ADFS Trust possible with Azure ADDS

Hello

Is it possible to setup an ADFS trust with a partner company if my company is only using Azure ADDS P1 plan?  

My understanding is Azure ADDS is not the same as an on premise AD, and some features you cannot get.  Azure ADDS allows you to manage accounts for clouds apps like O365, but you can't use that directory for non-cloud application like a local Web app with a SQL DB.