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Lit., "with regard to whom there are [several] partners (shuraka')", i.e., as masters: a metaphor for belief in a plurality of divine powers.
The term mathal, which is usually rendered by me as "parable" (e.g., at the beginning of this verse as well as in verse {27}), primarily denotes a "likeness", i.e., of one thing to another; but sometimes it is used tropically as a synonym for sifah (the "quality", "intrinsic attribute" or "nature" of a thing) or halah (its "state" or "condition"). In the present instance, the last mentioned of these meanings is most appropriate, inasmuch as it alludes to man's condition arising from either of two contrasting attitudes: a belief in God's transcendental oneness and uniqueness on the one hand, and a readiness to ascribe divine powers and qualities to a variety of created beings or supposed "incarnations" of God, on the other.
The slave owned by several quarrelsome masters will always be confused because their masters will always give them conflicting orders—similarly, one who worships multiple gods will never find peace between them. This parable is a logical argument against the existence of multiple gods, since each god would try to covet what it created. See 23:91 for a similar argument.
The difference between the creed of Polytheism and the Gospel of Unity is explained by the analogy of two men. One belongs to many masters; the masters disagree among themselves, and the poor man of many masters has to suffer from the quarrel of his many masters; it is an impossible and unnatural position. The other serves only one master, his master is good, and does all he can for his servant; the servant can concentrate his attention on his service; he is happy himself and his service is efficiently performed. Can there be any doubt as to (1) which of them is the happier, and (2) which of them is in a more natural position? No man can serve two, still less numerous, masters.
Allah is praised that He has put us, not under gods many and lords many, but has, out of Hiis infinite Mercy, allowed us direct approach to Him, the One, the True, the Eternal.