I suspect the former; that standards applied in various countries differ.
E.g. the oldest "company" in Switzerland is Gasthof Sternen (https://en.wikipedia.org/wiki/Gasthof_Sternen), built around 1230, and affiliated with a monastery. Quite possibly the inn WAS in continuous operation, but I have doubts as to the continuity of the "company" behind it. It appears to have been started by the adjacent monastery, which ceased to be a going concern in 1841.