Question

Give five differences between profit and non-profit organisations.

Answer 1

Answer:

A nonprofit organization can be in the form of trust, clubs, society, committee, etc. Profit organizations make the profit by directly/indirectly selling goods or services. Nonprofit organizations can sell goods/services, but they mainly source revenue through donations, subscriptions, or membership fees.

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Answer 2

Answer:

Since for-profit companies make profits for their own benefits, they have to pay taxes as required by the law. However, nonprofit organizations are exempted from paying taxes as they make profits to help society. In addition, individuals and businesses that donate to nonprofits can claim tax deductions.

If an organization is a nonprofitable entity, that does not mean it cannot be profitable. Just like for-profit organizations, the nonprofit ones very often have the same approach to generating revenues and increasing profits with the aim of creating more programs or improving the existing one(s). However, the difference between a for-profit and nonprofit organization is that the latter is required to reinvest any profit in pursuit of its purpose.