Q: What are partner, firm and firm-name in partnership firm ?

Ans: In accordance with section 4 of partnership act, 1932: 


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. 


Persons who have entered into partnership with one another are called individually, "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm-name".


So persons individually are partners and collectively makes a firm and the name under which business is carried on is the firm- name. 

To make partnership,  partnership deed is required. If two persons agree to share profits, they become partners in partnership firm. 

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