[Code of Federal Regulations]
[Title 29, Volume 3]
[Revised as of July 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR541.101]

[Page 180]
 
                             TITLE 29--LABOR
 
         CHAPTER V--WAGE AND HOUR DIVISION, DEPARTMENT OF LABOR
 
PART 541_DEFINING AND DELIMITING THE EXEMPTIONS FOR EXECUTIVE, 
 
                      Subpart B_Executive Employees
 
Sec. 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 Sec. 541.102. The 
requirements of Subpart G (salary requirements) of this part do not 
apply to the business owners described in this section.