A kommanditselskab (abbreviated K/S) is the Danish equivalent of kommanditselkade. The owners are divided into complementary (complementary in Danish) and sponsors in Danish). Often, the only complement to a K/S is an anpartssel casb with as little capital as possible, which reduces K/S`s liability to Anpartsselskab`s capital. All partnerships should have an agreement defining how to make business decisions. These decisions include the allocation of profits or losses, the resolution of conflicts and the modification of the ownership structure and how the business will be closed if necessary. Amendments to the Uniform Limited Partnership Act of 2001 (to the extent that the amendments are accepted by the State legislature) also allowed limited partnerships to become limited liability limited partnerships in the states that take over the amendment. According to this form, the debts of a limited liability partnership are the sole responsibility of the company, which eliminates the liability of the supplement for partnership commitments. This change was made in response to the common practice of designating a limited liability company as a 1% supplement that controlled the limited partnership and organized the directors as limited partners. This practice has de facto conferred on a complement limited liability within the framework of the partnership structure. [9] In medieval Italy, an economic organization known as Commenda appeared in the tenth century, generally used to finance maritime trade.

In a Commenda, the itinerant merchant of the ship had limited liability and was not held liable for loss of money until the merchant had violated the rules of the contract. In contrast, its land-based investment partners have been held accountable and exposed to unlimited risk. A Commenda was not a usual form for a long-term business project, as most long-term businesses were still expected to be protected against the assets of their individual owners. [4] As an institution, Commenda is very similar to Qirad, but it cannot be said for sure whether Qirad was transformed into Commenda or whether the two institutions developed independently of each other. [5] In the Mongol Empire, the contractual characteristics of a Mongolian-Ortoq partnership were very similar to those of the Qirad and Commenda agreements, but Mongolian investors were not prevented from using uncodified precious metals and tradable goods for partnership investments and from carrying out fund lending operations. [6] In addition, Mongolian elites entered into business partnerships with merchants in Italian cities, including Marco Polo`s family. [7] In 1999, the Japanese parliament passed a law, allowing the creation of “limited partnerships for investments” (投資事業有限責任組合, tōshi jigyō yūgen sekinin kumiai). These are very similar to Anglo-American limited partnerships, as they adopt most of the provisions of the general law of partnerships, but provide for limited liability for certain partners. The profits of an investment limited partnership are transferred in proportion to their share of investment to all partners. For tax purposes, profits and losses are only transferred to the additional partners if the partnership has negative equity (i.e.: liabilities greater than the asset; However, profits and losses, while the partnership has positive equity, are shared equally. Generally speaking, a partnership is a business owned by two or more people….