Context will tell. The imperative is uncommon in the US, but I surely agree with MrM's definition. We'd more likely use it as part of another phrase, in which " 'round the corner" stands for "around the corner." "Go 'round the corner." "Around" is a preposition. "Go up the street and 'round the corner." Without the apostrophe, "round" is a transitive verb. It's something you do