ownership UK /ˈəʊnəʃɪp/US /ˈoʊnɚʃɪp/ noun2 •The state of having complete legal control of something; possession; proprietorship.In the summer, DCC [Devon County Council] transferred ownership of the northern part of the station to NR for a nominal £1, enabling it (and the platform) to become part of the rail network. — 2021 •Responsibility for or control over something.The successful candidate will take ownership of all internal design projects. formsownerships