Everyone is suggesting that you withdraw your Coinbase balance to Electrum first and then make a second transaction made up of two (I assume) inputs from Electrum to the company you need to pay to.

Let's consider another route. What are you paying for? Would that company allow you to pay with multiple transactions or does it have to be one transaction in the amount of $533? This is something you have to ask them.

You have to withdraw your money from Coinbase either way. You might as well send it to that company's address instead of sending it to yourself if that is possible. After that, you can make a second transaction by sending the remaining amount from your Electrum wallet (whatever is needed). You will save a little bit on fees that way because you won't be increasing the size of your Electrum transaction if you withdraw from Coinbase to your Electrum wallet first. Did you understand?

Let's say Coinbase charges you $20 equivalent in bitcoin for their withdrawal. You will have to pay this no matter where you send it. If you send that to your Electrum wallet, you now have to use that amount as 1 input + 1 input (those $110.56 you have in your Electrum wallet) to create an output to send to the company. If you send the Coinbase amount to the company directly, the second transaction (from your Electrum wallet) will be lighter and thus require less fees when sending.