Public, Private, and Non-Profit Sector - Explained
Private Sector vs Public Sector vs NonProfit Sector
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What is the Private Sector?
The private sector is the aspect of the economy made up by non-governmental individuals or entities. As such, it includes all for-profit businesses that are not government-owned or managed. It is sometimes referred to as the citizen sector.
Companies and corporations which are run by the government belong to the public sector, while charities and other non-profit organizations belong to the voluntary sector.
Types of Private Sector Businesses
The entities which make up the private sector include:
- Sole Proprietors
- Trade unions
- Limited Liability Companies
- Professional and trade associations
The public sector employs workers via the local, state, or federal government.
Private and Public Sector Partnerships
The private, as well as, public sectors work together at times while promoting shared interests. Private sector businesses leverage governmental assets, as well as, resources while financing, developing, owning, and also operating public services or facilities. For instance, a private company may make a one-time fee payment to a state in order to operate a certain freeway length for a specific time in exchange for revenue from tolls.