Partnerships have a long history; they were already in service in Europe and the Middle East in the Middle Ages. According to a 2006 article, the first partnership was implemented in 1383 by Francesco di Marco Datini, a merchant from Prato and Florence. Covoni (1336-40) and Del Buono-Bencivenni (1336-40) were also described as early partnerships, but these were not formal partnerships. [1] It is customary for partnerships to continue for an indeterminate period, but there are cases where a business is destined to dissolve or terminate after reaching a certain stage or a certain number of years. A partnership agreement should contain this information, even if the timetable is not set. If a partner does not wish to remain a partner, it can sell its partnership shares to either existing partners or third parties, if it can obtain the agreement of other partners. If no partner or third party is willing to acquire its partnership shares, it may announce the dissolution of the partnership. A partnership is based on the principle of mutual trust, trust and understanding between partners. Every partner must act for the good of all.

When trust is broken and partners work across the board, the company is crushed under its own weight. A partner is not free to pass on his or her interest in the company to anyone. In other words, if a partner wants to leave the partnership and wants his friend to take his place in the partnership company, he cannot do so unilaterally. It must obtain the agreement of other partners before such a transfer, since the partnership is a contract between individual partners. The partnership company continues to welcome partners. Legally, a partnership ends when a partner dies, retires or becomes insolvent. However, if the remaining partners agree to cooperate under the name of the original entity, the company will not be dissolved and will continue its activities after payment of the outgoing partner`s debts. Partnership involves business and where there is no business, there is no partnership. It should be made clear that a partnership is not a non-profit association or association and that its primary purpose is to conduct a legitimate, for-profit activity.

The law does not require the registration of a non-participation company, but registration is necessary, as certain handicaps are related to the company if it is not registered. The most serious of these is that an unregistered company cannot sue for rights against third parties where those rights arise from a contract. As there may be the possibility of bad blood and disagreements between partners in the future (money is a major dividing line), legal aid may be sought by a lawyer when developing the facts. The Mongols adopted and developed the concepts of responsibility for investment and lending in Mongolian Ortoq partnerships to promote trade and investment to facilitate the commercial integration of the Mongol Empire. The contractual characteristics of a Mongolian Ortoq partnership were similar to those of the Qirad and Commenda agreements, but Mongolian investors used metal coins, paper money, gold and silver bacon and tradable goods for partnership investments and financed mainly lending and trading activities. [6] In addition, Mongolian elites have entered into commercial partnerships with traders in Central Asia and Europe, including Marco Polo`s family. [7] The Indian Partnership Act 1932 was based on the topic of the maximum number of partners, but this disease was eliminated by the Indian Companies Act of 1956, where Section 11 emphasizes that there may be a maximum of 20 members for a regular activity, while this number does not exceed 10 in banking and insurance activities.