Comments by "Neil of Longbeck" (@neiloflongbeck5705) on "Public vs Private | The Historic Definitions of Socialism & Capitalism" video.

And yet he still gets it wrong.
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@TheImperatorKnight you need to learn the difference between a state owned company and a privately owned company. As you don't understand the basics. A group of people can own a business and it is still a private business. This is so basic it is the economic equivalent of 1+1=2.
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Tik unfortunately does not understand that a privately owned business can have shareholders. He's under the illusion that as soon as you gave shareholders the business is state owned and no longer privately owned. This is caused by his refusal to understand all of the meanings of public and private in regards to limited companies. It's a pity he can't u derdtsnd thus fundamental concept.
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@TheImperatorKnight which would fall under the Industrial Common Ownership Act 1976. Such an organisation would have to be a ,I ited company by guarantee or a registered society under the Cooperative and Community Benefit Societies Act 2014. The Articles of associate must define that members must be either employed by the body or any of its subsidiaries, that the assets of the business remain the property of the business and cannot be transferred to an individual member excepting if the business sells them to the member, and that the assets on the winding up or dissolvement of the business are transferred to a central body responsible for the disposal of the assets to pay off any outstanding debts. It also states that body is controlled by a majority of the people working for the body. Therefore, the definition of common ownership is a form of private enterprise and not state ownership. Please go and do some proper research.
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The public sector is everything owned by the government or state. The private sector is everything else. A sole trader is a business owner by an individual, whilst a company us one owned by more than one person. A private company is one where the shares are owned by one or more persons and not traded publicly (ie they can only be sold to the other share holders and that new shareholders can only join with the permission of the other shareholders). A public company us any company whose shares are publicly traded on the open, market. Then there are cooperatives which are owned by the members and anyone can buy into them. This is do simple even a child can understand it in less than 10 minutes.
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