Quoted from Criminal Law Hornbook, 4th Edition, Wayne R. LaFave, Thomson West Publishing:
In this country the distinction (between felonies and misdemeanors) is usually spelled out by statute or (far less frequently) by the constitution. In the Modern Codes, it is sometimes provided that a crime punishable by death or imprisonment in the state prison is a felony,and that any other crime (i.e any crime punishable only by fine or imprisonment in a local jail or both) is a misdemeanor. [...] In almost all other jurisdictions they expressly declare: that any crime punishable by death or imprisonment for more than one year ([for one year or more]) is a felony and that any other crime is a misdemeanor.
Some statutes defining crimes provide that whoever is guilty of a certain described conduct shall be guilty of a ...
In some jurisdictions, felonies must be prosecuted upon a "grand jury indictment", wheras an "information" will do for a misdemeanor.
The rules relating to probation and parole may differ depending upon whether the defendant has been convicted of a felony or a misdemeanor.
Note from John M. Kogut - Attorney At Law... If you or your loved one has been served with an "Indictment" or an "Information" it does not mean he/she is instantly guilty. These are just papers which formally "notify" (i.e. charge) the individual with the violation of the law that The State is claiming he/she violated. It is not an indica of guilt!