They mean nothing in the eye's of the KC or the eyes of the law, and this is from experiance.
We had a bitch that we had in joint ownership, with fully signed contracts. We bred the bitch but she lived with the other owner and when she should have had puppies the other owner decided that they were not going to breed her and that they would sell her on.
As you can imagine the s**t hit the fan and we asked for her back ( they had not paid for her ) and they refused moved house twice to avoid us , we contacted the police , they could do nothing, we then learned that they had forged our signiture to have her in their name only, we spoke to the KC and they said that they would do nothing apart from note in on the PC, it has taken us 3 years to get the bitch back, finally we have her here safe and sound, but only due to never giving up.
It is a minefield, the people that we had her with in partnership we had known for 10 years and we trusted them, just goes to show you.
Would never do it again.
Peanuts

I have owned a dog in partnership, but as the others say it could go pear shaped if you need to go to law.
I do feel though if you go into a partnership it does need to be put in writing and every eventuality covered that you can think of.
It is something to be avoided generally as it is an easy way to fall out with the best of friends.
Ours worked fine, but could easily not have, as each partners expectations can vary.