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In economics, the private sector is that part of the economy, sometimes referred to as the citizen sector, which is run by private individuals or groups, usually as a means of enterprise for profit, and is not controlled by the state. By contrast, enterprises that are part of the state are part of the public sector; private, non-profit organizations are regarded as part of the voluntary sector.

Employment
The private sector employs the majority of the workforce in some countries.[citation needed] However, in some countries such as the People's Republic of China, the public sector employs most of the workers.[1]

Definition of 'Private Sector'

The part of the economy that is not state controlled, and is run by individuals and companies for profit. The private sector encompasses all for-profit businesses that are not owned or operated by the government. Companies and corporations that are government run are part of what is known as the public sector, while charities and other nonprofit organizations are part of the voluntary sector.

Investopedia explains 'Private Sector'

In most free-market economies, the private sector is the sector where most jobs are held. This differs from countries where the government exerts considerable power over the economy, like in the People's Republic of China. The Bureau of Labor Statistics tracks and reports both private and public unemployments rates for the U.S.

The part of the economy that is owned and controlled by private individuals and business organizations such as private and public limited companies. In a free enterpriseeconomy, the private sector is responsible for allocating most of the resources within the economy. This contrasts with the public sector, where economic resources are owned and controlled by the state.

Private Company Research

There are many difficulties in searching for private company information. Consequently, researching private companies often requires considerable creativity. After exhausting some of the more basic directories like Wards, some of the sources below MIGHT reveal more information. One of the most common sources for private companies is Dun & Bradstreet. Unlike public companies, private companies are not required to file with the Securities and Exchange Commission (SEC) so the information that can be found in those documents is not necessarily available for companies that are private. Many times after a merger (or for other reasons) a company that was once was public chooses, or is forced, to go private. If you want information on those companies, the basic company information will still be available; as well as old SEC documents and the filing to go private (13E-3). You can find additional guidance on researching private companies, in the following publication. Researching Private Companies. LC Call LC Control Number: 2004205474 Catalog record
Sources of Information about Private Companies

Arlington, VA Number:

Washington

Researchers. HD2771.H695

Dun & Bradstreet Reports

A source useful for both current business information and business history. Most companies have D&B reports (generally for credit information). Dun & Bradstreet is a publisher that often actively seeks information from private firms by directly calling the company. Much of the information in a D&B report is voluntary so the quantity of information will likely vary from company to company. Hoover's Handbook of Private Companies.

LC Call LC Control Number: 98657723

Austin, Tex. : Hoover's Business Press, c1997-. Number: HG4057.A28616

This is a source much more for the large private companies. Also see the publisher's web site for additional information.

Catalog record
Web pages. Never underestimate the information that companies publish on their own web sites. However, keep in mind that some companies use their web pages as glorified catalogs, brochures, or advertisements. Article searches.

In addition to searching in business journals, you may also search for articles from multiple sources in many full-text databases, such as Infotrac, Nexis, ABI-Inform, EBSCO Masterfile, and Business & Industry (Gale/RDS); however, such databases are generally not free so check to see if your local public or a university library in your area has subscribed to any of them. Local Business Journals. The American City Business Journalsare a good source for local company information. Such companies are often the companies that are most difficult to find information on. The site does require registration, and some things are not free, but there is no charge for most access. The site links to business news from over thirty cities including Washington, Seattle, Philadelphia, Birmingham, Baltimore, Albany, Orlando, Nashville, and more.

In addition there are also several web sites which have compiled links to other local resources including City/Regional magazines and Local/Business periodicals.
Secretaries of State. Companies are required to file with the Secretary of State of the state in which they are established. The National Association of Secretaries of State has an easy pull-down menu to find your state's web page.