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While the exact terms vary with every partnership, I think the easiest way to sum it up is that an interline agreement is like a friendship, a codeshare agreement is like an engagement, a joint venture is like a marriage, and

Minimum Connecting time is the amount of transfer time, agreed upon in advance between airlines and airport authorities, that is considered sufficient for a passenger to make a connection between an arriving flight and a departing flight.

An interline flight is an agreement between airlines to coordinate passengers with an itinerary that uses multiple airlines, without having to check in again or deal with their baggage at the stopover. The interline relationship is between different legs that