Iowa Admin. Code r. 875-218.114
Current through Register Vol. 47, No. 8, October 30, 2024
Rule 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.Iowa Admin. Code r. 875-218.114