So you are absolutely right. If your company wants to stay on the right side of the law, it had better answer the questions below. See Steingold's book, or the Labor Department, for definitions of those categories and then make sure your people are properly classified. And I'm willing to bet that your business is covered by the act. Almost every business is.
Some states have laws concerning comp time.
Check with your state Department of Labor to see what additional restrictions may apply in your state. Incidentally, that bank robber in Marion asked his mother to post his bail, so she was the one who showed up with the dye-stained cash. Tell your employer that if he doesn't want to join them, he needs to pay his employees the time and a half they deserve. You will most likely not receive anything that makes the price worth the investment of several thousand dollars. Be skeptical if a counselor claims to have helped hundreds of persons just like you.