the state or condition of being a partner; participation; association; joint interest.
the relation subsisting between partners.
the contract creating this relation.
an association of persons joined as partners in business.

1570–80; partner + -ship

prepartnership, noun Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
partnership (ˈpɑːtnəʃɪp)
1.  a.  a contractual relationship between two or more persons carrying on a joint business venture with a view to profit, each incurring liability for losses and the right to share in the profits
 b.  the deed creating such a relationship
 c.  the persons associated in such a relationship
2.  the state or condition of being a partner

Collins English Dictionary - Complete & Unabridged 10th Edition
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American Heritage
Cultural Dictionary

partnership definition

An association of two or more persons to conduct a business. In contrast to a corporation, those who engage in a partnership are liable for debts incurred by the company to the full extent of their private fortunes rather than merely to the extent of their investment.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Example sentences
One partnership ran for many years but does not now operate, because of a
  change in strategy by the foreign partner.
It has good links with local business through a business partnership programme,
  guest speakers and executives in residence.
The plan emphasizes the need to share knowledge and scientific capacity, and
  establishes a new type of conservation partnership.
In partnership with curators and museum directors, they transform ideas into
  exhibit plans.
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