When you're collaborating on multiple files with a team, use shared libraries to keep everything in one central location. A shared library includes other features, such as a group calendar, task list, and discussion board.
Public: This is the default option in which everyone in the organization can see what's in the folder. However, members of the shared library can make edits.
Private: By setting the privacy level to private, only members of the shared library can see the folder.