Question
Distinguish between business, profession and employment.
| Sr. | Difference | Business | Profession | Employment |
| $1.$ | Meaning | Activity done with the objective of profit. | Activity of offering services and charging fees for the service. | Activity of getting wages for the work performed as per contract. |
| $2.$ | Nature of work | Product or services are provided for money. | Services are provided through personal skill, and knowledge against fees charged. | Against wages as per contract, physical or mental hard work is carried out. |
| $3.$ | Qualifications | For business, no educational qualification is required. | Educational qualifications, special knowledge and training are required. | As per contract according to the nature of work qualifications are necessary. |
| $4.$ | Capital | Right from establishment till the end as per the type of business capital is required. | Limited Capital is required at the time os establishment. | Capital is not required |
| $5.$ | What is gained? | Profit is gained. | Fees is gained. | Salary is gained. |
| $6.$ | Risk | Uncertainty of profit and risk of loss is involved. | Risk of not getting specific fees. | There is no risk because salary is paid as per contract. |
| $7.$ | Code of conduct | Transfer of ownership is possible in business. | Code of conduct prescribed by association of profession is to be obeyed. | Rules and conditions of contract are to ne obeyed. |
| $8.$ | Transfer of ownership | Transfer of ownership is possible in business. | In profession, transfer of ownership interest is not possible. | Employee can not become the owner. |
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