07 December 2011
Corporation is a large entity created by legislation (in India)i.e., by an Act of Parliament or state Legislator. Company is of 2 types i.e., Public/Private Limited and unlimited (registered and unregistered). Public companies will invite public to trade share and stock whereas private limited companies cannot sell shares. It is broad answer to your question. For further it is advised to go through Companies Act, 1956
08 December 2011
In India, Company is that which is formed under the provisions of The Company Law where as corporation is not defined any where and it stands for a general meaning stated in english language.