There are major differences as to whether a company is public or private. When a company is public, it has numerous shareholders involved, and trades stock publicly. In addition, a public company has to maintain their financial information. As a result, there has to be reports done on the financials quarterly, and this creates a need for an accounting department. With a private company, there is a limited amount of owners for the company. However, a private company is not accountable to report financial information. With private companies, profits are more likely to be shared with employees, while in public companies; employees are at most give rewards. An example of a successful private company is Ernst & Young. An example of a successful public company is JPMorgan Chase.