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A public company is a company who issues stocks that are traded openly in the stock exchange or over the counter market.
A private company does not issue shares for the public and the owners do not enjoy an unrestricted right to transfer their shareholdings.
An unlimited company is a hybrid of the two. It is a private company, however the owners accept unlimted liabilty and personal liabilty for their debts. This is done to avoid double taxation of a limited company.
1.Public company a company whose shares are traded freely on a stock exchange.
2.Private company whose ownership is private. As a result, it does not need to meet the strict Securities and Exchange Commission filing requirements.
3.Unlimited company or private unlimited company is a hybrid company (corporation) incorporated either with or without a share capital (and similar to its limited company counterpart) but where the legal liability of the members or shareholders is not limited - that is, its members or shareholders have a joint, several and non-limited obligation to meet any insufficiency in the assets of the company to enable settlement of any outstanding financial liability in the event of the company's formal liquidation.
