Meaning of “private business” in the English Dictionary

"private business" in Business English

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private businessnoun

uk us

[ C ] FINANCE a company that is owned by one person or a small group of people, for example a family, and whose shares are not traded on a stock market:

Many of these small private businesses employ fewer than ten people.

[ C ] ECONOMICS a company that is not owned by the government:

private and state-owned businesses

[ U ] ECONOMICS all the companies that are owned and controlled by one person or a small group of people, considered as a whole:

The public sector continues to dominate the country's economy, while an increasing number of restrictions are imposed on private business.

(Definition of “private business” from the Cambridge Business English Dictionary © Cambridge University Press)