Party
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From Diablo Wiki
A Diablo 3 party is a group of players joining up to fight diablo and his minions.
In Diablo III, a party will automatically be formed if more than one person joins a game. All experience killed by the party members is shared between them, and loot drops for all players in a given game, instead of just the killing blow player. It is possible to leave a party, for (future) PvP or other reasons.
The maximum number of players in a party was 4 at BlizzCon 2008 build, and Jay Wilson have said that the game looks like it will end up with 4 members of a party.