As per Lawkidunya, Here are the key characteristics of private ownership:

1. Exclusive Rights: The owner has exclusive rights to the property, asset, or business, and can use, modify, or dispose of it as they see fit.
2. Transferability: Private ownership allows owners to transfer their property or assets to others through sale, gift, or inheritance.
3. Control and Decision-Making: Private owners have complete control over their property or business and can make decisions regarding its use, management, and operations.
4. Profit Retention: Private owners retain all profits generated by their property or business.
5. Risk and Liability: Private owners bear all risks and liabilities associated with their property or business.
6. Freedom to Operate: Private owners have the freedom to operate their business or manage their property as they see fit, subject to applicable laws and regulations.
7. Security and Protection: Private ownership provides a sense of security and protection, as owners have exclusive rights to their property or assets.
8. Incentivizes Investment: Private ownership incentivizes investment, as owners can reap the benefits of their investments and efforts.
9. Promotes Efficiency: Private ownership promotes efficiency, as owners have a direct stake in the success of their property or business.
10. Encourages Innovation: Private ownership encourages innovation, as owners can experiment and take risks to improve their property or business.