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Content Last Revised: 4/23/04
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CFR  

Code of Federal Regulations Pertaining to U.S. Department of Labor

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Title 29  

Labor

 

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Chapter V  

Wage and Hour Division, Department of Labor

 

 

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Part 541  

Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Computer and Outside Sales Employees

 

 

 

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Subpart B  

Executive Employees

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.
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