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Limited liability company and private enterprise are two different concepts. The type of responsibility division of limited liability company, private enterprise is relative to state-owned or public enterprise, and is classified according to the ownership of means of production.
A limited liability company refers to an economic organization that is registered in accordance with the Regulations of the People's Republic of China on the Administration of Company Registration and is established by less than 50 shareholders, each shareholder is limited to the company with its subscribed capital contribution, and the company legal person is fully responsible for the company's debts with all its assets. Limited liability companies include wholly state-owned companies and other limited liability companies.
The private enterprise refers to a profit-making economic organization invested by or controlled by a natural person and based on employment. Including private limited liability companies, private joint stock limited companies, private partnerships and private sole proprietorships registered in accordance with the provisions of the Company Law, the Partnership Law and the Provisional Regulations on Private Enterprises.
Limited liability companies include but are not limited to private enterprises; Private enterprises also include but are not limited to limited liability companies.
Legal basis: Article 23 of the Company Law
To establish a limited liability company, the following conditions shall be met:
（1） The number of shareholders meets the quorum;
（2） The amount of capital contribution subscribed by all shareholders in accordance with the Articles of Association;
（3） The shareholders shall jointly formulate the Articles of Association;
（4） Having a company name and establishing an organization meeting the requirements of a limited liability company;
（5） The company has its domicile.
