what is profit making organization
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Non-profit organizations have no owners. ... Whilenonprofits are not required to pay taxes on net income, they are responsible for state and property taxes. Another difference between a nonprofit and for-profit organization is that a for-profit will put together an income statement each quarter.
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A for-profit organization is one whose main goal is to make money, i.e., make a profit. “A for-profit organization exists primarily to generate a profit, that is, to take in more money than it spends.” “The owners can decide to keep all the profit themselves, or they can spend some or all of it on the business itself.”
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