Question

Differenciate between not for profit organization and profit earning organization

Answer 1

HEY MATE ✌️

✨Non-profit organizations have no owners. Instead of maximizing profits, which means maximizing revenues while minimizing costs, they are more concerned with ensuring the revenue is greater than costs .

✨While nonprofits are not required to pay taxes on net income, they are responsible for state and property taxes.

HOPE IT HELPS YOU ✌️✌️

Answer 2

Heya!!


✍️Non-profit organizations have no owners. Instead of maximizingprofits, which means maximizing revenues while minimizing costs, they are more concerned with ensuring the revenue is greater than costs.

✍️ While nonprofits arenot required to pay taxes on netincome, they are responsible for state and property taxes.