The commenda was a medieval contract which developed in Italy around the 13th century, and was an early form of limited partnership. [1] [2] The commenda was an agreement between an investing partner and a traveling partner to conduct a commercial enterprise, usually overseas. [3] The terms of the partnership varied, and are usually categorized by modern historians as unilateral commenda and bilateral commenda, based on the share of contributions and profits between the partners. [4] The bilateral commenda was known in Venice as collegantia or colleganza. [5] The commenda has been described as a foundational innovation in the history of finance and trade. [4] [6] [7]
The commenda was a partnership between an investing partner (called the commendator, or socius stans) and a traveling partner (called the tractator or socius procertans). [8] The investing partner would provide the capital and the traveling partner would execute a commercial enterprise (generally maritime transport), the initial capital would be returned to the investing partner and the remaining profits would then be split. [9] The commenda was in essence as joint-stock company for the financing of a single expedition. [7] Depending on the contribution of the traveling partner, historians define two types of commenda:
Each individual contract was different, and sometimes the investment was a share in a ship. [10]
The origins of the commenda are debated, and likely derived from several sources including the Babylonian tapputûm, the Greco-Roman societas consensu contracta and foenus nauticum, the Byzantine chreokoinonia, the Muslim qirad, and the Jewish 'isqa. [11] [12] [1] Although it has precedent in these previous types of contracts, the commenda has peculiarities of its own. [1] The first mention of the Venetian colleganza dates to 1073, but it had been used since the 10th century. [13] [8] By the 12th century, the commendatio had supplanted the colleganza in Venice. [8]
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The commenda was a medieval contract which developed in Italy around the 13th century, and was an early form of limited partnership. [1] [2] The commenda was an agreement between an investing partner and a traveling partner to conduct a commercial enterprise, usually overseas. [3] The terms of the partnership varied, and are usually categorized by modern historians as unilateral commenda and bilateral commenda, based on the share of contributions and profits between the partners. [4] The bilateral commenda was known in Venice as collegantia or colleganza. [5] The commenda has been described as a foundational innovation in the history of finance and trade. [4] [6] [7]
The commenda was a partnership between an investing partner (called the commendator, or socius stans) and a traveling partner (called the tractator or socius procertans). [8] The investing partner would provide the capital and the traveling partner would execute a commercial enterprise (generally maritime transport), the initial capital would be returned to the investing partner and the remaining profits would then be split. [9] The commenda was in essence as joint-stock company for the financing of a single expedition. [7] Depending on the contribution of the traveling partner, historians define two types of commenda:
Each individual contract was different, and sometimes the investment was a share in a ship. [10]
The origins of the commenda are debated, and likely derived from several sources including the Babylonian tapputûm, the Greco-Roman societas consensu contracta and foenus nauticum, the Byzantine chreokoinonia, the Muslim qirad, and the Jewish 'isqa. [11] [12] [1] Although it has precedent in these previous types of contracts, the commenda has peculiarities of its own. [1] The first mention of the Venetian colleganza dates to 1073, but it had been used since the 10th century. [13] [8] By the 12th century, the commendatio had supplanted the colleganza in Venice. [8]
{{
cite book}}
: CS1 maint: multiple names: authors list (
link) CS1 maint: numeric names: authors list (
link)
{{
cite journal}}
: Cite journal requires |journal=
(
help)CS1 maint: numeric names: authors list (
link)