Private companies shares are not traded on the stock exchange or other market listing exchanges such as the Alternative Investment Market. Public companies whose shares can be traded to members of the public through the stock exchange or alternative listings exchanges. Public companies have to comply with more strenuous regulations than private companies. in addition they will have to comply with stock exchange regulations if traded on this exchange or the regulations of whatever market exchange of which their shares are traded. Not all Public companies have a listing but they must all still comply with the laws relating to Public companies. Public companies are generally not incorporated from scratch(they are generally existing private companies that re-register as public companies).