The features of Business Ethics are explained as below:

(1) Code of conduct : Business ethics is a code of conduct developed and evolved for regulating business activities toward welfare of society. It explains what activities one is suppose to do and not do for the welfare of the society. All business units must follows this code of conduct.

(2) Based on moral and social values : Business ethics comprises social and moral principles i.e. rules for carrying out business activities smoothly. This contains self control, consumer protection and welfare, fair treatment to social group, service to society, not to harm (exploit) others, etc.

(3) Gives protection to social groups : Business ethics protects the interests of all the constituents (groups) of the society which include consumers, creditors, employees, small businessmen, shareholders, government, etc.

(4) Provides basic framework : Business ethics specifies the social, cultural, legal, economic and other limits of business within which business units are expected to plan, work out and conduct their functions and activities.

(5) Voluntary : The businessmen must follow (accept) business ethics voluntarily, i.e. on their own. Business ethics must be similar to self discipline. It should not be made compulsory by law.

(6) Requires education and guidance : Prior to introduction of business ethics in the organisation, businessmen must be properly educated, trained and given guidance. The businessmen must be convinced and motivated to implement business ethics.

(7) Relative term : Business ethics is a relative term. It differs or changes from one business to another business and from one country to another.

In one country whatever is considered good may be banned or bad for other country.

(8) New concept : Business ethics is considered as newer concept. It is strictly followed and applied in developed, i.e. advanced countries. It is not accepted and followed in developing and poor (backward) countries.