part 541: Defining And Delimiting The Exemptions For Executive, Administrative, Professional, Computer And Outside Sales Employees (29 CFR Part 541)
Statute text (verbatim, original language)
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 § 541.102. The requirements of Subpart G (salary requirements) of this part do not apply to the business owners described in this section.
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provision:us:29-cfr-541:541.101bcfcfe2597538fba6990e86ecca543d093c9dee2afe9960a2ac580d4caeba011Follow-up questions
- What does 29 CFR 541.102 of 29 CFR Part 541: Defining And Delimiting The Exemptions For Executive, Administrative, Professional, Computer And Outside Sales Employees say?
- What does 29 CFR 541.100 of 29 CFR Part 541: Defining And Delimiting The Exemptions For Executive, Administrative, Professional, Computer And Outside Sales Employees say?
- How is 29 CFR 541.101 of 29 CFR Part 541: Defining And Delimiting The Exemptions For Executive, Administrative, Professional, Computer And Outside Sales Employees applied in practice?
- Which sections does 29 CFR Part 541: Defining And Delimiting The Exemptions For Executive, Administrative, Professional, Computer And Outside Sales Employees contain?
- How do I verify the text is unchanged?
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