What is the difference between company and corporation? (Political obligation)
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Answer:
A company can be understood as a form of business organization, which is an association of persons, set up with an aim of undertaking business. It possesses a legal status distinct from its members and governed by the Companies Act, 2013. It is an artificial person, having perpetual succession and a common seal. It is commonly confused with the corporation, which is nothing but a body corporate, registered within or outside the nation.
Generally, corporations used to mean big business houses, whose presence is all over the world. On the other hand, the company has a limited scope as it indicates the business entity which is present in the country in which it is registered. To understand the two terms clearly, read out the given article which incorporates the difference between company and corporation.