What Information Do Public Companies Have to Disclose That Private Companies Do Not?

Public companies, private companies with more than $10 million in total assets and a class of equity securities similar to common stock, and private companies that list securities on an exchange or NASDAQ must file annual and quarterly reports with the U.S. Securities and Exchange Commission.

Information that the SEC requires companies to file in their reports include:

• Operational details
• Information on company officers, directors, and certain shareholders including salary, various fringe benefits, and transactions between the company and management
• The financial condition of the business including financial statements audited by an independent certified public accountant
• The company's competitive position and material terms of contracts or lease agreements

All SEC filings are available to the general public.