Final answer:
Professional organizations are nonprofit and tax-exempt entities that advocate for the interests of individuals in specific industries or professions, promoting professional development, networking opportunities, and industry standards.
Step-by-step explanation:
Professional organizations are typically non-profit entities that operate to serve the interests of individuals within a particular industry or profession. These organizations, such as the American Hospital Association, the National Association of Realtors, the American Psychological Association, and the American Dental Association, are formed to promote the welfare and professional development of their members. They engage in a variety of activities, including networking, advocacy, public education, and the promotion of industry standards and practices. As non-profit organizations, they are tax-exempt, meaning they don't have to pay taxes on the income they generate as long as it is related to their non-profit activities.
Labor unions, while also aiming to improve working conditions and wages, differ as they often engage in collective bargaining and may not have tax-exempt status. Nonprofit organizations, as a whole, may serve broader social purposes and include entities like schools, churches, and civic groups. Both professional organizations and labor unions can influence policy making and legislation through lobbying and can require membership for participation in certain professions, as seen with organizations like the American Bar Association. The primary goal of these professional organizations is to advocate for their members and advance their professions.