Say that I have vendors selling various products. So, at a basic level, I will have the following tables: vendor, product, vendor_product
This sounds to me that you want to normalize your data. What you have is a 1 (product) to many (vendors) relationship. That the relationship is 1:1 for most cases and only 1:n for some doesn't really matter I would say - in general terms it's still 1:n and therefor you should design your database this way. The basic layout would probably be this:
Vendor Table
VendorId VendorName OtherVendorRelatedInformation
WidgetTable
WidgetId WidgetName WidgetFlag CreatorVendor OtherWidgetInformation
WidgetOwnerships
VendorId WidgetId OwnershipStatus OtherInformation
Update: The question of who is allowed to do what is a business problem so you need to have all the rules laid out. In the above structure you can flag which vendor created the widget. And in the ownership you can flag what the status of the ownership is, for example
You would have to make up the flags based on your business rules and then design the business logic and data access part accordingly.