; person; State The terms commerce , enterprise engaged in commerce or in the production of goods for commerce , person , and State have the meanings given the terms in section 3 of the Fair Labor Standards Act of 1938 ( 29 U.S.C. 203 ). (3) Employee; employer The terms employee and employer have the meanings given such terms in section 3 of the Fair Labor Standards Act of 1938 ( 29 U.S.C. 203 ). (4) Noncompete agreement The term noncompete agreement means an agreement, entered into after the date of enactment of this Act between a person and an individual performing work for the person, that restricts such individual from performing, after the working relationship between the person and individual terminates, any of the following: (A) Any work for another person for a specified period of time. (B) Any work in a specified geographical area. (C) Any work for another person that is similar to such individual's work for the person that is a party to such agreement. (5) Owner of a business entity The term owner of a business entity means— (A) in the case of a business entity that is a partnership (including a limited partnership or a limited liability partnership), any partner; (B) in the case of a business entity that is a limited liability company (including a series of a limited liability company formed under the laws of a jurisdiction that recognizes such a series), any member of such company; or (C) in the case of a business entity that is a corporation, any owner of capital stock. (6) Ownership interest The term ownership interest means— (A) in the case of a business entity that is a partnership (including a limited partnership or a limited liability partnership), a partnership interest; (B) in the case of a business entity that is a limited liability company (including a series of a limited liability company formed under the laws of a jurisdiction that recognizes such a series), a membership interest