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You just reinvented a Co-Op.
However, at what level does this get enacted?
Does little Tommy's summer lawn cutting "business" with his 3 neighbors as customers need an elected board in order to operate?
If I run a business and need a secretary to take care of some mundane things while I do the actual money making part of the business, doors that secretary suddenly get 50% vote over all decisions?
So to answer your questions
Just because a company is a registered corporation doesn't mean their stocks are sold publicly. But because they are a registered corporation, they have to have a board.
The op did not mention only companies that would be publicly sold. It said ALL OWNERSHIP of companies would be banned. So yeah, people can currently register their companies in whatever way they wish, but the op removes all the options that make the most sense for small companies. And I bet your example was just a partnership, and they wanted to feel fancy by calling it a board.
Oh, I didn't see the no ownership thing. Yeah that's dumb haha