Copy Editing
A copy edit is what it sounds like: a close examination of every line. It looks at the writing itself: sentence structure, readability, and style, to make sure every word is thoughtfully chosen. Copy edits also include corrections to spelling, punctuation, and grammar. Along with these, a copy editing package will point out plot holes, timeline errors, and inconsistencies in description, point of view, and tense.
A copy edit will include tracked changes in your document and in-line comments as necessary.
Turnaround: 2-3 weeks
Proofreading
A proofread is the final polish before you submit your manuscript for consideration to an agent or publisher, or self-publish it online. It addresses errors in spelling, grammar, punctuation and word choice. A proofread is meant to be a last check, and does not include advice or comments on the story itself.
A proofread will include tracked changes in your document.
Turnaround: 2 weeks