Author(s): Ali Shakir Mahmood Mohamed

Abstract: Partnership was not a new idea but an ancient concept in human history, initially unregulated by laws. However, it gradually took on a clear form and became subject to legislation established by humans, starting from the Code of Hammurabi, through Greek, Roman, and Islamic laws. Greek maritime trade introduced a form of partnership where capitalists provided funds to ship outfitters in the form of a loan known as "bottomry" in return for substantial interest if the ship returned safely from its voyage. The Romans also recognized a type of partnership that emerged among taxpayers. Arabs had knowledge of partnerships before Islam due to their commercial activities and voyages, which continued and evolved after Islam. Trade flourished in medieval Europe, In particular, Italy was renowned for the establishment of solidarity and commendam alliances. As human civilizations advanced and the need for collaborations to stimulate economic expansion and address requirements grew, there was a growing fascination with rules and regulations that oversee the activities of corporations from their inception to their dissolution and liquidation. The legislation encompasses a range of facets, including the grounds for liquidation, mechanisms of implementation, and other regulations aimed at protecting the interests of all business associates and external stakeholders associated with the corporation.

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