A limited partnership ( LP ) is a type of partnership with general partners who have a right to manage the business and limited partners who have no right to manage the business but have only limited liability for its debts. Limited partnerships are distinct from limited liability partnerships , in which all partners have limited liability.
100-447: The general partners (GPs) are, in all major respects, in the same legal position as partners in a conventional firm: they have management control, share the right to use partnership property, share the profits of the firm in predefined proportions, and have joint and several liability for the debts of the partnership. As in a general partnership, the GPs have actual authority, as agents of
200-503: A dividend ), the nature and extent of which is usually defined in the partnership agreement. General Partners thus bear more economic risk than do limited partners, and in cases of financial loss, the GPs will be the ones which are personally liable. Limited partners are subject to the same alter-ego piercing theories as corporate shareholders. However, it is more difficult to pierce the limited partnership veil because limited partnerships do not have many formalities to maintain. So long as
300-508: A "Private Fund Limited Partnership" (PFLP), which is available for collective investment schemes constituted by an agreement in writing. The order relaxed the rules applying to private fund partnerships in order to remove some uncertainty in the application of the law, reduce administrative costs, and help ensure "that the UK remains an attractive and competitive location for private investment funds in comparison to other jurisdictions". The relaxation of
400-412: A Parisian goldsmith. Although he had a strong Chinese contingent, Möngke relied heavily on Muslim and Mongol administrators and launched a series of economic reforms to make government expenses more predictable. His court limited government spending and prohibited nobles and troops from abusing civilians or issuing edicts without authorization. He commuted the contribution system to a fixed poll tax which
500-513: A bloody purge of Ögedeid and Chagatayid factions, but disputes continued among the descendants of Tolui. The conflict over whether the Mongol Empire would adopt a sedentary, cosmopolitan lifestyle or continue its nomadic, steppe-based way of life was a major factor in the breakup. After Möngke Khan died (1259), rival kurultai councils simultaneously elected different successors, the brothers Ariq Böke and Kublai Khan , who fought each other in
600-457: A car driven by Bob, who was served alcohol in Charlotte's bar (and the state has dramshop laws), then both Bob and Charlotte's bar may be held jointly liable for Ann's injuries. If the jury determines Ann should be awarded $ 10 million and that Bob was 90% at fault and Charlotte's bar 10% at fault: Joint and several liability can make a defendant liable for the full amount of damages suffered by
700-456: A form of corporate organization roughly equivalent to a master limited partnership . A Kommanditgesellschaft auf Aktien has two types of participators. It has at least one partner with unlimited liability (Komplementär). It is in that sense a private company. Komplementärs are natural persons or legal persons . If the Komplementär is a corporation with limited liability then the type of
800-505: A new great khan, Batu called a kurultai on his own territory in 1250. As it was far from the Mongol heartland , members of the Ögedeid and Chagataid families refused to attend. The kurultai offered the throne to Batu, but he rejected it, claiming he had no interest in the position. Batu instead nominated Möngke , a grandson of Genghis from his son Tolui's lineage. Möngke was leading a Mongol army in Rus,
900-414: A plaintiff even if that defendant bears only slight fault for the injury. For example, if a child is injured due to the negligence of a crossing guard employed by a school district, and a court finds the crossing guard to be 99% at fault for the child's injury and the school district to be only 1% at fault, the school district would be liable to pay 100% of the damages. In contrast, under several liability, if
1000-448: A policy of sharing spoils with his warriors and their families instead of giving them all to the aristocrats. These policies brought him into conflict with his uncles, who were also legitimate heirs to the throne; they regarded Temujin not as a leader but as an insolent usurper. This dissatisfaction spread to his generals and other associates, and some Mongols who had previously been allies broke their allegiance. War ensued, and Temujin and
1100-881: Is contingent upon them not taking an active role in the management of the partnership. LPFs were introduced in 2020 and are intended to provide a domestic Hong Kong vehicle for private equity funds. Japanese law has historically provided for two business forms similar to limited partnerships: In 1999, the Diet of Japan passed legislation enabling the formation of "limited partnerships for investment" ( 投資事業有限責任組合 , tōshi jigyō yūgen sekinin kumiai ) . These are very similar to Anglo-American limited partnerships, in that they adopt most provisions of general partnership law but provide for limited liability for certain partners. Profits of an investment limited partnership pass through to all partners proportional to their investment share. For tax purposes, profits and losses will only pass through to
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#17328834843091200-479: Is liable up to the full amount of the relevant obligation . However the creditor has only one cause of action; i.e., they can sue for each debt only once. If the claim fails against one party, the bank cannot go on to sue any of the others. Under joint and several liability or (in the U.S.) all sums , a plaintiff (claimant) is entitled to claim an obligation incurred by any of the promisors from all of them jointly and also from each of them individually. Thus
1300-438: Is sometimes invoked in other areas of law. The Law Commission of New Zealand summarises the issue nicely: Joint and several liability is premised on the theory that the defendants are in the best position to apportion damages amongst themselves. Once liability has been established and damages awarded, the defendants are free to litigate amongst themselves to better divide liability. The plaintiff no longer needs to be involved in
1400-544: Is the stock of the company (Grundkapital) and divided into shares. A KGaA is in that aspect comparable with a German Aktiengesellschaft . The investment of all partners is the corporate's total capital (Gesamtkapital). The KGaA is a traditional type of very large family businesses (that are partly publicly traded) in Germany; the consumer products giant Henkel , pharmaceutical company Merck and media conglomerate Bertelsmann are prominent examples. In case of Merck, besides
1500-564: The Department for Business and Trade ) consulted in 2008 on proposals to modify and merge the two Acts, but the proposals did not go ahead. Scots law on partnerships (including limited partnerships) is distinct from English law . Under Scots law, partnerships are legal persons distinct from the partners. However, lawsuits may still be filed against the partners by name, the general partners are still exposed to 'pass-through' liability, and partners are still jointly and severally liable (although in
1600-861: The Golden Horde khanate in the northwest, the Chagatai Khanate in Central Asia, the Ilkhanate in Iran, and the Yuan dynasty in China, based in modern-day Beijing . In 1304, during the reign of Temür , the three western khanates accepted the suzerainty of the Yuan dynasty. The part of the empire that fell first was the Ilkhanate, which disintegrated in the period of 1335–1353. Next,
1700-420: The Golden Horde , refused to come to the kurultai, claiming that he was ill and that the climate was too harsh for him. The resulting stalemate lasted more than four years and further destabilized the unity of the empire. When Genghis Khan's youngest brother Temüge threatened to seize the throne, Güyük came to Karakorum to try to secure his position. Batu eventually agreed to send his brothers and generals to
1800-820: The Khitan -led Liao dynasty since the 10th century. In 1125, the Jin dynasty founded by the Jurchens overthrew the Liao dynasty and attempted to gain control over former Liao territory in Mongolia. In the 1130s the Jin dynasty rulers, known as the Golden Kings, successfully resisted the Khamag Mongol confederation, ruled at the time by Khabul Khan , great-grandfather of Genghis Khan. The Mongolian plateau
1900-614: The Limited Partnership Ordinance and limited partnership funds, known as "LPFs", governed by the Securities and Futures Ordinance . Neither limited partnerships nor LPFs are separate and distinct legal persons. Instead, they are simply partnerships of persons, some of whom enjoy limited liability as a result of compliance with statutory requirements. Like many other jurisdictions, the partners who enjoy such limited liability are known as limited partners and their limited liability
2000-480: The Mediterranean , in an enforced Pax Mongolica , allowing the exchange of trade, technologies, commodities, and ideologies across Eurasia . The empire began to split due to wars over succession, as the grandchildren of Genghis Khan disputed whether the royal line should follow from his son and initial heir Ögedei or from one of his other sons, such as Tolui , Chagatai , or Jochi . The Toluids prevailed after
2100-553: The Mongol heartland under the leadership of Temüjin, known by the more famous title of Genghis Khan ( c. 1162 – 1227), whom a council proclaimed as the ruler of all Mongols in 1206. The empire grew rapidly under his rule and that of his descendants, who sent out invading armies in every direction. The vast transcontinental empire connected the East with the West , and the Pacific to
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#17328834843092200-622: The Mongols captured Caizhou , the town to which Wanyan Shouxu had fled. In 1234, three armies commanded by Ögedei's sons Kochu and Koten and the Tangut general Chagan invaded southern China. With the assistance of the Song dynasty the Mongols finished off the Jin in 1234. Many Han Chinese and Khitan defected to the Mongols to fight against the Jin. Two Han Chinese leaders, Shi Tianze , Liu Heima (劉黑馬, Liu Ni), and
2300-575: The Napoleonic Code (1807) reinforced the limited partnership concept under European law. In the United States , limited partnerships became widely available in the early 19th century, although a number of legal restrictions at the time made them unpopular for business ventures. Britain enacted its first limited partnership statute in 1907. A kommanditselskab (abbreviated K/S) is the Danish equivalent of
2400-671: The Qing dynasty in the 1630s. The Golden Horde had broken into competing khanates by the end of the 15th century and its rule on Eastern Europe is traditionally considered to have ended in 1480 with the Great Stand on the Ugra River by the Grand Duchy of Moscow , while the Chagatai Khanate lasted in one form or another until 1687. The Mongol Empire is also referred to as the "Mongolian Empire" or
2500-522: The Toluid Civil War (1260–1264) and also dealt with challenges from the descendants of other sons of Genghis. Kublai successfully took power, but war ensued as he sought unsuccessfully to regain control of the Chagatayid and Ögedeid families. By the time of Kublai's death in 1294, the Mongol Empire had fractured into four separate khanates or empires , each pursuing its own interests and objectives:
2600-494: The Uniform Limited Partnership Act (to the extent the amendments are adopted by state legislature) also permitted limited partnerships to become limited liability limited partnerships in states that adopt the change. Under this form, debts of a limited liability limited partnership are solely the responsibility of the partnership, thereby removing general-partner liability for partnership obligations. This change
2700-509: The "Mongol World Empire" in some English sources. The empire referred to itself as ᠶᠡᠬᠡ ᠮᠣᠩᠭᠣᠯ ᠤᠯᠤᠰ yeke mongɣol ulus ( lit. 'nation of the great Mongols' or the 'great Mongol nation') in Mongol or kür uluγ ulus ( lit. the 'whole great nation') in Turkic. After the 1260 to 1264 succession war between Kublai Khan and his brother Ariq Böke , Kublai's power became limited to
2800-770: The Asian invaders except for a few northern cities. Mongol troops under Chormaqan in Persia connecting his invasion of Transcaucasia with the invasion of Batu and Subutai, forced the Georgian and Armenian nobles to surrender as well. Giovanni de Plano Carpini , the pope's envoy to the Mongol great khan, travelled through Kiev in February 1246 and wrote: They [the Mongols] attacked Russia, where they made great havoc, destroying cities and fortresses and slaughtering men; and they laid siege to Kiev,
2900-553: The Khitan Xiao Zhala defected and commanded the 3 Tumens in the Mongol army. Liu Heima and Shi Tianze served Ogödei Khan. Liu Heima and Shi Tianxiang led armies against Western Xia for the Mongols. There were four Han Tumens and three Khitan Tumens, with each Tumen consisting of 10,000 troops. The Yuan dynasty created a Han army 漢軍 from Jin defectors, and another of ex-Song troops called the Newly Submitted Army 新附軍. In
3000-635: The Kipchak-controlled steppes. In the east, Ögedei's armies re-established Mongol authority in Manchuria, crushing the Eastern Xia regime and the Water Tatars . In 1230, the great Khan personally led his army in the campaign against the Jin dynasty of China. Ögedei's general Subutai captured the capital of Emperor Wanyan Shouxu in the siege of Kaifeng in 1232. The Jin dynasty collapsed in 1234 when
3100-713: The Koreans through both diplomacy and military force. The advance into Europe continued with Mongol invasions of Poland and Hungary. When the western flank of the Mongols plundered Polish cities, a European alliance among the Poles , the Moravians , and the Christian military orders of the Hospitallers , Teutonic Knights and the Templars assembled sufficient forces to halt, although briefly,
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3200-748: The Mongol Empire at its height stretched from the Sea of Japan to parts of Eastern Europe , extending northward into parts of the Arctic ; eastward and southward into parts of the Indian subcontinent , mounted invasions of Southeast Asia , and conquered the Iranian Plateau ; and reached westward as far as the Levant and the Carpathian Mountains . The Mongol Empire emerged from the unification of several nomadic tribes in
3300-511: The Mongol Empire. This marked a major shift in the leadership of the empire, transferring power from the descendants of Genghis's son Ögedei to the descendants of Genghis's son Tolui. The decision was acknowledged by a few of the Ögedeid and Chagataid princes, such as Möngke's cousin Kadan and the deposed khan Qara Hülëgü, but one of the other legitimate heirs, Ögedei's grandson Shiremun, sought to topple Möngke. Shiremun moved with his own forces toward
3400-581: The Mongol advance at Legnica . The Hungarian army, their Croatian allies and the Knights Templar were beaten by the Mongols at the banks of the Sajo River on 11 April 1241. Before Batu's forces could continue on to Vienna and northern Albania , news of Ögedei's death in December 1241 brought a halt to the invasion. As was customary in Mongol military tradition, all princes of Genghis's line had to attend
3500-692: The Mongol aristocracy, constituted the ruling class. Genghis Khan arranged for the Chinese Taoist master Qiu Chuji to visit him in Afghanistan, and also gave his subjects the right to religious freedom, despite his own shamanistic beliefs. Genghis Khan died on 18 August 1227, by which time the Mongol Empire ruled from the Pacific Ocean to the Caspian Sea , an empire twice the size of the Roman Empire or
3600-567: The Mongol generals in Persia. Güyük appointed his best friend's father Eljigidei as chief commander of the troops in Persia and gave them the task of both reducing the strongholds of the Nizari Ismailis and conquering the Abbasids at the center of the Islamic world, Iran and Iraq . In 1248, Güyük raised more troops and suddenly marched westward from the Mongol capital of Karakorum. The reasoning
3700-545: The Mongols and helped them conquer the rest of Yunnan . Möngke's general Qoridai stabilized his control over Tibet, inducing leading monasteries to submit to Mongol rule. Subutai's son Uryankhadai reduced the neighboring peoples of Yunnan to submission and went to war with the kingdom of Đại Việt under the Trần dynasty in northern Vietnam in 1258, but they had to draw back. The Mongol Empire tried to invade Đại Việt again in 1285 and 1287 but were defeated both times. After stabilizing
3800-475: The Mongols established Karakorum as their capital lasting until 1260. During that period, Ogedei Khan ordered the construction of a palace within the surrounding of its walls. Meanwhile, in an offensive action against the Song dynasty , Mongol armies captured Siyang-yang, the Yangtze and Sichuan , but did not secure their control over the conquered areas. The Song generals were able to recapture Siyang-yang from
3900-412: The Mongols in 1161. During the rise of the Mongol Empire in the 13th century, the usually cold, parched steppes of Central Asia enjoyed their mildest, wettest conditions in more than a millennium. It is thought that this resulted in a rapid increase in the number of war horses and other livestock, which significantly enhanced Mongol military strength. Known during his childhood as Temüjin, Genghis Khan
4000-625: The Mongols in 1239. After the sudden death of Ögedei's son Kochu in Chinese territory the Mongols withdrew from southern China, although Kochu's brother Prince Koten invaded Tibet immediately after their withdrawal. Batu Khan , another grandson of Genghis Khan, overran the territories of the Bulgars , the Alans , the Kypchaks, Bashkirs, Mordvins , Chuvash , and other nations of the southern Russian steppe. By 1237
4100-636: The Mongols were encroaching upon Ryazan , the first Kievan Rus' principality they were to attack. After a three-day siege involving fierce fighting, the Mongols captured the city and massacred its inhabitants. They then proceeded to destroy the army of the Grand Principality of Vladimir at the Battle of the Sit River . The Mongols captured the Alania capital Maghas in 1238. By 1240, all Kievan Rus' had fallen to
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4200-529: The Mongols' decision to withdraw. Following the Great Khan Ögedei's death in 1241, and before the next kurultai, Ögedei's widow Töregene took over the empire. She persecuted her husband's Khitan and Muslim officials and gave high positions to her own allies. She built palaces, cathedrals, and social structures on an imperial scale, supporting religion and education. She was able to win over most Mongol aristocrats to support Ögedei's son Güyük . But Batu, ruler of
4300-527: The Muslim Caliphate at their height. Genghis named his third son, the charismatic Ögedei , as his heir. According to Mongol tradition, Genghis Khan was buried in a secret location . The regency was originally held by Ögedei's younger brother Tolui until Ögedei's formal election at the kurultai in 1229. Among his first actions Ögedei sent troops to subjugate the Bashkirs , Bulgars , and other nations in
4400-682: The New Zealand Companies Office . Registration, maintenance and annual return filing for Limited Partnerships and Overseas Limited Partnerships are conducted through manual forms. In the United Kingdom , limited partnerships are governed by the Limited Partnerships Act 1907 and, on matters on which that Act is silent, also by the Partnership Act 1890 . The UK Department for Business, Enterprise and Regulatory Reform (now
4500-545: The West Ögedei's general Chormaqan destroyed Jalal ad-Din Mingburnu , the last shah of the Khwarizmian Empire . The small kingdoms in southern Persia voluntarily accepted Mongol supremacy. In East Asia, there were a number of Mongol campaigns into Goryeo Korea , but Ögedei's attempt to annex the Korean Peninsula met with little success. Gojong , the king of Goryeo , surrendered but later revolted and massacred Mongol darughachis (overseers); he then moved his imperial court from Gaeseong to Ganghwa Island . In 1235,
4600-412: The Yuan dynasty lost control of the Tibetan Plateau and China proper in 1354 and 1368, respectively, and collapsed after its capital of Dadu was taken over by Ming forces . The Genghisid rulers of the Yuan then retreated north and continued to rule the Mongolian Plateau . The regime is thereafter known as the Northern Yuan dynasty in historiography, surviving as a rump state until the conquest by
4700-403: The applicability of the rule. About two dozen have reformed the rule, with several (Alaska, Arizona, Kansas, Utah, Vermont, Oklahoma, and Wyoming) abolishing it. In some instances it is abolished except where the defendants "act in concert". Some US jurisdictions have imposed limits on joint and several liability, but without completely abolishing that doctrine. For example, If Ann is struck by
4800-416: The building of foreign merchants' quarters, Buddhist monasteries , mosques , and Christian churches in the Mongol capital. As construction projects continued, Karakorum was adorned with Chinese, European, and Persian architecture . One famous example was a large silver tree with cleverly designed pipes that dispensed various drinks. The tree, topped by a triumphant angel, was crafted by Guillaume Boucher ,
4900-414: The capital of Russia; after they had besieged the city for a long time, they took it and put the inhabitants to death. When we were journeying through that land we came across countless skulls and bones of dead men lying about on the ground. Kiev had been a very large and thickly populated town, but now it has been reduced almost to nothing, for there are at the present time scarce two hundred houses there and
5000-428: The case of limited partners, only to the extent of their capital contribution). There has been discussion over whether limited partnerships operating under English law should be made separate legal entities as under Scots law, and in the same way as limited liability partnerships are. The Law Commission report on partnership law LC283 suggested that creation of separate legal personality should be left as an option for
5100-448: The company has to be named as UG (haftungsbeschränkt) & Co. KGaA , GmbH & Co. KGaA , AG & Co. KGaA or SE & Co. KGaA . Under consideration of the aspects of European freedom of establishment it is also possible that corporations established under foreign law can become Komplementärs of a KGaA forming companies like Limited & Co. KGaA . The investment of the partners with limited liability (Kommanditisten)
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#17328834843095200-407: The control of Genghis Khan. His most powerful allies were his father's friend, Khereid chieftain Toghrul , and Temujin's childhood anda (i.e. blood brother ) Jamukha of the Jadran clan. With their help, Temujin defeated the Merkit tribe, rescued his wife Börte , and went on to defeat the Naimans and the Tatars. Temujin forbade the looting of his enemies without permission, and he implemented
5300-485: The creditor of a debtor-partner or a debtor-member to the debtor's share of distributions, without conferring on the creditor any voting or management rights. When the partnership is being constituted, or the composition of the firm is changing, limited partnerships are generally required to file documents with the relevant state registration office. Limited partners must explicitly disclose their status when dealing with other parties, so that such parties are on notice that
5400-399: The crossing guard was unable to pay money toward the judgment the most that the injured child could recover would be 1% of the judgment from the school district. In trying to achieve its aim of alleviating poverty, microfinance often lends to group of poor, with each member of the group jointly liable. That means that each member is responsible for ensuring that all the other members of
5500-465: The eastern part of the empire, centered on China. Kublai officially issued an imperial edict on 18 December 1271 to give the empire the Han -style dynastic name of "Great Yuan" ( Dai Yuan , or Dai Ön Ulus' ; Chinese : 大 元 ; pinyin : Dà Yuán ) and to establish the Yuan dynasty . Some sources give the full Mongol name as Dai Ön Yehe Monggul Ulus . The area around Mongolia , Manchuria , and parts of North China had been controlled by
5600-428: The emperor's nomadic palace with a plan for an armed attack, but Möngke was alerted by his falconer of the plan. Möngke ordered an investigation of the plot, which led to a series of major trials all across the empire. Many members of the Mongol elite were found guilty and put to death, with estimates ranging from 77 to 300, though princes of Genghis's royal line were often exiled rather than executed. Möngke confiscated
5700-613: The empire's finances, Möngke once again sought to expand its borders. At kurultais in Karakorum in 1253 and 1258 he approved new invasions of the Middle East and south China . Möngke put Hulagu in overall charge of military and civil affairs in Persia, and appointed Chagataids and Jochids to join Hulagu's army. The Muslims from Qazvin denounced the menace of the Nizari Ismailis , a well-known sect of Shiites . The Mongol Naiman commander Kitbuqa began to assault several Ismaili fortresses in 1253, before Hulagu advanced in 1256. Ismaili Grand Master Rukn al-Din Khurshah surrendered in 1257 and
5800-402: The empire. In addition to laws regarding family, food, and the army, Genghis also decreed religious freedom and supported domestic and international trade. He exempted the poor and the clergy from taxation. He also encouraged literacy and the adaptation of the Uyghur script into what would become the Mongolian script of the empire, ordering the Uyghur Tata-tonga , who had previously served
5900-463: The estates of the Ögedeid and the Chagatai families and shared the western part of the empire with his ally Batu Khan. After the bloody purge, Möngke ordered a general amnesty for prisoners and captives, but thereafter the power of the great khan's throne remained firmly with the descendants of Tolui. Möngke was a serious man who followed the laws of his ancestors and avoided alcoholism. He was tolerant of outside religions and artistic styles, leading to
6000-468: The firm create ostensible authority. The societates publicanorum , which arose in Rome in the third century BC, may have arguably been the earliest form of limited partnership. During the heyday of the Roman Empire , they were roughly equivalent to today's corporations . Some had many investors, and interests were publicly tradable. However, they required at least one (and often several) partners with unlimited liability. A very similar form of partnership
6100-400: The firm, to bind the partnership in contracts with third parties that are in the ordinary course of the partnership's business. As with a general partnership, "an act of a general partner which is not apparently for carrying on in the ordinary course the limited partnership's activities or activities of the kind carried on by the limited partnership binds the limited partnership only if the act
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#17328834843096200-435: The forces still loyal to him prevailed, defeating the remaining rival tribes between 1203 and 1205 and bringing them under his sway. In 1206, Temujin was crowned as the khagan (Emperor) of the Yekhe Mongol Ulus (Great Mongol State) at a Kurultai (general assembly/council). It was there that he assumed the title of Genghis Khan (universal leader) instead of one of the old tribal titles such as Gur Khan or Tayang Khan, marking
6300-442: The general partner(s) while the partnership has negative equity (i.e. liabilities exceeding assets); however, profits and losses while the partnership has positive equity are shared equally. In New Zealand , Limited Partnerships are a form of partnership involving General Partners, (who are liable for all the debts and liabilities of the partnership) and Limited Partners (who are liable to the extent of their capital contribution to
6400-484: The group repay too. If one member fails to repay, the members of the group are also held in default. Joint liability solves the information and enforcement problems associated with credit markets by encouraging screening , monitoring , costly state verification , and contract enforcement . Mongol Empire The Mongol Empire of the 13th and 14th centuries was the largest contiguous empire in history . Originating in present-day Mongolia in East Asia ,
6500-509: The individual negotiating with them carries limited liability. It is customary that the documentation and electronic materials issued to the public by the firm will carry a clear statement identifying the legal nature of the firm and listing the partners separately as general and limited. Hence, unlike the GPs, the limited partners do not have inherent agency authority to bind the firm unless they are subsequently held out as agents (and so create an agency by estoppel ); or acts of ratification by
6600-412: The inhabitants are kept in complete slavery. Despite the military successes, strife continued within the Mongol ranks. Batu's relations with Güyük , Ögedei's eldest son, and Büri , the beloved grandson of Chagatai Khan , remained tense and worsened during Batu's victory banquet in southern Kievan Rus'. Nevertheless, Güyük and Buri could not do anything to harm Batu's position as long as his uncle Ögedei
6700-427: The khan of Naimans , to instruct his sons. Genghis quickly came into conflict with the Jin dynasty of the Jurchens and the Western Xia of the Tanguts in northern China. He also had to deal with two other powers, Tibet and Qara Khitai . Before his death, Genghis Khan divided his empire among his sons and immediate family, making the Mongol Empire the joint property of the entire imperial family who, along with
6800-529: The kurultai convened by Töregene in 1246. Güyük by this time was ill and alcoholic, but his campaigns in Manchuria and Europe gave him the kind of stature necessary for a great khan. He was duly elected at a ceremony attended by Mongols and foreign dignitaries from both within and without the empire — leaders of vassal nations, representatives from Rome, and other entities who came to the kurultai to show their respects and conduct diplomacy. Güyük took steps to reduce corruption, announcing that he would continue
6900-403: The kurultai to elect a successor. Batu and his western Mongol army withdrew from Central Europe the next year. Today researchers doubt that Ögedei's death was the sole reason for the Mongols withdrawal. Batu did not return to Mongolia, so a new khan was not elected until 1246. Climatic and environmental factors, as well as the strong fortifications and castles of Europe, played an important role in
7000-431: The law in relation to PFLPs was welcomed by the financial industry. In the United States , the limited partnership organization is most common among film production companies and real estate investment projects, or in types of businesses that focus on a single or limited-term project. They are also useful in " labor - capital " partnerships, where one or more financial backers prefer to contribute money or resources while
7100-471: The limited liability enjoyed by limited partners was contingent upon their refraining from taking any active role in the management of the firm. However, Section 303 of the Revised Uniform Limited Partnership Act (if adopted by a state legislature) eliminates the so-called "control rule" with respect to personal liability for entity obligations and brings limited partners into parity with LLC members, LLP partners and corporate shareholders. The 2001 amendments to
7200-610: The limited partnership. The owners are divided into general partners (komplementarer in Danish) and limited partners (kommanditister in Danish). Often the only general partner of a K/S is an Anpartsselskab with the least possible capital, thus reducing the liability of the K/S to the capital of the Anpartsselskab. Kommanditgesellschaft auf Aktien – abbreviated KGaA – is a German corporate designation standing for 'partnership limited by shares',
7300-509: The litigation and can avoid the cost of continuing litigation. Where a financially wealthy party can be named or joined as a defendant, a plaintiff has a greater chance of recovering damages than when the defendants have very limited economic resources or are financially insolvent, or " judgment-proof ". Opponents of the principle of joint and several liability argue that its use is unfair to many defendants. For example, where an uninsured drunk driver causes an accident that results in injury,
7400-431: The northern Caucasus and Hungary. The pro-Tolui faction supported Batu's choice, and Möngke was elected; though given the kurultai's limited attendance and location, it was of questionable validity. Batu sent Möngke, under the protection of his brothers, Berke and Tukhtemur, and his son Sartaq to assemble a more formal kurultai at Kodoe Aral in the heartland. The supporters of Möngke repeatedly invited Oghul Qaimish and
7500-479: The other major Ögedeid and Chagataid princes to attend the kurultai, but they refused each time. The Ögedeid and Chagataid princes refused to accept a descendant of Genghis's son Tolui as leader, demanding that only descendants of Genghis's son Ögedei could be great khan. When Möngke's mother Sorghaghtani and their cousin Berke organized a second kurultai on 1 July 1251, the assembled throng proclaimed Möngke great khan of
7600-606: The other partner performs the actual work. In such situations, liability is the driving concern behind the choice of limited partnership status. The limited partnership is also attractive to firms wishing to provide shares to many individuals without the additional tax liability of a corporation. Private equity companies almost exclusively use a combination of general and limited partners for their investment funds. Well-known limited partnerships include Enterprise Products and Blackstone Group (both of which are public companies ), and Bloomberg L.P. (a private company ). Before 2001,
7700-506: The owning family Merck also the members of the executive board are fully and privately liable for the company (including a period after withdrawal). Also the German football club Borussia Dortmund uses this corporate organization (as Borussia Dortmund GmbH & Co KGaA ) for its professional football team as part of its compliance with the " 50+1 rule ". Hong Kong offers two forms of limited partnerships, namely limited partnerships governed by
7800-407: The partners to decide upon when a partnership is formed. There were concerns that automatically making partnerships separate legal entities would restrict their ability to trade in some European countries and also expose them to different tax regimes than expected. The Legislative Reform (Private Fund Limited Partnerships) Order 2017 made provision for partners to register their limited partnership as
7900-475: The partnership and the members do not co-mingle funds, it would be difficult to pierce the veil. In some jurisdictions (for instance in the UK), the limited liability of the limited partners is contingent on their not participating in management. Partnership interests (including the interests of limited partners) are afforded a significant level of protection through the charging order mechanism. The charging order limits
8000-472: The partnership). The Limited Partnerships Act 2008 replaces Special Partnerships that exist under Part 2 of the Partnership Act 1908. Special partnerships are considered obsolete as they do not provide the appropriate structure preferred by foreign venture capital investors. Features of Limited Partnerships include: The registers of Limited Partnerships and Overseas Limited Partnerships are administered by
8100-429: The party who is 'really' liable. In situations of contract, there is usually no controversy over joint and several liability: each party gets what they bargained for. But in tort , the common law position has sometimes been challenged. A plaintiff may recover all the damages from any of the defendants regardless of their individual share of the liability. The rule is often applied in negligence cases, though it
8200-409: The plaintiff has more than one cause of action: if she pursues one promisor and he fails to pay the sum due, her action is not exhausted and she can pursue a second promisor, and so on. As far as the promisee is concerned, each promisor is liable for all sums due from any of his co-promisors. However, as between themselves, any one of them who pays more than his fair share is entitled to recover it from
8300-406: The plaintiff may sue an additional defendant, along with the drunk driver, such as suing the state highway department alleging that a highway defect contributed to the accident, hoping that the additional defendant will be found partly responsible. In the United States , 46 of the 50 states have a rule of joint and several liability, although in response to tort reform efforts, some have limited
8400-718: The policies of his father Ögedei, not those of Töregene. He punished Töregene's supporters, except for governor Arghun the Elder . He also replaced young Qara Hülëgü , the khan of the Chagatai Khanate , with his favorite cousin Yesü Möngke , to assert his newly conferred powers. He restored his father's officials to their former positions and was surrounded by Uyghur, Naiman and Central Asian officials, favoring Han Chinese commanders who had helped his father conquer Northern China. He continued military operations in Korea, advanced into Song China in
8500-643: The qirad but whether the qirad transformed into the commenda, or the two institutions evolved independently cannot be stated with certainty. In the Mongol Empire , the contractual features of a Mongol- ortoq partnership closely resembled that of qirad and commenda arrangements, however, Mongol investors were not constrained using uncoined precious metals and tradable goods for partnership investments and executed money-lending. Moreover, Mongol elites formed trade partnerships with merchants from Italian cities, including Marco Polo 's family. Colbert's Ordinance (1673) and
8600-624: The south, and into Iraq in the west, and ordered an empire-wide census. Güyük also divided the Sultanate of Rum between Izz-ad-Din Kaykawus and Rukn ad-Din Kilij Arslan , though Kaykawus disagreed with this decision. Not all parts of the empire respected Güyük's election. The Hashshashins , former Mongol allies whose Grand Master Hasan Jalalud-Din had offered his submission to Genghis Khan in 1221, angered Güyük by refusing to submit. Instead he murdered
8700-571: The southern part of the empire he continued his predecessors' struggle against the Song dynasty. In order to outflank the Song from three directions, Möngke dispatched Mongol armies under his brother Kublai to Yunnan , and under his uncle Iyeku to subdue Korea and pressure the Song from that direction as well. Kublai conquered the Dali Kingdom in 1253 after the Dali King Duan Xingzhi defected to
8800-556: The start of the Mongol Empire. Genghis Khan introduced many innovative ways of organizing his army: for example dividing it into decimal subsections of arbans (10 soldiers), zuuns (100), Mingghans (1000), and tumens (10,000). The Kheshig , the imperial guard , was founded and divided into day ( khorchin torghuds ) and night ( khevtuul ) guards. Genghis rewarded those who had been loyal to him and placed them in high positions, as heads of army units and households, even though many of them came from very low-ranking clans. Compared to
8900-519: The time, possibly to pay homage, or perhaps with other plans in mind. Before the forces of Batu and Güyük met, Güyük, sick and worn out by travel, died en route at Qum-Senggir (Hong-siang-yi-eulh) in Xinjiang , possibly a victim of poison. Güyük's widow Oghul Qaimish stepped forward to take control of the empire, but she lacked the skills of her mother-in-law Töregene, and her young sons Khoja and Naku and other princes challenged her authority. To decide on
9000-501: The units he gave to his loyal companions, those assigned to his own family members were relatively few. He proclaimed a new code of law of the empire, Ikh Zasag or Yassa ; later he expanded it to cover much of the everyday life and political affairs of the nomads. He forbade the selling of women, theft, fighting among the Mongols, and the hunting of animals during the breeding season. He appointed his stepbrother Shikhikhutug as supreme judge (jarughachi), ordering him to keep records of
9100-531: Was a son of a Mongol chieftain and rose very rapidly as a young man by working with Toghrul Khan of the Kerait. After Temujin went to war against Kurtait (also known as Wang Khan; given the Chinese title "Wang" for its meaning of King ), who was the most powerful Mongol leader at the time, he gave himself the name Genghis Khan. He then enlarged his Mongol state under himself and his kin, with the term Mongol coming to be used in reference to all Mongolic speaking tribes under
9200-428: Was actually authorized by all the other partners." Like shareholders in a corporation , limited partners have limited liability . This means that the limited partners have no management authority, and (unless they obligate themselves by a separate contract such as a guarantee) are not liable for the debts of the partnership. The limited partnership provides the limited partners a return on their investment (similar to
9300-566: Was betrayed by the Tatars, handed over to the Jurchen, and executed. The Mongols retaliated by raiding the frontier, resulting in a failed Jurchen counter-attack in 1143. In 1147, the Jin somewhat changed their policy, signing a peace treaty with the Mongols and withdrawing from a score of forts. The Mongols then resumed attacks on the Tatars to avenge the death of their late khan, opening a long period of active hostilities. The Jin and Tatar armies defeated
9400-557: Was collected by imperial agents and forwarded to units in need. His court also tried to lighten the tax burden on commoners by reducing tax rates. He also centralized control of monetary affairs and reinforced the guards at the postal relays. Möngke ordered an empire-wide census in 1252 that took several years to complete and was not finished until Novgorod in the far northwest was counted in 1258. In another move to consolidate his power, Möngke assigned his brothers Hulagu and Kublai to rule Persia and Mongol-held China respectively. In
9500-403: Was lost as long as the trader had not violated the rules of the contract. In contrast, his investment partners on land had unlimited liability and were exposed to risk. A commenda was not a common form for a long-term business venture as most long-term businesses were still expected to be secured against the assets of their individual proprietors. As an institution, the commenda is very similar to
9600-609: Was made in response to the common practice of naming a limited-liability entity as a 1% general partner that controlled the limited partnership and organizing the managers as limited partners. This practice granted a general partner de facto limited liability under the partnership structure. Joint and several liability Where two or more persons are liable in respect of the same liability, in most common law legal systems they may either be: In several or proportionate liability , parties are liable only for their own obligations. If parties have joint liability , each of them
9700-420: Was occupied mainly by five powerful tribal confederations ( khanlig ): Keraites , Khamag Mongol , Naiman , Mergid , and Tatar . The Jin emperors, following a policy of divide and rule , encouraged disputes among the tribes, especially between the Tatars and the Mongols, in order to keep the nomadic tribes distracted by their own battles and thereby away from the Jin. Khabul's successor was Ambaghai Khan , who
9800-448: Was present in Arabia at the time of the coming of Islam ( c. 700CE ), and this became codified into Islamic law as Qirad . In medieval Italy , a business organization known as the commenda appeared in the 10th century that was generally used for financing maritime trade. In a commenda, the traveling trader of the ship had limited liability, and was not held responsible if money
9900-627: Was still alive. Ögedei continued with offensives into the Indian subcontinent , temporarily investing Uchch , Lahore , and Multan of the Delhi Sultanate and stationing a Mongol overseer in Kashmir , though the invasions into India eventually failed and were forced to retreat. In northeastern Asia, Ögedei agreed to end the conflict with Goryeo by making it a client state and sent Mongol princesses to wed Goryeo princes. He then reinforced his kheshig with
10000-690: Was unclear. Some sources wrote that he sought to recuperate at his personal estate, Emyl; others suggested that he might have been moving to join Eljigidei to conduct a full-scale conquest of the Middle East, or possibly to make a surprise attack on his rival cousin Batu Khan in Kievan Rus . Suspicious of Güyük's motives, Sorghaghtani Beki , the widow of Genghis's son Tolui, secretly warned her nephew Batu of Güyük's approach. Batu had himself been traveling eastward at
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