difference between corporate and company?
(Guest)
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 13 March 2010
Whenever you get two or more people together in any organization, those people will create methods of communicating and interacting among each other that help organize time and effort. These methods could include the way desks and workstations are positioned, where people go to lunch, after work activities, dress codes and annual parties. These things make up “Company” culture. When you hear people say “At our company, we work hard and play hard,” or “It’s a family atmosphere,” that’s a company culture they're talking about.
The thing is..all organizations have a “company” culture. When people get together, they create one. It just kind of happens.
Now “Corporate” culture is very different. A “corporate” culture is a combination of systems and processes that are put in place specifically to drive competitive advantage in the marketplace. Encompassing such things as work flow processes, infrastructure, training, communication and commitment to a well articulate mission statement (there are lots of others), a corporate culture is deliberate, difficult to build, hard to imitate and results in consistent returns to the organization in product quality, service delivery, cost controls or a combination of those. Corporate culture can’t easily be imitated.
The thing is ...very few organizations have a corporate culture. It’s hard to build, and even harder to maintain, despite the benefits.
You can name the powerful corporate cultures out there including GE, Dell, Southwest, Amazon, Wal-Mart,Digitas, IBM, and the New York Yankees…each of which has a track record of producing consistent results. Even BB King’s touring band has a corporate culture—don’t show up late or it will cost you. That’s why every time you go see BB and his band you know you are going to get a solid show.
Why should you care about the difference? Take a look at your organization or a firm u work in. You know you have a "company" culture already. But what is your "corporate" culture? The second one matters more.
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 15 March 2010
Kindly appreciate the definition of body corporate is given in section 2(7). As per the interpretation the word corporate --- corporate word includes company registered under indian as well as foreign law. Whereas company means a company registered under companies act, 1956.
To conclude i would say the term corporate is much wider than company and both can not be synonym.
Best Regards
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
