private business
noun
ukus[C]FINANCE
acompanythat isownedby onepersonor asmallgroupofpeople, forexampleafamily, and whosesharesare nottradedon astockmarket:
Many of thesesmallprivatebusinessesemployfewer than tenpeople.
[C]ECONOMICS
acompanythat is notownedby thegovernment:
privateand state-ownedbusinesses
[U]ECONOMICS
all thecompaniesthat areownedandcontrolledby onepersonor asmallgroupofpeople,consideredas awhole:
Thepublicsectorcontinuestodominatethe country'seconomy, while anincreasingnumberofrestrictionsareimposedonprivatebusiness.