A proprietary company must have at least one shareholder and cannot have more than: O a. 50 non-employee shareholders. O b. 20 non-employee shareholders. .Oc. 500 non-employee shareholders. O d. 100 non-employee shareholders. 13 According to the Conceptual Framework, the primary users of general purpose financial statements are: I. existing and potential investors. 11. lenders and other creditors. III. employees and trade unions. IV. customers, regulators and the general public