Electronic Code of Federal Regulations
|
e-CFR data is current as of March 4, 2021 |
Title 29 → Subtitle B → Chapter V → Subchapter A → Part 541 → Subpart B → §541.101 |
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.
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.