What’s the difference between a corporation and any other company?

Question

What’s the difference between a corporation and any other company?

In: 10

Answer 1

In modern parlance, the term company and corporation are pretty interchangeable. Corporation is probably the more “correct” term in the sense of it being a legally separable entity from its owners and having certain rights pertaining to persons.

The EIC is certainly not something that could exist in the modern sense. The EIC was more like the colonialization arm of the British government – allowed to conduct foreign armed endeavors, govern colonial territories, hold trade monopolies, de facto foreign policy; things that would never be allowed today. In that sense your friend is correct.