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