Virtual teams have been defined as teams of self managed knowledge workers, linked by information technology to share skills, costs and access to each other’s markets. The key purpose of such teams is “new knowledge creation,” an in-depth understanding of which can only be developed in the context of the complex interaction processes involved. The focus of this study, therefore, is the dynamics of organising social activities in which knowledge is embedded. The chapter aims to contribute to the debate about the unique nature of the knowledge creation processes in virtual partnerships by offering an integrated view on knowledge management and inter-organisational interaction and communication patterns in virtual teams being a powerful combination for the future of knowledge management practices. The chapter presents an initial conceptual framework of knowledge creation in virtual partnerships, which builds on recent research studies and theoretical developments in virtual team dynamics, knowledge networking and biological phenomenology.