The Difference Between Public and Private Sectors

Topics: Corporation, Business, Limited liability partnership Pages: 3 (1221 words) Published: May 1, 2011
Many people don’t know what business law is and so hopefully this essay will help clear that up and increase the knowledge about one exact topic in business law which is partnerships ,business law in general encompasses the law governing contracts, sales, commercial paper, agency and employment law, business organizations, property, and bailments. Other popular areas include insurance, wills and estate planning, and consumer and creditor protection. Business law may include issues such as starting, selling ,or buying a small business, managing a business, dealing with employees, or dealing with contracts, among others. Now lets get into details and start with the business organizations there is the private sector which includes the soletrador and the partnership which includes (unlimited partnership (UP), limited partnership (LP) and limited liability partnership (LLP) ) , and the last privat sector in business is the Company , as for the public sector well it includes business that a government brings into the public sector which provides goods or services to the public ona national basis with a complete or partial monopoly . Now lets talk a little about the differences between the public and the private sectors , firstly , private sector businesses are owned by private people but as for the public sector businesses they are owned by the country as a whole , there are no individual owners in the public sector, secoundly , private sector businesses are controlled by the people who own them or by directors and managers appointed to do so , but public sector businesses are controlled by the government or local authority, the third difference is the method of raising capital , in private sector businesses the capital is invested by private people but as for the public sector the capital is always taken from the public and invested in the company as shares , the fourth and major difference is the way in which the profit of the business is used or losses are...
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