$1 is OK -- "Under a special rule for business owners, an employee who owns at least a bona fide 20-percent equity interest ... is considered a bona fide exempt

$1 is OK -- "Under a special rule for business owners, an employee who owns at least a bona fide 20-percent equity interest ... is considered a bona fide exempt executive." -- the fairpay document cited by /u/sehr (he is completely exempt from the minimum salary requirement, and $1 is not illegal)