Private corporations are businesses owned by individuals or groups, rather than by the government or the public. They can be small, family-owned companies or large enterprises with many shareholders. Unlike public corporations, private corporations do not sell shares to the general public, which means they have more control over their operations and decision-making processes. These corporations are often formed to limit the liability of their owners, meaning that personal assets are protected if the business faces financial difficulties. Private corporations can operate in various industries, including technology, retail, and manufacturing, and they often focus on long-term growth rather than short-term profits.