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A firm or company established between two or more partners with the goal of earning profit is named as a Partnership Firm.It is not compulsory to register a partnership firm but there are added advantages if a partnership firm is registered.Partnership deed is that the legal instrument which is made to make a partnership firm.   Indian Partnership Act 1932 is that the governing law which regulates the partnership firms in India.As per the act “Partnership is that the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”. Maximum number of members during a partnership is 10 for a banking business and 20 for other businesses to enter into a partnership firm.