Difference between a Public and a Private Company?

The different between a public and a private company is that a public company is one whose stock is traded by the public, e.g., listed on an exchange such as the NSE OR BSE.
A private company is one whose stock is generally held by one shareholder or a small group of shareholders.
Minimum number of members required to form a private company is 2, whereas a Public Company requires atleast 7 members.
Maximum number of members in a Private Company is restricted to 50, there is no restriction of maximum number of members in a Public Company.