Iowa Admin. Code r. 875-218.114 - Exception for owners of 20 percent interest
(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.
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