The Covoni Company (1336-40) and the Del Buono-Bencivenni Company (1336-40) were also called early partnerships, but they were not formal partnerships.  There must be an agreement between the partners to share the profits and losses of a partnership`s business in an agreed relationship. This is one of the fundamental elements of the partnership. If two or more people jointly own a property and share its income, it will not be treated as a partnership. .