I'm betting that "two out of three" figure includes pass-through entities like partnerships and S-corps, and corporations that don't have any profits because ev

I'm betting that "two out of three" figure includes pass-through entities like partnerships and S-corps, and corporations that don't have any profits because everything is re-invested in the company (as would be the case in some startups and other organizations bootstrapping themselves from retained earnings). In other words, it's almost certainly misleading.