That's not quite right.
What you describe is fascism, that overused and abused epithet, the favorite of the ignorant criminal insane..
Communism controls the means of distribution; fascism controls the means of production.
Given no other choices, my preference is fascism...
Fascism is government direction of private companies, as in Spain, Italy, Portugal, et al, with created wealth split among the government, owners and employees. It is also known as state corporatism.
Socialism is the government ownership of the means of production, as in British Steel or the Soviet Lada automotive manufacturer, and is characterized by distribution of created wealth to all, as the government sees fit.