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1 : the action or state of taking part in something: as
a : association with others in a relationship (as a partnership) or an enterprise usually on a formal basis with specified rights and obligations [a loan made directly or in with a bank]
b : profit sharing
2 a : something in which shares are taken by more than one party
b : something that results in a share (as of a distribution)
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.