Private Business

Definition

Private business refers to companies or enterprises that are owned by individuals or groups rather than being controlled by the state or government.

Related terms

Entrepreneurship: The activity of setting up a business or businesses with financial risks in order to make profits.

Sole Proprietorship: A type of business entity that is owned by one individual who bears all legal liability for the company's debts.

Corporation: A legal entity that separates personal assets from business assets, providing limited liability protection for owners.