Company taking care of palm tree (4)
I believe the answer is:
coco
'palm tree' is the definition.
(coco is a kind of palm tree)
'company taking care of' is the wordplay.
'company' becomes 'co' (abbreviation).
'taking' says to put letters next to each other.
'care of' becomes 'co' (c/o can mean 'care of' when addressing mail).
'co'+'co'='COCO'
(Other definitions for coco that I've seen before include "Gabrielle Bonheur Chanel" , "address for Chanel" , "French fashion designer, who branched into perfume etc" , "'... the Clown, ... Chanel (4)'" , "Famous clown" .)