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113-784: Tom S. Bozzuto and his three partners John Slidell, Rick Mostyn, and the late Bernie Lubcher founded the company in 1988. In 2013, Tom’s son Toby Bozzuto took over as Chief Executive Officer and President. In 2014, he received the developer of the year award from the Maryland Building Industry Association. According to The Washington Post , the company has developed more than 50,000 homes and apartments since its inception. Bozzuto has been recognized by many national and regional organizations. For five consecutive years, from 2015 to 2019, Bozzuto has been named Top Property Management Company for Online Reputation by Multifamily Executive Magazine and J Turner Research. In 2016,

226-474: A 15-year-old son named Marco. In contrast to the general consensus, there are theories suggesting that Marco Polo's birthplace was the island of Korčula or Constantinople but such hypotheses failed to gain acceptance among most scholars and have been countered by other studies. He was nicknamed Milione during his lifetime (which in Italian literally means 'Million'). The Italian title of his book

339-553: A business in common with a view of profit" and is not a joint stock company or an incorporated company. If the business entity registers with the Registrar of Companies it takes the form of a limited partnership defined in the Limited Partnerships Ordinance. However, if this business entity fails to register with the Registrar of Companies, then it becomes a general partnership as a default. A limited partnership in

452-604: A business partnership are personally liable for the debts and obligations of the partnership. Forms of partnership have evolved that may limit a partner's liability. The general partnership, in which all partners manage the business and are personally liable for its debts, developed under common law . General partners have an obligation of strict liability to third parties injured by the Partnership. General partners may have joint liability or joint and several liability depending upon circumstances. The limited partnership (LP)

565-609: A certain Marco Polo, who in 1300 was mentioned with riots against the aristocratic government, and escaped the death penalty, as well as riots from 1310 led by Bajamonte Tiepolo and Marco Querini, among whose rebels were Jacobello and Francesco Polo from another family branch, is unclear. Polo is clearly mentioned again after 1305 in Maffeo's testament from 1309 to 1310, in a 1319 document according to which he became owner of some estates of his deceased father, and in 1321, when he bought part of

678-530: A detailed account of his travels to a fellow inmate, Rustichello da Pisa , who incorporated tales of his own as well as other collected anecdotes and current affairs from China. The book soon spread throughout Europe in manuscript form, and became known as The Travels of Marco Polo ( Italian title: Il Milione , lit. "The Million", deriving from Polo's nickname "Milione". Original title in Franco-Italian  : Livres des Merveilles du Monde ). It depicts

791-526: A direct Chinese transliteration of the name "Marco" ignores the possibility of his taking on a Chinese or even Mongol name with no similarity to his Latin name . Also in reply to Wood, Jørgen Jensen recalled the meeting of Marco Polo and Pietro d'Abano in the late 13th century. During this meeting, Marco gave to Pietro details of the astronomical observations he had made on his journey. These observations are compatible with Marco's stay in China, Sumatra and

904-470: A fair compensation for the risk of lending money, and a compensation for the opportunity cost of lending money without using it for other fruitful purposes. To circumvent the usury laws edicted by the Church, other forms of reward were created, in particular through the widespread form of partnership called commenda , very popular with Italian merchant bankers. Florentine merchant banks were almost sure to make

1017-569: A fixed share of the partnership (usually, but not always an equal share with the other partners) and, upon distribution of profits, receive a portion of the partnership's profits proportionate to that share. In more sophisticated partnerships, different models exist for determining either ownership interest, profit distribution, or both. Two common alternate approaches to distribution of profit are " lockstep " and " source of origination " compensation (sometimes referred to, more graphically, as "eat what you kill"). The source of origination compensation

1130-541: A partner is the agent of the firm for the purpose of the business of the firm" 5) Oral or Written Agreements . The Partnership Act, 1932 nowhere mentions that the Partnership Agreement is to be in written or oral format. Thus the general rule of the Contract Act applies that the contract can be 'oral' or 'written' as long as it satisfies the basic conditions of being a contract i.e. the agreement between partners

1243-423: A partnership agreement, even if it has not been reduced to writing. In common law jurisdictions, a written partnership agreement is not legally required, but partners may benefit from a partnership agreement that articulates the important terms of their relationship. In business, two or more companies join forces in a joint venture, a buyer–supplier relationship, a strategic alliance or a consortium to i) work on

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1356-477: A perilous one—of the six hundred people (not including the crew) in the convoy only eighteen had survived (including all three Polos). The Polos left the wedding party after reaching Hormuz and travelled overland to the port of Trebizond on the Black Sea , the present-day Trabzon . The British scholar Ronald Latham has pointed out that The Book of Marvels was a collaboration written in 1298–1299 between Polo and

1469-574: A portion of his estate; he approved of this and ordered that a further sum be paid to the convent of San Lorenzo , the place where he wished to be buried. He also set free Peter, a Tartar servant , who may have accompanied him from Asia, and to whom Polo bequeathed 100 lire of Venetian denari. He divided up the rest of his assets, including several properties, among individuals, religious institutions, and every guild and fraternity to which he belonged. He also wrote off multiple debts including 300 lire that his sister-in-law owed him, and others for

1582-625: A positive return on their loans, but this would be before taking into account solvency risks. In the Middle East, the qirad and mudarabas institutions developed when trade with the Levant, namely the Ottoman Empire and the Muslim Near East, flourished and when early trading companies , contracts , bills of exchange and long-distance international trade were established. After the fall of

1695-503: A potential wife, and they asked the Polos to accompany them, so they were permitted to return to Persia with the wedding party—which left that same year from Zaitun in southern China on a fleet of 14 junks . The party sailed to the port of Singapore , travelled north to Sumatra , and around the southern tip of India, eventually crossing the Arabian Sea to Hormuz . The two-year voyage was

1808-648: A professional writer of romances, Rustichello of Pisa. It is believed that Polo related his memoirs orally to Rustichello da Pisa while both were prisoners of the Genova Republic . Rustichello wrote Devisement du Monde in Franco-Venetian language , which was a literary-only language widespread in northern Italy between the subalpine belt and the lower Po between the 13th and 15th centuries. Latham also argued that Rustichello may have glamorised Polo's accounts, and added fantastic and romantic elements that made

1921-579: A project (e.g. industrial or research project) which would be too heavy or too risky for a single entity, ii) join forces to have a stronger position on the market, iii) comply with specific regulation (e.g. in some emerging countries, foreigners can only invest in the form of partnerships with local entrepreneurs). In this case, the alliance may be structured in a process comparable to a Mergers & Acquisitions transaction. A large literature in business and management has paid attention to forming and managing partnership agreements. It has, in particular, shown

2034-560: A trading voyage before Marco's birth. In 1260, Niccolò and Maffeo, while residing in Constantinople, then the capital of the Latin Empire , foresaw a political change; they liquidated their assets into jewels and moved away. According to The Travels of Marco Polo , they passed through much of Asia, and met with Kublai Khan , a Mongol ruler and founder of the Yuan dynasty . Almost nothing

2147-566: A venture, the Polo family probably invested profits from trading, and even many gemstones they brought from the East. The company continued its activities and Marco soon became a wealthy merchant. Marco and his uncle Maffeo financed other expeditions, but likely never left Venetian provinces, nor returned to the Silk Road and Asia. Sometime before 1300, his father Niccolò died. In 1300, he married Donata Badoèr,

2260-636: Is registered as a company under Companies Act, 2013 or formed in pursuance of some other law. Some other law means companies and corporations formed via some other law passed by Parliament of India . 7) Mutual agency is the real test . The real test of 'partnership firm' is 'mutual agency' set by the Courts of India, i.e. whether a partner can bind the firm by his act, i.e. whether he can act as agent of all other partners. Statutory regulation of partnerships in Canada fall under provincial jurisdiction . A partnership

2373-399: Is a partnership in which general partners manage the partnership's operations, and limited partners forego the right to manage the business in exchange for limited liability for the partnership debts. The liability of limited partners is limited to their investment in the partnership. This form of partnership was developed in the 19th century, the U.K. where it was imparted by charter, and in

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2486-665: Is also largely free of the gross errors found in other accounts such as those given by the Moroccan traveller Ibn Battuta who had confused the Yellow River with the Grand Canal and other waterways, and believed that porcelain was made from coal. Modern studies have further shown that details given in Marco Polo's book, such as the currencies used, salt productions and revenues, are accurate and unique. Such detailed descriptions are not found in other non-Chinese sources, and their accuracy

2599-561: Is based on a Latin manuscript found in the library of the Cathedral of Toledo in 1932, and is 50% longer than other versions. The popular translation published by Penguin Books in 1958 by R. E. Latham works several texts together to make a readable whole. Sharon Kinoshita 's 2016 version takes as its source the Franco-Italian 'F' manuscript, and invites readers to "focus on the text as

2712-476: Is basically a settlement between two or more groups or firms in which profit and loss are equally divided In Bangladesh, the relevant law for regulating partnership is the Partnership Act 1932. A partnership is defined as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. The law does not require written partnership agreement between

2825-511: Is entitled to a share of the partnership's profits. Silent partners may prefer to invest in limited partnerships in order to insulate their personal assets from the debts or liabilities of the partnership. Summarising s. 5 of the Partnership Act 1958 (Vic), for a partnership in Australia to exist, four main criteria must be satisfied. They are: Partners share profits and losses. A partnership

2938-564: Is inaccurate), no other foreign visitors to Yuan China mentioned the practice, perhaps an indication that the footbinding was not widespread or was not practised in an extreme form at that time. Marco Polo himself noted (in the Toledo manuscript) the dainty walk of Chinese women who took very short steps. It has also been noted by other scholars that many of the things not mentioned by Marco Polo such as tea and chopsticks were not mentioned by other travellers either. Haw also pointed out that despite

3051-577: Is known about the childhood of Marco Polo until he was fifteen years old, except that he probably spent part of his childhood in Venice. Meanwhile, Marco Polo's mother died, and an aunt and uncle raised him. He received a good education, learning mercantile subjects including foreign currency, appraising, and the handling of cargo ships; he learned little or no Latin . His father later married Floradise Polo (née Trevisan). In 1269, Niccolò and Maffeo returned to their families in Venice, meeting young Marco for

3164-611: Is legally enforceable. A written agreement is advisable to establish existence of partnership and to prove rights and liabilities of each partner, as it is difficult to prove an oral agreement. 6) Number of Partners is minimum 2 and maximum 50 in any kind of business activities . Since partnership is 'agreement' there must be minimum two partners. The Partnership Act does not put any restrictions on maximum number of partners. However, section 464 of Companies Act 2013, and Rule 10 of Companies (Miscellaneous) Rules, 2014 prohibits partnership consisting of more than 50 for any businesses, unless it

3277-415: Is not a separate legal entity and partnership income is taxed at the rate of the partner receiving the income. It can be deemed to exist regardless of the intention of the partners. Common elements considered by courts in determining the existence of a partnership are that two or more legal persons: Under U.S. law a partnership is a business association of two or more individuals, through which partners share

3390-549: Is nothing in The Book of Marvels about China that could not have been obtained by reading Persian books. Wood maintains that it is more probable that Polo went only to Constantinople (modern Istanbul, Turkey) and some of the Italian merchant colonies around the Black Sea, picking hearsay from those travellers who had been farther east. Supporters of Polo's basic accuracy countered on the points raised by sceptics such as footbinding and

3503-507: Is rarely seen outside of law firms. The principle is simply that each partner receives a share of the partnership profits up to a certain amount, with any additional profits being distributed to the partner who was responsible for the "origination" of the work that generated the profits. British law firms tend to use the lockstep principle, whereas American firms are more accustomed to source of origination. When British firm Clifford Chance merged with American firm Rogers & Wells , many of

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3616-445: Is reached, the partnership is typically enforceable by civil law , especially if well documented. Partners who wish to make their agreement affirmatively explicit and enforceable typically draw up articles of partnership . Trust and pragmatism are also essential as it cannot be expected that everything can be written in the initial partnership agreement, therefore quality governance and clear communication are critical success factors in

3729-450: Is supported by archaeological evidence as well as Chinese records compiled after Polo had left China. His accounts are therefore unlikely to have been obtained second hand. Other accounts have also been verified; for example, when visiting Zhenjiang in Jiangsu , China, Marco Polo noted that a large number of Christian churches had been built there. His claim is confirmed by a Chinese text of

3842-564: Is the Elizabethan version by John Frampton published in 1579, The most noble and famous travels of Marco Polo , based on Santaella's Castilian translation of 1503 (the first version in that language). The published editions of Polo's book rely on single manuscripts, blend multiple versions together, or add notes to clarify, for example in the English translation by Henry Yule . The 1938 English translation by A. C. Moule and Paul Pelliot

3955-492: Is unknown, but scholars estimate it to be between 1271 and 1275. On reaching the Yuan court, the Polos presented the sacred oil from Jerusalem and the papal letters to their patron. Marco knew four languages, and the family had accumulated a great deal of knowledge and experience that was useful to Kublai. It is possible that he became a government official; he wrote about many imperial visits to China's southern and eastern provinces,

4068-626: The Washington Business Journal ' s "Best Places to Work" and The Baltimore Sun ' s "Top Workplace". They have several offices in the Washington D.C. and Northern Virginia area. Business partnership A partnership is an agreement where parties agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses , interest -based organizations , schools , governments or combinations. Organizations may partner to increase

4181-669: The Catalan Atlas and the Fra Mauro map . Marco Polo was born around 1254 in Venice , but the exact date and place of birth are archivally unknown. The Travels of Marco Polo contains some basic information concerning Marco Polo's Venetian family and his birth in Venice; the book states that Marco's father, the travelling merchant Niccolò Polo , returned to visit his family in his hometown of Venice around 1269 and there found out that his wife, whom he had left pregnant, had died and left

4294-481: The Genova Republic . Rustichello wrote Devisement du Monde in Franco-Venetian . The idea probably was to create a handbook for merchants , essentially a text on weights, measures and distances. The oldest surviving manuscript is in Old French heavily flavoured with Italian; According to the Italian scholar Luigi Foscolo Benedetto, this "F" text is the basic original text, which he corrected by comparing it with

4407-528: The Mongol Empire and China under the Yuan dynasty , giving Europeans their first comprehensive look into China, Persia, India, Japan, and other Asian societies. Born in Venice , Marco learned the mercantile trade from his father and his uncle, Niccolò and Maffeo , who travelled through Asia and met Kublai Khan . In 1269, they returned to Venice to meet Marco for the first time. The three of them embarked on an epic journey to Asia, exploring many places along

4520-618: The National Association of Home Builders (NAHB) named Bozzuto "Multifamily Development Firm of the Year" at their Pillars of Industry Awards. Bozzuto Construction Company was also ranked 17th out of the National Multifamily Housing Council's (NMHC) "25 Largest General Contractors." Bozzuto has received awards for its workplace culture. They have repeatedly earned awards like The Washington Post ' s "Top Workplaces",

4633-679: The South China Sea and are recorded in Pietro's book Conciliator Differentiarum , but not in Marco's Book of Travels . Reviewing Haw's book, Peter Jackson (author of The Mongols and the West ) has said that Haw "must surely now have settled the controversy surrounding the historicity of Polo's visit to China". Igor de Rachewiltz's review, which refutes Wood's points, concludes with a strongly-worded condemnation: "I regret to say that F. W.'s book falls short of

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4746-562: The Uniform Partnership Act and the Uniform Limited Partnership Act . Most U.S. states have adopted a form of the Uniform Partnership Act , which includes provisions regulating general partnerships , limited partnerships and limited liability partnerships . Although the federal government does not have specific statutory law for establishing partnerships, it has an extensive statutory and regulatory scheme for

4859-623: The taxation of partnerships , set forth in the Internal Revenue Code (IRC) and Code of Federal Regulations . The IRC defines federal tax obligations for partnership operations that effectively serve as federal regulation of some aspects of partnerships. A partnership in Hong Kong is a business entity formed by the Hong Kong Partnerships Ordinance, which defines a partnership as "the relation between persons carrying on

4972-448: The 'marvellous' fables and legends given in other European accounts, and despite some exaggerations and errors, Polo's accounts have relatively few of the descriptions of irrational marvels. In many cases of descriptions of events where he was not present (mostly given in the first part before he reached China, such as mentions of Christian miracles), he made a clear distinction that they are what he had heard rather than what he had seen. It

5085-582: The 14th century explaining how a Sogdian named Mar-Sargis from Samarkand founded six Nestorian Christian churches there in addition to one in Hangzhou during the second half of the 13th century. His story of the princess Kököchin sent from China to Persia to marry the Īl-khān is also confirmed by independent sources in both Persia and China. Sceptics have long wondered whether Marco Polo wrote his book based on hearsay, with some pointing to omissions about noteworthy practices and structures of China as well as

5198-588: The Del Buono-Bencivenni company (1336–40) have also been referred to as early partnerships, but they were not formal partnerships. In Europe, the partnerships contributed to the Commercial Revolution which started in the 13th century. In the 15th century the cities of the Hanseatic League would mutually strengthen each other; a ship from Hamburg to Gdansk would not only carry its own cargo but

5311-459: The Europeans with a clear picture of the East's geography and ethnic customs, and it included the first Western record of porcelain, gunpowder, paper money, and some Asian plants and exotic animals. His narrative inspired Christopher Columbus and many other travellers. There is substantial literature based on Polo's writings; he also influenced European cartography , leading to the introduction of

5424-694: The Great Wall of China. Historian Stephen G. Haw argued that the Great Walls were built to keep out northern invaders, whereas the ruling dynasty during Marco Polo's visit were those very northern invaders. They note that the Great Wall familiar to us today is a Ming structure built some two centuries after Marco Polo's travels; and that the Mongol rulers whom Polo served controlled territories both north and south of today's wall, and would have had no reasons to maintain any fortifications that might have remained there from

5537-516: The Indies ), it is reasonable to think that they considered Marco's book as a trustworthy piece of information for missions in the East. The diplomatic communications between Pope Innocent IV and Pope Gregory X with the Mongols were probably another reason for this endorsement. At the time, there was open discussion of a possible Christian-Mongol alliance with an anti-Islamic function. A Mongol delegate

5650-483: The Mongols as ' barbarians ' who appeared to belong to 'some other world'. Doubts have also been raised in later centuries about Marco Polo's narrative of his travels in China, for example for his failure to mention the Great Wall of China , and in particular the difficulties in identifying many of the place names he used (the great majority, however, have since been identified). Many have questioned whether he had visited

5763-470: The Polos joined a caravan of travelling merchants whom they crossed paths with. Unfortunately, the party was soon attacked by bandits , who used the cover of a sandstorm to ambush them. The Polos managed to fight and escape through a nearby town, but many members of the caravan were killed or enslaved. Three and a half years after leaving Venice, when Marco was about 21 years old, the Polos were welcomed by Kublai into his palace. The exact date of their arrival

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5876-728: The Polos with his last duty: accompany the Mongol princess Kököchin , who was to become the consort of Arghun Khan , in Persia. When the Polos arrived to Persia, they learned that Arghun Khan died, and Kököchin eventually became a wife of his son Ghazan . After leaving the princess, the Polos travelled overland to Constantinople. They later decided to return to their home. They returned to Venice in 1295, after 24 years, with many riches and treasures. They had travelled almost 15,000 miles (24,000 km). Marco Polo returned to Venice in 1295 with his fortune converted into gemstones . At this time, Venice

5989-511: The Polos' journeys throughout Asia, giving Europeans their first comprehensive look into the inner workings of the Far East , including China, India, and Japan . Polo was finally released from captivity in August 1299, and returned home to Venice, where his father and uncle in the meantime had purchased a large palazzo in the zone named contrada San Giovanni Crisostomo (Corte del Milion). For such

6102-680: The Roman Empire, the Levant trade revived from the 10th to 11th century in Byzantine Italy. The eastern and western Mediterranean formed part of a single commercial civilization in the Middle Ages, and the two regions were economically interdependent through trade (in varying degrees). The Mongols adopted and developed the concepts of liability in relation to investments and loans in Mongol– ortoq partnerships, promoting trade and investment to facilitate

6215-511: The Silk Road until they reached " Cathay ". They were received by the royal court of Kublai Khan, who was impressed by Marco's intelligence and humility. Marco was appointed to serve as Kublai's foreign emissary, and he was sent on many diplomatic missions throughout the empire and Southeast Asia, visiting present-day Burma, India, Indonesia, Sri Lanka, and Vietnam. As part of this appointment, Marco also travelled extensively inside China, living in

6328-527: The State government and Central (National) Government can legislate i.e. pass laws on). 3) Unlimited Liability . The major disadvantage of partnership is the unlimited liability of partners for the debts and liabilities of the firm. Any partner can bind the firm and the firm is liable for all liabilities incurred by any firm on behalf of the firm. If property of partnership firm is insufficient to meet liabilities, personal property of any partner can be attached to pay

6441-418: The U.S. where it was created by statute. More recently, additional forms of partnership have been recognized: A silent partner or sleeping partner is one who still shares in the profits and losses of the business, but who is not involved in its management. Sometimes the silent partner's interest in the business will not be publicly known. A silent partner is often an investor in the partnership, who

6554-552: The United Kingdom consists of: Limited partners may not: If they do, they become liable for all the debts and obligations of the firm up to the amount drawn out or received back or incurred while taking part in the management, as the case may be. Marco Polo Marco Polo ( / ˈ m ɑːr k oʊ ˈ p oʊ l oʊ / ; Venetian: [ˈmaɾko ˈpolo] ; Italian: [ˈmarko ˈpɔːlo] ; c.  1254  – 8 January 1324)

6667-442: The book a bestseller. The Italian scholar Luigi Foscolo Benedetto had previously demonstrated that the book was written in the same "leisurely, conversational style" that characterised Rustichello's other works, and that some passages in the book were taken verbatim or with minimal modifications from other writings by Rustichello. For example, the opening introduction in The Book of Marvels to "emperors and kings, dukes and marquises"

6780-552: The book that would convince him that Marco Polo did not go to China. Haw also argues in his book Marco Polo's China that Marco's account is much more correct and accurate than has often been supposed and that it is extremely unlikely that he could have obtained all the information in his book from secondhand sources. Haw also criticizes Wood's approach to finding mention of Marco Polo in Chinese texts by contending that contemporaneous Europeans had little regard for using surnames and that

6893-613: The commercial integration of the Mongol Empire. The contractual features of a Mongol- ortoq partnership closely resembled that of qirad and commenda arrangements; however, Mongol investors used metal coins, paper money, gold and silver ingots and tradable goods for partnership investments and primarily financed money-lending and trade activities. Moreover, Mongol elites formed trade partnerships with merchants from Central and Western Asia and Europe, including Marco Polo 's family. To come into being, every partnership necessarily involves

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7006-525: The convent of San Giovanni , San Paolo of the Order of Preachers , and a cleric named Friar Benvenuto. He ordered 220  soldi be paid to Giovanni Giustiniani for his work as a notary and his prayers. The will was not signed by Polo, but was validated by the then-relevant " signum manus " rule, by which the testator had only to touch the document to make it legally valid. Due to the Venetian law stating that

7119-494: The daughter of Vitale Badoèr, a merchant. They had three daughters, Fantina (married Marco Bragadin), Bellela (married Bertuccio Querini), and Moreta. In 2022, it was found that Polo first had a daughter named Agnese (b. 1295/1299 - d. 1319) from a partnership or marriage which ended before 1300. Pietro d'Abano , a philosopher, doctor and astrologer based in Padua , reports having spoken with Marco Polo about what he had observed in

7232-462: The day ends at sunset, the exact date of Marco Polo's death cannot be determined, but according to some scholars it was between the sunsets of 8 and 9 January 1324. Biblioteca Marciana , which holds the original copy of his testament, dates the testament on 9 January 1323, and gives the date of his death at some time in June 1324. An authoritative version of Marco Polo's book does not and cannot exist, for

7345-416: The debts of the firm. 4) Partners are Mutual Agents .The business of firm can be carried on by all or any of them acting for all. Any partner has authority to bind the firm. Act of any one partner is binding on all the partners. Thus, each partner is 'agent' of all the remaining partners. Hence, partners are 'mutual agents'. Section 18 of the Partnership Act, 1932 says "Subject to the provisions of this Act,

7458-440: The difficulties associated with that merger were blamed on the difficulties of merging a lockstep culture with a source of origination culture. Partnerships recognized by a government body may enjoy special benefits from taxation policy . Among developed countries, for example, business partnerships are often favored over corporations in taxation policy, since dividend taxes only occur on profit before they are distributed to

7571-577: The drawing in his volume Conciliator Differentiarum, quæ inter Philosophos et Medicos Versantur . Marco Polo gave Pietro other astronomical observations he made in the Southern Hemisphere , and also a description of the Sumatran rhinoceros , which are collected in the Conciliator . In 1305 he is mentioned in a Venetian document among local sea captains regarding the payment of taxes. His relation with

7684-405: The earlier dynasties. Other Europeans who travelled to Khanbaliq during the Yuan dynasty, such as Giovanni de' Marignolli and Odoric of Pordenone , said nothing about the wall either. The Muslim traveller Ibn Battuta , who asked about the wall when he visited China during the Yuan dynasty, could find no one who either had seen it or knew of anyone who had seen it, suggesting that while ruins of

7797-445: The early manuscripts differ significantly, and the reconstruction of the original text is a matter of textual criticism . A total of about 150 copies in various languages are known to exist. Before the availability of printing press , errors were frequently made during copying and translating, so there are many differences between the various copies. Polo related his memoirs orally to Rustichello da Pisa while both were prisoners of

7910-429: The emperor's lands for 17 years and seeing many things previously unknown to Europeans. Around 1291, the Polos offered to accompany the Mongol princess Kököchin to Persia; they arrived there around 1293. After leaving the princess, they travelled overland to Constantinople and then to Venice, returning home after 24 years. At this time, Venice was at war with Genoa . Marco joined the war effort on behalf of Venice and

8023-590: The established view that Polo was in China, in response to Wood's book. The book has been criticized by figures including Igor de Rachewiltz (translator and annotator of The Secret History of the Mongols ) and Morris Rossabi (author of Kublai Khan: his life and times ). The historian David Morgan points out basic errors made in Wood's book such as confusing the Liao dynasty with the Jin dynasty , and he found no compelling evidence in

8136-459: The establishment of partnerships. Instead, every U.S. state and the District of Columbia has its own statutes and common law that govern partnerships. The National Conference of Commissioners on Uniform State Laws has issued non-binding model laws (called uniform act) in which to encourage the adoption of uniformity of partnership law into the states by their respective legislatures. Model laws include

8249-471: The evidence supporting Marco Polo's credibility." Some scholars believe that Marco Polo exaggerated his importance in China. The British historian David Morgan thought that Polo had likely exaggerated and lied about his status in China, while Ronald Latham believed that such exaggerations were embellishments by his ghostwriter Rustichello da Pisa . Et meser Marc Pol meisme, celui de cui trate ceste livre, seingneurie ceste cité por trois anz. And

8362-400: The family property of his wife Donata. In 1323, Polo was confined to bed due to illness. On 8 January 1324, despite physicians' efforts to treat him, Polo was on his deathbed. To write and certify the will, his family requested Giovanni Giustiniani, a priest of San Procolo. His wife, Donata, and his three daughters were appointed by him as co-executrices . The church was entitled by law to

8475-487: The far south and Burma . They were highly respected and sought after in the Mongolian court, and so Kublai Khan decided to decline the Polos' requests to leave China. They became worried about returning home safely, believing that if Kublai died, his enemies might turn against them because of their close involvement with the ruler. In 1292, Kublai's great-nephew, then ruler of Persia , sent representatives to China in search of

8588-474: The few omissions, Marco Polo's account is more extensive, more accurate and more detailed than those of other foreign travellers to China in this period. Marco Polo even observed Chinese nautical inventions such as the watertight compartments of bulkhead partitions in Chinese ships , knowledge of which he was keen to share with his fellow Venetians. In addition to Haw, other scholars have argued in favour of

8701-581: The first time, at the age of fifteen or sixteen. In 1271, Niccolò, Maffeo and Marco Polo embarked on their voyage to fulfil Kublai's request. They sailed to Acre , and then rode on camels to the Persian port of Hormuz . The Polos wanted to sail straight into China, but the ships there were not seaworthy, so they continued overland through the Silk Road , until reaching Kublai's summer palace in Shangdu , near present-day Zhangjiakou . In one instance during their trip,

8814-568: The first time. In 1271, during the rule of Doge Lorenzo Tiepolo , Marco Polo (at seventeen years of age), his father, and his uncle set off for Asia on the series of adventures that Marco later documented in his book. They sailed to Acre and later rode on their camels to the Persian port Hormuz . During the first stages of the journey, they stayed for a few months in Acre and were able to speak with Archdeacon Tedaldo Visconti of Piacenza . The Polo family, on that occasion, had expressed their regret at

8927-466: The following common characteristics: 1) A partnership firm is not a legal entity apart from the partners constituting it. It has limited identity for the purpose of tax law as per section 4 of the Partnership Act of 1932. 2) Partnership is a concurrent subject . Contracts of partnerships are included in the Entry no.7 of List III of The Constitution of India (the list constitutes the subjects on which both

9040-481: The lack of details in his description of southern Chinese cities compared to northern ones, while Herbert Franke also raised the possibility that Marco Polo had not been to China at all, and wondered if he had based his accounts on Persian sources, in view of his use of Persian expressions. This is taken further by Frances Wood who claimed in her 1995 book Did Marco Polo Go to China? that at best Polo never went farther east than Persia (modern Iran), and that there

9153-530: The lack of details on some places in his book. While Polo describes paper money and the burning of coal, he fails to mention the Great Wall of China , tea , Chinese characters , chopsticks , or footbinding . His failure to note the presence of the Great Wall of China was first raised in the middle of the 17th century, and in the middle of the 18th century, it was suggested that he had never reached China. Later scholars such as John W. Haeger argued that Marco Polo might not have visited Southern China, in view of

9266-452: The lamp in Jerusalem . The long sede vacante between the death of Pope Clement IV in 1268 and the election of his successor delayed the Polos in fulfilling Kublai's request. They followed the suggestion of Theobald Visconti, then papal legate for the realm of Egypt , and returned to Venice in 1269 or 1270 to await the nomination of the new Pope, which allowed Marco to see his father for

9379-506: The likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract. Partnerships have a long history; they were already in use in medieval times in Europe and in the Middle East. According to a 2006 article, the first partnership was implemented in 1383 by Francesco di Marco Datini , a merchant of Prato and Florence. The Covoni company (1336–40) and

9492-556: The long lack of a pope, because on their previous trip to China they had received a letter from Kublai Khan to the Pope, and had thus had to leave for China disappointed. During the trip, however, they received news that after 33 months of vacation, finally, the Conclave had elected the new Pope and that he was exactly the archdeacon of Acre. The three of them hurried to return to the Holy Land, where

9605-633: The long run. It is common for information about formally partnered entities to be made public, such as through a press release, a newspaper ad, or public records laws. Partner compensation will often be defined by the terms of a partnership agreement. Partners who work for the partnership may receive compensation for their labor before any division of profits between partners. In certain partnerships of individuals, particularly law firms and accountancy firms, equity partners are distinguished from salaried partners (or contract or income partners ). The degree of control which each type of partner exerts over

9718-539: The new Pope entrusted them with letters for the "Great Khan", inviting him to send his emissaries to Rome. To give more weight to this mission he sent with the Polos, as his legates, two Dominican fathers, Guglielmo of Tripoli and Nicola of Piacenza. They continued overland until they arrived at Kublai Khan 's palace in Shangdu , China (then known as Cathay ). By this time, Marco was 21 years old. Impressed by Marco's intelligence and humility, Kublai appointed him to serve as his foreign emissary to India and Burma . He

9831-416: The partners to form a partnership. A partnership is not required to be registered, but a partnership is considered as a separate legal identity from its owners only if the partnership is registered. There must be a minimum of 2 partners and maximum of 20 partners. According to section 4 of the Partnership Act of 1932,"Partnership is defined as the relation between two or more persons who have agreed to share

9944-555: The partners. However, depending on the partnership structure and the jurisdiction in which it operates, owners of a partnership may be exposed to greater personal liability than they would as shareholders of a corporation. In such countries, partnerships are often regulated via antitrust laws, so as to inhibit monopolistic practices and foster free market competition . Enforcement of the laws, however, varies considerably. Domestic partnerships recognized by governments typically enjoy tax benefits, as well. At common law , members of

10057-503: The partnership depends on the relevant partnership agreement . Although individuals in both categories are described as partners, equity partners and salaried partners have little in common other than joint and several liability . In many legal systems, salaried partners are not technically "partners" at all in the eyes of the law. However, if their firm holds them out as partners, they are nonetheless subject to joint and several liabilities. In their most basic form, equity partners enjoy

10170-405: The places he mentioned in his itinerary, whether he had appropriated the accounts of his father and uncle or other travellers, and some doubted whether he even reached China, or that if he did, perhaps never went beyond Khanbaliq (Beijing). It has been pointed out that Polo's accounts of China are more accurate and detailed than other travellers' accounts of the period. Polo had at times refuted

10283-486: The product of a larger European (and Eurasian) literary and commercial culture", rather than questions of veracity of the account. The book opens with a preface describing his father and uncle travelling to Bolghar where Prince Berke Khan lived. A year later, they went to Ukek and continued to Bukhara . There, an envoy from the Levant invited them to meet Kublai Khan , who had never met Europeans. In 1266, they reached

10396-497: The profits and responsibility for the liabilities of their venture. U.S. states recognize forms of limited partnership that may allow a partner who does not participate in the business venture to avoid liability for the partnership's debts and obligations. Partnerships typically pay less taxes than corporations in fields like fund management. The federal government of the United States does not have specific statutory law governing

10509-451: The profits of a business carried on by all or any one of them acting for all". This definition superseded the previous definition given in section 239 of Indian Contract Act 1872 as – "Partnership is the relation which subsists between persons who have agreed to combine their property, labor, skill in some business, and to share the profits thereof between them". The 1932 definition added the concept of mutual agency. The Indian Partnerships have

10622-440: The role of contracts and relational mechanisms to organize business partnerships. Partnerships present the involved parties with complex negotiations and special challenges that must be navigated to agreement. Overarching goals, levels of give-and-take, areas of responsibility, lines of authority and succession , how success is evaluated and distributed, and often a variety of other factors must all be negotiated. Once an agreement

10735-523: The same Marco Polo, of whom this book relates, ruled this city for three years. This sentence in The Book of Marvels was interpreted as Marco Polo was "the governor" of the city of "Yangiu" Yangzhou for three years, and later of Hangzhou . This claim has raised some controversy. According to David Morgan no Chinese source mentions him as either a friend of the Emperor or as the governor of Yangzhou – indeed no Chinese source mentions Marco Polo at all. In

10848-684: The seat of Kublai Khan at Dadu , present-day Beijing , China. Kublai received the brothers with hospitality and asked them many questions regarding the European legal and political system. He also inquired about the Pope and Church in Rome. After the brothers answered the questions he tasked them with delivering a letter to the Pope, requesting 100 Christians acquainted with the Seven Arts (grammar, rhetoric, logic, geometry, arithmetic, music and astronomy). Kublai Khan requested also that an envoy bring him back oil of

10961-565: The somewhat more detailed Italian of Giovanni Battista Ramusio, together with a Latin manuscript in the Biblioteca Ambrosiana . Other early important sources are R (Ramusio's Italian translation first printed in 1559), and Z (a 15th-century Latin manuscript kept at Toledo, Spain). Another Old French Polo manuscript, dating to around 1350, is held by the National Library of Sweden. One of the early manuscripts Iter Marci Pauli Veneti

11074-522: The standard of scholarship that one would expect in a work of this kind. Her book can only be described as deceptive, both in relation to the author and to the public at large. Questions are posed that, in the majority of cases, have already been answered satisfactorily ... her attempt is unprofessional; she is poorly equipped in the basic tools of the trade, i.e., adequate linguistic competence and research methodology ... and her major arguments cannot withstand close scrutiny. Her conclusion fails to consider all

11187-469: The truthfulness of the book and defined Marco as a "prudent, honoured and faithful man". In his writings, the Dominican brother Jacopo d'Acqui explains why his contemporaries were sceptical about the content of the book. He also relates that before dying, Marco Polo insisted that "he had told only a half of the things he had seen". According to some recent research of the Italian scholar Antonio Montefusco,

11300-621: The vault of the sky during his travels. Marco told him that during his return trip to the South China Sea , he had spotted what he describes in a drawing as a star "shaped like a sack" (in Latin : ut sacco ) with a big tail ( magna habens caudam ); most likely a comet . Astronomers agree that there were no comets sighted in Europe at the end of the 13th century, but there are records about a comet sighted in China and Indonesia in 1293. This circumstance does not appear in Polo's book of travels . Peter D'Abano kept

11413-485: The very close relationship that Marco Polo cultivated with members of the Dominican Order in Venice suggests that local fathers collaborated with him for a Latin version of the book, which means that Rustichello's text was translated into Latin for a precise will of the Order. Since Dominican fathers had among their missions that of evangelizing foreign peoples (cf. the role of Dominican missionaries in China and in

11526-438: The wall constructed in the earlier periods might have existed, they were not significant or noteworthy at that time. Haw also argued that footbinding was not common even among Chinese during Polo's time and almost unknown among the Mongols. While the Italian missionary Odoric of Pordenone who visited Yuan China mentioned footbinding (it is however unclear whether he was merely relaying something he had heard as his description

11639-447: The work of Rustichello, who was giving what medieval European readers expected to find in a travel book. Apparently, from the very beginning, Marco's story aroused contrasting reactions, as it was received by some with a certain disbelief. The Dominican father Francesco Pipino was the author of a translation into Latin, Iter Marci Pauli Veneti in 1302, just a few years after Marco's return to Venice. Francesco Pipino solemnly affirmed

11752-456: Was Il libro di Marco Polo detto il Milione , which means "The Book of Marco Polo, nicknamed ' Milione ' ". According to the 15th-century humanist Giovanni Battista Ramusio , his fellow citizens awarded him this nickname when he came back to Venice because he kept on saying that Kublai Khan's wealth was counted in millions. More precisely, he was nicknamed Messer Marco Milioni (Mr Marco Millions). However, since also his father Niccolò

11865-599: Was a Venetian merchant, explorer and writer who travelled through Asia along the Silk Road between 1271 and 1295. His travels are recorded in The Travels of Marco Polo (also known as Book of the Marvels of the World and Il Milione , c.  1300 ), a book that described the then-mysterious culture and inner workings of the Eastern world, including the wealth and great size of

11978-440: Was a translation into Latin made by the Dominican brother Francesco Pipino  [ it ] in 1302, just a few years after Marco's return to Venice. Since Latin was then the most widespread and authoritative language of culture, it is suggested that Rustichello's text was translated into Latin for a precise will of the Dominican Order , and this helped to promote the book on a European scale. The first English translation

12091-549: Was also commissioned to transport freight for other members of the league. This practice not only saved time and money, but also constituted a first step toward partnership. This capacity to join forces in reciprocal services became a distinctive feature, and a long lasting success factor, of the Hanseatic team spirit. A close examination of medieval trade in Europe shows that numerous significant credit based trades were not bearing interest. Hence, pragmatism and common sense called for

12204-678: Was at war with the Republic of Genoa . Polo armed a galley equipped with a trebuchet to join the war. He was probably caught by Genoans in a skirmish in 1296, off the Anatolian coast between Adana and the Gulf of Alexandretta (and not during the battle of Curzola (September 1298), off the Dalmatian coast, a claim which is due to a later tradition (16th century) recorded by Giovanni Battista Ramusio ). He spent several months of his imprisonment dictating

12317-479: Was captured by the Genoans. While imprisoned, he dictated stories of his travels to Rustichello da Pisa , a cellmate. He was released in 1299, became a wealthy merchant, married, and had three children. He died in 1324 and was buried in the church of San Lorenzo in Venice . Though he was not the first European to reach China , Marco Polo was the first to leave a detailed chronicle of his experience. His account provided

12430-434: Was lifted straight out of an Arthurian romance Rustichello had written several years earlier, and the account of the second meeting between Polo and Kublai Khan at the latter's court is almost the same as that of the arrival of Tristan at the court of King Arthur at Camelot in that same book. Latham believed that many elements of the book, such as legends of the Middle East and mentions of exotic marvels, might have been

12543-468: Was nicknamed Milione , 19th-century philologist Luigi Foscolo Benedetto was persuaded that Milione was a shortened version of Emilione , and that this nickname was used to distinguish Niccolò's and Marco's branch from other Polo families. His father, Niccolò Polo , a merchant, traded with the Near East , becoming wealthy and achieving great prestige. Niccolò and his brother Maffeo set off on

12656-656: Was sent on many diplomatic missions throughout his empire and in Southeast Asia, (such as in present-day Indonesia , Sri Lanka and Vietnam ), but also entertained the Khan with stories and observations about the lands he saw. As part of this appointment, Marco travelled extensively inside China, living in the emperor's lands for 17 years. Kublai initially refused several times to let the Polos return to Europe, as he appreciated their company and they became useful to him. However, around 1291, he finally granted permission, entrusting

12769-552: Was solemnly baptised at the Second Council of Lyon . At the council, Pope Gregory X promulgated a new Crusade to start in 1278 in liaison with the Mongols. Since its publication, some have viewed the book with skepticism. Some in the Middle Ages regarded the book simply as a romance or fable, due largely to the sharp difference of its descriptions of a sophisticated civilisation in China to other early accounts by Giovanni da Pian del Carpine and William of Rubruck , who portrayed

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