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A company isn't the same as a corporation. A corporation is a legal privilege granted by the government to give a company legal personhood. Thus the word "corporation", from latin "corpus", signifying that the state considers this specific company to be a single, legal body.

Corporations aren't a free market concept, it's a way for the state to give special protections to certain companies that need it for some prosocial reason.

A short history: https://newint.org/features/2002/07/05/history

Basically, the original idea is, a corporate charter is granted to create a corporation, which acts on behalf of its shareholders (who the government trusts, have some worthy interest in mind).