1. association, collaboration, participation. partnership\part"ner*ship\, n.
2. the state or condition of being a partner; as, to be in partnership with another; to have partnership in the fortunes of a family or a state.
3. a division or sharing among partners; joint possession or interest. rome, that ne'er knew three lordly heads before, first fell by fatal partnership of power. he does possession keep, and is too wise to hazard partnership.
4. an alliance or association of persons for the prosecution of an undertaking or a business on joint account; a company; a firm; a house; as, to form a partnership.
5. (law) a contract between two or more competent persons for joining together their money, goods, labor, and skill, or any or all of them, under an understanding that there shall be a communion of profit between them, and for the purpose of carrying on a legal trade, business, or adventure. story.note: community of profit is absolutely essential to, though not necessary the test of, a partnership.
6. (arith.) see:
fellowship, n., 6.
7. The state or condition of being a partner; as, to be in partnership with another; to have partnership in the fortunes of a family or a state.
8. A division or sharing among partners; joint possession or interest.
9. An alliance or association of persons for the prosecution of an undertaking or a business on joint account; a company; a firm; a house; as, to form a partnership.
10. A contract between two or more competent persons for joining together their money, goods, labor, and skill, or any or all of them, under an understanding that there shall be a communion of profit between them, and for the purpose of carrying on a legal trade, business, or adventure.
11. See Fellowship, n., 6. a contract between two or more persons who agree to pool talent and money and share profits or losses the members of a business venture created by contract.
12. Partnership or a partnership is a relationship in which two or more people, organizations, or countries work together as partners. the partnership between Germany's banks and its businesses. Association of two or more persons or entities that conduct a business for profit as co-owners. Except in the case of the limited liability partnership, which shares with the corporation the characteristic of being treated as a single entity whose members have limited personal liability, a partnership is traditionally viewed as an association of individuals rather than an entity with a separate and independent existence. A partnership cannot exist beyond the lives of the partners. The partners are taxed as individuals and are personally liable for torts and contractual obligations. Each is viewed as the agent of the others, and traditionally all are jointly and severally liable for the tortious acts of any partner.