Partnership

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Partnership is a relationship between two legal entities that involves working closely together to achieve common goals and objectives.

The partnership that doesn't result in a separate legal entity is known as strategic alliance.
The partnership that forms a separate legal entity is known as legal partnership.

Definitions

According to the ITIL Foundation 4e by Axelos,

Partnership. A relationship between two organizations that involves working closely together to achieve common goals and objectives.

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Information Technology