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I worked for a company where we were all regular W2 exempt employees, but paid hourly. We got paid for every hour worked.

Curiously, we all worked a lot, made a ton of money for years and years, and bled the company dry. They eventually brought in some accountants that told them they had to put the brakes on this, and we were converted to salary. The company still ended up shutting down a couple years later, but it was a wild and lucrative ride.

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