27 August 2010
As per India Companies Act, 1956 a company is something which is incorporated under the companies act, 1956. However CL, 1956 is silent about the exact meaning of corporation.
However generally Corporation Set Up A Corporation is a separate legal entity. It is formed by filing corporate organization forms in the state where the corporation is located, and by designating shareholders, each with a specific number of shares. The corporation also creates a Board of Directors to oversee the corporate business.
As per my understanding corporation is a much wider term then a company.
There is no major difference if you want to incorporate with corporation the minimum capital of 5 crores and there is no need to have such capital for limited company.