Describe and distinguish between “profit,” “not for profit” and “nonprofit” organizations?

Question

I am puzzled and this is for class. Can you also give me an example of each and just tell me what the difference is?

Answer 1

For profit is a business that intends to make a profit for the owner.
Non for profit is a charity
non profit is another way of saying not for profit but is sometimes used to describe a for profit that is having losses.

Answer 2

Being Non-profit doesn't mean what you think. Wikipedia says the following A nonprofit organization (abbreviated as NPO, also known as a not-for-profit organization[1]) is an organization that does not issue stock shares or distribute its surplus funds to owners or shareholders, but instead uses the funds to help achieve its goals.[2] Examples of NPOs include charities (i.e., charitable organizations), trade unions, trade associations and public arts organizations. Most governments and government agencies are described by this definition, but in most countries they are considered a separate type of organization and not considered as NPOs. While Not-for-profit organizations are able to earn a profit, more accurately termed a surplus, such earnings must be retained by the organization for its self-preservation, expansion, or plans.[3] NPOs have controlling members or boards. Many have paid staff including management, while others employ unpaid volunteers and even executives who work without compensation.[4] Profit is not the primary goal of an NPO, but because an NPO can legally and ethically trade at a profit, the term Not-for-profit is often considered more appropriate than Non-profit. The extent to which an NPO can generate income may be constrained, or the use of that income may be restricted. Nonprofits therefore are funded typically by donations (which may be tax deductible) from the private or public sector, and are typically exempt from income and property taxation. Some NPOs may internalize profit in the form of comparatively good wages or benefits.

Answer 3

A non-profit organization is an organization whose primary objective is to support an issue or matter of private interest or public concern for non-commercial purposes, without concern for monetary profit. A non-profit corporation is always organized as a non-stock corporation. (I work for one, no raises.)

A not-for-profit corporation is a corporation created by statute, government or judicial authority that is not intended to provide a profit to the owners or members.

A corporation that is organized to provide profits to its owners or members is a for-profit corporation.

Answer 4

Profit would be corporations who have owners or shareowners who receive profits the company makes (most companies you are familiar with like Coca Cola, Nike, etc. are for-profit.)

Not for profit or non-profit companies filter any money they make back into the organization and no one gets to keep that money. Most charities are like this.