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Partnership: meaning, definitions and examples

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partnership

 

[ˈpɑːrtnərʃɪp ]

Definition

Context #1 | Noun

business

A partnership is a business structure in which two or more individuals manage and operate a company in accordance with the terms and objectives set out in a Partnership Deed. Each partner shares the organization's profits and losses, as well as the risks and responsibilities associated with the business.

Synonyms

alliance, association, collaboration.

Which Synonym Should You Choose?

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Word Description / Examples
partnership

Often used in business or personal contexts to describe a relationship where two or more parties work together with shared goals and responsibilities. It implies a formal, often legal, agreement.

  • We formed a partnership to develop new software.
  • Their partnership has lasted for over a decade.
association

Typically used to describe a group or organization formed for a specific purpose, often related to industry, profession, or interest. It can also mean a loose connection between ideas or entities.

  • She joined a professional association to network with others in her field.
  • The association of the two events led to new discoveries.
collaboration

Used to describe a situation where people or organizations work together on a project or task, usually emphasizing the process of working together rather than the formal agreement.

  • Their collaboration on the research paper was very successful.
  • The band's latest album is a collaboration with several top producers.
alliance

Used to describe a relationship, usually between organizations or countries, where parties agree to cooperate for mutual benefit. Often implies a strategic and formal agreement.

  • The countries formed an alliance to address climate change.
  • Our companies entered into an alliance to improve supply chain efficiency.

Examples of usage

  • John and Sarah entered into a partnership to start their own consulting firm.
  • The partnership agreement outlined the roles and responsibilities of each partner.

Interesting Facts

Historical Origins

  • The concept of partnership dates back to ancient Rome, where it was used in various forms of commerce and trade.
  • In the Middle Ages, partnerships became formalized with the rise of guilds, which were associations of artisans and merchants.
  • The first recorded legal partnership in England occurred in the 17th century, where laws started to protect the interests of partners.

Business

  • Business partnerships can come in different forms, including limited partnerships where some partners may have limited liability.
  • The concept of a 'partnership' is essential in the law, governing the rights and duties of partners in a business setting.
  • Some famous companies, like Ben & Jerry's, started as partnerships, showing how two individuals can create something impactful together.

Psychology

  • Research shows that partnerships can improve problem-solving skills, as diverse perspectives lead to more creative solutions.
  • Partnerships in personal relationships, like friendships or marriage, often enhance emotional support and happiness.
  • The strength of a partnership can depend on effective communication, trust, and shared goals between individuals.

Pop Culture

  • In movies like 'Lethal Weapon,' partnerships between characters are central to the storyline, showcasing teamwork and camaraderie.
  • The popular TV show 'Friends' highlights the importance of friendships as partnerships, where characters support each other through ups and downs.
  • In sports, famous duos like Michael Jordan and Scottie Pippen exemplify how partnerships can lead to success and victory.

Education

  • Educational partnerships between schools and communities can enhance student learning by providing real-world experiences.
  • Collaborative partnerships in classrooms encourage peer learning and improve social skills among students.
  • Many universities have partnerships with businesses, helping students gain internships and job placements after graduation.

Translations

Translations of the word "partnership" in other languages:

🇵🇹 parceria

🇮🇳 साझेदारी

🇩🇪 Partnerschaft

🇮🇩 kemitraan

🇺🇦 партнерство

🇵🇱 partnerstwo

🇯🇵 パートナーシップ

🇫🇷 partenariat

🇪🇸 asociación

🇹🇷 ortaklık

🇰🇷 파트너십

🇸🇦 شراكة

🇨🇿 partnerství

🇸🇰 partnerstvo

🇨🇳 伙伴关系

🇸🇮 partnerstvo

🇮🇸 samstarf

🇰🇿 серіктестік

🇬🇪 პარტნიორობა

🇦🇿 əməkdaşlıq

🇲🇽 asociación

Word Frequency Rank

At position #2,733, this word belongs to solid intermediate vocabulary. It's frequently used in both casual and formal contexts and is worth learning for better fluency.