A partnership is an arrangement where parties agree to cooperate to advance their mutual interests.
Incorporation, n. The act of uniting several persons into one fiction called a corporation, in order that they may be no longer responsible for their actions. A, B and C are a corporation. A robs, B steals and C (it is necessary that there be one gentleman in the concern) cheats. It is a pundering, thieving, swindling corporation. But A, B and C, who have jointly determined and severally executed every crime of the corporation, are blameless. [Ambrose Bierce, 1885] 
13c, joint heir, partition, portion, partition, part holder, Partnership in the commercial sense is attested from c.1700. 
Ship ~ state, condition of being,to create, ordain, appoint.