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The Public and Private Sector Business chart shows the classification of the business entities under the private and public sectors. The national economy is divided into private and public sectors. The private sector contains sole traders, partnerships, companies, and co-ops. A self-employed person who owns and operates their firm as an individual is known as a sole trader. A partnership is a type of firm where two or more people share ownership, management responsibilities, and the profits or losses the company makes. A group of people can form a legal entity called a corporation to run a business. A co-op is an independent group of people who have come together to work for the same economic, social, and cultural goals through a mutually owned business. The public sector contains public corporations, legal councils, and state services A public corporation is one that a government owns and runs to administer particular public initiatives. A legal counsel is a person who offers guidance and handles a variety of problems, notably legal ones. Any service designed to meet the specific needs of the total population of a community is considered a state service. You can use this PowerPoint slide if you are a manager in your company who wants to explain the classification of the private and public sectors. You can download the PPT templates on Google Slides and Keynote.

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