What is the difference between a Family Business and a Private Business?

You have the option when incorporating a business to have publicly traded shares or keep the shares private. A “privately held company” signifies that it is incorporated but not publicly traded. A family business may or may not be incorporated. Generally a family business signifies the company has been handed down from generation to generation of the same family, but has no significant meaning as to status of incorporation or public/private shares.

Source(s): http://www.azonlinemarketing.com/

Family business are run by members of the same family. They are managed just as a regular private business, it is just that the board of directors, or the executive positions, are occupied by relatives.

I had also asked this same question three times, and didn’t get an answer