partnership Meaning, Definition & Usage

noun the members of a business venture created by contract
noun a cooperative relationship between people or groups who agree to share responsibility for achieving some specific goal
- effective language learning is a partnership between school, teacher and student
- the action teams worked in partnership with the government
noun a contract between two or more persons who agree to pool talent and money and share profits or losses

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.
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. Rowe.

He does possession keep, And is too wise to hazard partnership. Dryden.
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.
(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. Kent. Story. ✍ Community of profit is absolutely essential to, though not necessary the test of, a partnership.
(Arith.) See Fellowship, n., 6.