, the private
is that part of the economy which is both run for
and is not
controlled by the state
contrast, enterprises that are part of the state are part of the
; private, non-profit
organizations are regarded as part of the voluntary sector
A variety of legal structures exist for private sector business
organizations, depending on the jurisdiction in which they have
their legal domicile. Individuals can conduct business without
necessarily being part of any organization.
In countries where the private sector is regulated or even
forbidden, some types of private business continue to operate
The private sector focuses on the needs of the shareholders.
The private sector employs the majority of the workforce in some
countries. However, in some countries such as the
Republic of China, the public sector
employs most of the workers.