Pārt'ner-shĭp, n.

n. 1. The state or condition of being a partner; participation with another.

2. The association of two or more persons for the purpose of undertaking and prosecuting any business, or an association thus formed; a standing or permanent company; a firm or house.
3. (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.

College. Kent. Story. ☞ Community of profit is absolutely essential to, though not necessarily the test of, a partnership. Lindley. Bissell. Silent partnership, one in which capital only is furnished by one or more partners, having no action, direction, or co-operation in the business.