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TeachMeFinance.com - explain Private company historic definition... Private company -- English ; a term applied (in contradistinction to a public company) to a company public subscription to the stock of which is not invited. When a private business is continued as a corporation instead of a partnership and stock is allotted to each partner for his interest or share in the business the business is said to have been converted into a private company. An entirely new business or enterprise, however, may be and often is started as a private company instead of a partnership. Usually there is an agreement among the shareholders (stockholders) whereby each is prohibited from disposing of or transferring his shares without the consent of the others. What in Great Britain is termed a private company is in the United States known as a close corporation. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.