Different Profile Types?

So basically, I wanted to have two types of registrations possible, with different profile fields for each.

Let's say type 1 would be companies, and type 2 would be individuals.

For instance, for a company, I may want to offer profile fields such as "Office Locations", "Number of Employees", etc., whereas for individuals, these fields are totally unwanted an unnecessary. 

Has anyone thought about a plugin for this kind of functionality? Short of hard-coding a field for specifying the type of user, and checking to see at many, many points what type of user the user is, I can't seem to figure this one out. Any help would be appreciated...