Question

Select and research a local not-for-profit organization and a for-profit business. Document these two entities, discussing differences between the two organization types.?

Answer 1

For-profit and not-for-profit organizations share many qualities but also have some distinct differences. At face value, the term "for-profit" suggests a company seeking to make money (and usually as much as possible), while the term "not-for-profit" suggests a company that doesn't make money. Actually, not-for-profit organizations seek to generate revenues to serve a specific organization mission, transferring a lot of the profit to defined community efforts. Examples of not-for-profits might be charities, clubs or community organizations. For-profit organizations are everyday businesses.