### Question
How is the term private company defined?


### Answer
The term **private company** is defined in *39 U.S.C. § 407* as the following:

> a private company substantially owned or controlled by persons who are citizens of the United States

#### Citation:
  - *39 U.S.C. § 407*
  - Heading: **PART I-GENERAL > CHAPTER 4-GENERAL AUTHORITY**

