Partnership Firm Incorporation. A General Partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the Partnership Deed. This structure is thought to have lost its relevance since the introduction of the Limited Liability Partnership (LLP) because its partners have unlimited liability, which means they are personally liable for the debts of the business in case of any adverse scenario. However, low costs, ease of setting up and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Indian Partnership Act 1932 is the governing law which regulates the partnership firms in India.As per the act “Partnership is 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 in a partnership is 10 for a banking business and 20 for other businesses to enter into a partnership firm. Registration is optional for General Partnerships. Contact our MeraProfit experts now to know the recent partnership deed format. Also, partnership firm registration online can be done with a few documents in simple steps.