notary

No better than unregistered deed.

An unregistered partnership is per se not illeggal or unlawful. However, the legal position is that while cases can be filed against unregistered firm by its Creditors and  other injured parties, unregistered Partnership firm cannot even file suit against its Debtors.

Therefore, it's always better to get the Partnership firm registered.

Please search in google as to what is Registration of firm, Advantages/Disadvantages of such non registration, Partnership deed registration etc.   It is presumed that you are speaking about partnership deed (Agreement) in between the partners showing duties, powers and responsibilities of individual members.  Registration of a firm is not compulsory.

Registration of a partnership deed is not compulsory. But, if a Partnership firm trues to open a Bank account without registration of the deed, account shall not be opened. 

The fusadvantagesI already given above.

Sorry to differ with Sri Sivaramaprasad, even without registration of the deed, banks do open accounts of firms by obtaining a partnership letter format available in their banks.  

What are the facts? What is the context?