Are you logging on to one account (ie. using one email) for both the folders?
If so yes they probably can see the trash for that folder, but, also quite possibly the folder and its contents itself. Depending upon what Business plan the company have its possible to see and access all users files in all accounts - basically identical to how it would be if you were in a workplace and using a network drive.
You would be better off setting up a second Dropbox account and linking the two accounts via https://help.dropbox.com/account-access/link-unlink-two-accounts so that both appear on your devices, but, are totally and utterly separate.
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