Falling in love is when you have butterflies in your stomach and your hormones are taking over, clouding your judgement. But being 'in love' I think is the same as the first except you take it a step further and presume you already have your feelings settled.
Most Helpful Girl
For me falling in love is single sided, because it's an individual action of falling for someone. Being in love means that you are in something with someone else that also yas mutual feelings.