The Total solution for NCERT class 6-12
Basis of comparison
Business
Profession
Employment
Mode of Establishment
Entrepreneur’s decision and other legal formalities, if felt necessary
Certificate of practice and a membership of a professional body
Service agreement and appointment letter
Nature of Work
Providing goods and services to public
Providing expert and personalized services
Working as per rules of service or service contract
Risk involved
Uncertain risk is there as profit and loss cannot be determined beforehand
Some risk can be there
Little or no risk
Transfer of ownership
It can be transferred by following certain formalities.
No transfer possible as degree and certification received for self
No transfer possible
Reward or remuneration
In form of profit
In form of fees for consultation
In form of salary
Code of conduct
There is no code of conduct as such
Professional code of conduct must be followed
Code of conduct as per rules of organisation
Qualification
No minimum qualification required
Qualification as prescribed by the awarding body
Qualification and training as per employers direction