No, a corporation is a specific type of business arrangement. For example, you can have a limited liability company (LLC) that is wholly owned by an individual.
TomTom started as a small software company named "Palmtop Software" and was doing exactly that. Random software for palmtops. I'm not sure, but I think they might have changed their formal business structure along with the name once they discovered that they created killer app for palmtops that makes customers buy palmtops as fast as they were made so they can use just their app on them.
