How to relate a user object to taxonomy term?

The function wp_set_object_terms relates to objects (posts, page, etc).
You better use usermeta – update_usermeta.
E.g
update_usermeta( $user_id, 'company', $company_id );

WordPress is built by two major database tables (wp_posts and wp_users) and two (meta tables wp_postmeta and wp_usermeta). It seems that the term tables (wp_terms and others) relates to wp_posts.

I dealing with the same need (relate user to a company). I thought to use terms, but I will use usermeta.