To create a private channel for a team
Go to the team you want to create the private channel for and click "...", then "Add channel".
Enter a channel name and select "Private" as the channel type, then select members to add to the channel.

Add members to a private channel
As a private channel owner, you can add or remove members and edit private channel settings. Each person that you add must first be a member of the team.
To add members of your team to a private channel, select "..." next to the channel, then "Manage channel", "Add member", and input the name or email of the person you intend to add, select their role, and click Add.

To remove a member, simply navigate back to the "Manage channel" option and click the "X" next to a member's name. If you intend to remove an owner, convert them to a member before removing.
Manage private channel creation
As a team owner, you can turn on or turn off the ability for members to create channels. To see and change this option, click "..." next to the Team name, then click "Manage team", select the "Settings" tab, and under the "Member permissions" option you will see the option for allowing channel creation, as well as many other options.
To edit, delete, hide, or leave a channel select more options "..." next to the channel name. Then, use the menu to edit, delete, hide, or leave the channel as desired.
Check out our article to assist with creating a standard channel within Teams
***Please Note: Team owners get to decide which team members can delete channels.***
Keep in mind that once you delete a channel, you also lose its entire conversation history. However, the OneNote sections associated with that channel will still show up on your team's SharePoint site.