Definition of: partnership

(pärt′nər·ship) noun
1. The state of being a partner or partners; joint interests or ownership; also, the group of persons so associated.
2. Law An association founded on a contract between two or more persons to combine their money, effects, labor, or skill, or any or all of them, in lawful commerce or business, and to share the profit and bear the loss in certain proportions; a co–partnership.
3. Fellowship (def. 6). See synonyms under ALLIANCE, ASSOCIATION.