(9) Small business" means a corporation, partnership, sole proprietorship or other legal entity formed for the purpose of making a profit, which is independently owned and operated from all other businesses and which has 50 or fewer employees. [1957 c.717 ???1; 1965 c.285 ???78a; 1967 c.419 ???32; 1969 c.80 ???37a; 1971 c.734 ???1; 1973 c.386 ???4; 1973 c.621 ???1a; 1977 c.374 ???1; 1977 c.798 ??