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A partnership agreement is a contract between two or more parties engaged in a business for profit, outlining the parties involved, the partnership's location, and the dispute resolution venue. It typically assumes equal sharing of profits, liabilities, and management duties but can specify unequal distributions. The agreement may also include non-compete clauses for departing partners. It should be paired with an official buy-sell agreement to assist in partnership dissolution or preservation in events like death or divorce. For further information, contact the Nevada corporate headquarters at 1-800-508-1729.
