If a word like "requirements" comes up in English to Urdu translation, the first alternative that will come to your mind will most probably be ضروریات. However, the phrase I had to translate was "Confidential Requirements". Here ضروریات would not be the ideal choice. The phrase would be translated as خفیہ مطلوبات. The word ضروریات is a plural form of ضرورت meaning necessities. As that famous saying goes Necessity is the mother of invention. ضرورت ایجاد کی ماں ہے
Thus, a necessity that is ضروریات denotes needs, wants, desires. On the contrary, requirement is asking from someone to submit or to show something. In cricket matches, some runs are required to win. It means it's a formal demand.
Now let's come to Shirkat and Shiraakat. شرکت, شراکت
Shirkat is a verb meaning 'to participate'. شرکت کرنا
Shiraakat is a noun meaning participation: شراکت
However, when I came across a word "participation log sheets" in an English to Urdu translation, I translated it as شرکت کی لاگ شیٹس and not as شراکت کی لاگ شیٹس۔
Why? Because Participation Log sheets would literally mean log sheets related to "participating". Therefore, participation here comes across as a verb to use. Therefore it is appropriate to use شرکت instead of شراکت۔