Source : Webster's Revised Unabridged Dictionary (1913)

Partnership \Part"ner*ship\, n.
   1. 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.

   2. 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.

   3. 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.

   4. (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.

   Note: Community of profit is absolutely essential to, though
         not necessary the test of, a partnership.

   5. (Arith.) See {Fellowship}, n., 6.

   {Limited partnership}, a form of partnership in which the
      firm consists of one or more general partners, jointly and
      severally responsible as ordinary partners, and one or
      more special partners, who are not liable for the debts of
      the partnership beyond the amount of cash they contribute
      as capital.

   {Partnership in commendam}, the title given to the limited
      partnership (F. soci['e]t['e] en commandit['e]) of the
      French law, introduced into the code of Louisiana.
      --Burrill.

   {Silent partnership}, the relation of partnership sustained
      by a person who furnishes capital only.

Source : WordNet®

partnership
     n 1: the members of a business venture created by contract
     2: a contract between two or more persons who agree to pool
        talent and money and share profits or losses