re: COMPANY question
I always just assumed it was a reference to drinking... Given its position in Side by Side, where all the friends seem to be particularly harping on Bobby being fun and free, it fits far more in this way than as a reference to Bobby's possibly being gay or somehow emotionally "hidden". Off topic -> I now work out of the Montreal Seagram's building which was donated to McGill University in the 90s and continue to get a kick out of that line in the song!