What is the difference between not for profit and non profit companies?

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What is the difference between not for profit and non profit companies?

If one started a business and wanted to pay their volunteers; is that under the heading of non profit or not profit?

enufwork

Probably the wording of laws in the state where they incorporate.

A non-profit can still have paid employees... most hospitals pay the people who work there.

Aloha

davy_rob7

they wouldn't be volunteers they would be employees

what the heck?

The terms are identical - kinda like tomato - tomahto. If volunteers were to be paid, they would become employees. A non profit company does not have shareholders, so the earnings of the company cannot be distributed. Non profits fall under IRS code 401c3.

Ted

I am not exactly sure but it can be under both.
Non profit is generally like American cancer soc. or church, religious or human service org. who works for charity. while not 4 profit is organization who doesn't fall as non profit, but they do not work for profit, not 4 profit must distribute all profit at the end of fiscal year. in other words, they can't make profit.

Tracy C

A non profit is a company that does not operate to generate a profit from the people it serves. All of the companys income comes from grants, monetary and inkind donations from sponsors, collaborators parters and sometimes the people it serves. and are often tax exempt.

I have worked for a non profit (or Not-for-profit) organization for six years.

Feel free to email me if u have further questions.

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