Can a Thai citizen owning 51% of a company provide a foreign partner with a work permit in Thailand?

One important point. From my direct experience - Once the Thai Registered Company is set up, depending on valuation 2 to 4 Thai Employees are required. For the most Work Permit and the 90 Day B visa the Foreign owner must show by receipt that the Social Security payments have been made for the Thai Employees. Then when applying for a One Year Extension of the B Visa One must show S.S. Payments, Withholding Income Tax payments on the Employee and for the Foreigner Shareholder Applicant. Then add a big stack of company formation and certification documents and many others. My App Stack was at least 8 CM thick - two copies. Then after the provisional stamp (wait one month for final stamp) - an I/O comes to your place of business to inspect and check and see and take photos of the Thai Employees. Every B Visa Extension App here in the South goes to Bkk for sign off (the 30 day wait)