When you open an Account Record, you may have noticed that you can classify an Account as either Business or Private.
After reading this article you will know the difference between the Business and Private Accounts.
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On the top-left section of the Account Record, you can see that an Account can be classified as Business or Private.
Business:
A Business is a company, or legal entity. Therefore, when creating an Account as a Business, you will have to fill the registration number. This registration will have to match the country format. E.g BE +10digits.
Private:
A Private is an individual. In that case, you don't need to fill the registration number.
Note that this distinction can be filtered from the Accounts list.