Iowa Admin. Code r. 875-218.114 - [Rescinded]
Notes
29 CFR 541.114.
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(1) An exception from the percentage limitations on nonexempt work is provided for an employee "who owns at least a 20 percent interest in the enterprise" in which the employee is employed. This provision recognizes the special status of a shareholder of an enterprise who is actively engaged in its management.
(2) The exception is available to an employee owning a bona fide 20 percent equity in the enterprise in which the employee is employed regardless of whether the business is a corporate or other type of organization.