Difference between company and corporation

Posted By: Sm Adminon: December 13, 2015In: Miscellaneous

Company:
Company is the artificial person or collection of the people that might be the legal persons which may be sole trading, partnership and Joint Stock Company. The death and insolvency of a member does not affect in the activities of the company. It may have the characteristics like limited liability, common seal, and voluntary association and so on.
Corporation:
Corporation is the group of natural persons that is independent from those persons who are involved. This term is used to refer the large scale organizations.
Differences:

Basis	Company	Corporation
Definition (www.oxforddictionaries.com)	The main meal of the day, taken either around midday or in the evening.	A large company or group of companies authorized to act as a single entity and recognized as such in law
Objectives/Purpose	The objectives of company are to earn profit and to provide qualitative goods and services.
Synonyms	Association, team, community, party, and group.	Cooperative, organization, union, corporation and club.
Antonyms	Individual	Separation, disunion
Pronunciation	Eng (UK): /ˈkʌmp(ə)ni/ Eng (US): /ˈkəmp(ə)nē/	Eng (UK): /kɔːpəˈreɪʃ(ə)n/ Eng (US): /ˌkôrpəˈrāSH(ə)n/
Types	Its types are: A company limited by shares Limited Liability Company (LLC) A company limited by guarantee. A company limited by both share and guarantee. Unlimited Company	Its types are: C corporation Non-profit corporation
Word origin	The word company was originated in 1200-50 from Middle English companie, from cumpaignie, from cumpaing, companion.	The word association is originated 1525-35 (15th century).
Defined in which section of Indian Companies Act 1956	Section 3	Section 2 (7)
Incorporated	In India	In and Outside India
Scope	Comparatively less	Wide
Minimum Authorized Capital	As per the rules	5 crores
Main function	The functions of company are: Financial management Maintain coordination Management of technology Managing investment activities Strategic planning To manage the new projects	The functions of corporation are: Providing continuity Managing resources effectively Increasing profits Social responsibilities
Advantages/Benefits	Its advantages are: Limited liability Transfer of shares Employment opportunity Trading activities Favorable taxes Wider capital	Its advantages are: Separate legal entity Lower administrative costs
Disadvantages	Its disadvantages are: It is expensive to establish. Reporting information is complex. Financial activities are public as the shares are issued to the public.	Its disadvantages are: It is very complex to establish a corporation.
Example in Sentence	He has opened a dance company named Nepal Dance Academy. We separated the company 2 years ago after we had an argument.	A corporation refers to the large associations. The head office of the corporation may be located anywhere in the world.