Main Entry: part·ner·ship

Pronunciation: \-ˌship\

Function: noun

Date: 1576

1 : the state of being a partner : participation
2 a : a legal relation existing between two or more persons contractually associated as joint principals in a business b : the persons joined together in a partnership
3 : a relationship resembling a legal partnership and usually involving close cooperation between parties having specified and joint rights and responsibilities