Company Type is a multi select field that can be used as a way to mark a company-specific detail. For example, you could use type to mark if a company record is willing to provide a reference, a review or perhaps is in good standing. Please note that this field does not have lifecycle tracking, like Company Status.
1. To add Company Types go into Tools & Settings > and open Company Settings
2. Scroll to the Company Types section and click on the green "New" button to add more types.
3. Once added, open a Company Record to apply one, or multiple, types to your record. Keep in mind the Company type field will always sit within the Company Details block of your record.