Final answer:
A public company sells shares to the general public, while a private company is owned by a select group of individuals.
Step-by-step explanation:
A public company is one that sells shares of its stock to the general public, allowing anyone to become a partial owner of the company. Public companies are required to file regular financial reports with the Securities and Exchange Commission (SEC) and are subject to various regulations and governance requirements. Examples of public companies include Apple, Microsoft, and Walmart.
Contrarily, a private company is owned by a select group of individuals, such as founders, employees, or private investors. Private companies do not sell shares to the general public and are not obligated to disclose financial information to the public. Examples of private companies include Mars candy company, Cargill, and Bechtel.