What is the difference between an exempt private company and a non-exempt private company?

In the context of corporate taxation, an "exempt" private company is one that is exempt from corporate income tax. This means that the company does not have to pay corporate income tax on its profits. There are various types of private companies that may be exempt from corporate income tax, including charitable organizations, religious organizations, and certain types of non-profit organizations.

On the other hand, a "non-exempt" private company is a type of for-profit corporation that is subject to corporate income tax. This means that the company must pay corporate income tax on its profits. Non-exempt private companies can include sole proprietorships, partnerships, and limited liability companies (LLCs), as well as certain types of corporations.

It's worth noting that the term "private company" can refer to any business that is not publicly traded, regardless of whether it is exempt from corporate income tax or not. So, not all private companies are exempt from corporate income tax.