True, Private ownership of businesses is a distinguishing feature of an economic and political system.
Family-owned businesses, sole proprietorships, and the vast majority of small and medium-sized businesses are examples of privately owned businesses. A privately owned company, unlike a public company, is not required to answer to public investors.
A private limited company is owned privately by a few individuals and has its own legal entity. Shares cannot be traded publicly in this case. It limits the number of shares to 50. Shareholders cannot sell their shares unless the other shareholders agree.
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