29 C.F.R. § 541.101 Business owner.
Title 29 - Labor
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.
Title 29: Labor
PART 541—DEFINING AND DELIMITING THE EXEMPTIONS FOR EXECUTIVE, ADMINISTRATIVE, PROFESSIONAL, COMPUTER AND OUTSIDE SALES EMPLOYEES
Subpart B—Executive Employees
§ 541.101 Business owner.
