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Bastero} et al. [Proc. Am. Math. Soc. 128, No. 11, 3329--3334 (2000; Zbl 0957.42010)] proved that the commutator \\([b,M]\\) between multiplication by \\(b\\) and application of the Hardy-Littlewood maximal function \\(Mf(x)=\\sup_{x\\in Q} m_Q(\\vert f\\vert)(x)\\) (where \\((m_Q f)(x)=\\frac{1}{\\vert Q\\vert}\\int Q f\\)) is bounded on \\(L^p\\), \\(1<p<\\infty\\), if and only if \\(b\\in {\\mathrm{BMO}}\\) with \\(b^{-}\\in L^\\infty\\) (\\(b^{-}(x)=-\\min\\{b(x),0\\}\\)). In contrast, \\textit{J. Garc\u00eda-Cuerva} et al. [Indiana Univ. Math. J. 40, No. 4, 1397--1420 (1991; Zbl 0765.42012)] previously proved that the maximal commutator \\(M_bf(x)=\\sup_{x\\in Q} m_Q(\\vert (b(x)-b(\\cdot))f(\\cdot)\\vert)\\) is bounded on \\(L^p\\), \\(1<p<\\infty\\), if and only if \\(b\\in {\\mathrm{BMO}}\\). The present work studies commutators with the bilinear maximal operator \\(\\mathcal{M}(f,g)(x)=\\sup_{x\\in Q}m_Q( \\vert f(\\cdot) g(2x-\\cdot)\\vert)\\). In this case there are two separate commutators, one associated with difference in each of the two arguments of the bilinear operator. Specifically, \\[ [b,\\mathcal{M}]_1(f,g)(x)= b(x) \\mathcal{M}(f,g)(x)-\\mathcal{M}(bf,g)\\] and \\([b,\\mathcal{M}]_2(f,g)(x)\\) defined similarly with multiplication by \\(b\\) now applied to \\(g\\) in the second argument. Corresponding maximal commutators are defined, e.g., \\[\\mathcal{M}_b^{(1)}(f,g)(x)=\\sup_{x\\in Q} m_Q(\\vert b(x)-b(y)\\vert \\vert f(y)g(2x-y)\\vert)\\] with \\(\\mathcal{M}_b^{(2)}(f,g)(x) =\\mathcal{M}_b^{(1)}(g,f)(x)\\). Two theorems establish that boundedness of such a commutator on a product space is equivalent with \\(b\\) belonging to BMO or \\(b\\in {\\mathrm{BMO}}\\) and \\(b^{-}\\in L^\\infty\\). Two additional theorems provided equivalence of boundedness with membership of \\(b\\) in a Lipschitz space for suitable exponents.\\par In the first two results one chooses \\(1<p,p_1,p_2<\\infty\\) with \\(\\frac{1}{p_1}+\\frac{1}{p_2}=\\frac{1}{p}\\) and \\(b\\in L^1_{\\mathrm{ loc}}\\). Boundedness of \\(\\mathcal{M}_b^{(1)}\\) from \\(L^{p_1}\\times L^{p_2}\\to L^p\\) is equivalent to \\(b\\in {\\mathrm{BMO}}\\) (Thm.~1,1) while the same boundedness for \\([b,\\mathcal{M}]_1\\) is equivalent to \\(b\\in {\\mathrm{BMO}}\\) and \\(b^{-}\\in L^\\infty\\) (Thm.~1.2). The remaining two main results consider whether \\(b\\) belongs to a Lipschitz space. In these results one fixes \\(0<\\alpha<1\\) and \\(1<p_1,p_2,q<\\infty\\) with \\(\\frac{1}{p_1}+\\frac{1}{p_2}-\\frac{1}{q}=\\frac{\\alpha}{n}\\). In this setting, boundedness of \\(\\mathcal{M}_b^{(1)}\\) from \\(L^{p_1}\\times L^{p_2}\\to L^q\\) is equivalent to \\(b\\in {\\mathrm{ Lip}}_\\alpha\\) (Thm.~1.3) while the same boundedness for \\([b,\\mathcal{M}]_1\\) is also equivalent to \\(b\\in {\\mathrm{Lip}}_\\alpha\\) in the event that \\(b\\geq 0\\) (Thm.~1.4). There is not an obvious analog of ``\\(b^{-}\\in L^\\infty\\)'' for the Lipschitz case. \\par Each of the main results also estblishes that boundedness of the commutator from the product space to the Lebesgue space (\\(L^p\\) or \\(L^q\\)) is also equivalent to boundedness from the same product space to the Lorentz space \\(L^{p,\\infty}\\) or \\(L^{q,\\infty}\\) respectively. The latter relies on extension of a result of \\textit{J. Bastero} et al., Proc. [Am. Math. Soc. 128, No. 11, 3329--3334 (2000; Zbl 0957.42010)] stating that \\(b\\in {\\mathrm{BMO}}\\) and \\(b^{-}\\in L^\\infty\\) is equivalent to finiteness of the norm (modulo constants) \\(\\Vert b\\Vert_{{\\mathrm{BMO}}_p^-}=\\sup_Q m_Q (\\vert b-M_Q(b)\\vert)\\) where \\(M_Q(b)=M(\\chi_Q b)\\). The extension here replaces \\(\\Vert b\\Vert_{{\\mathrm{BMO}}_p^-}\\) with a suitable weak-type norm. The first results rely on a boundedness property of composition of the sharp maximal function with an \\(s\\)-maximal commutator \\(M_{b,s}f(x)=(\\sup_{x\\in Q} m_Q(\\vert b(x)-b(\\cdot)\\vert ^s\\vert f(\\cdot)\\vert 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