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A partnership agreement is a contract between two or more parties engaged in a profit-making business. It outlines the parties involved, the location of the partnership, and the venue for resolving disputes. Typically, profits, liabilities, and management duties are shared equally among partners, though unequal distributions can be specified in the agreement. The partnership agreement may also include a non-compete clause for retiring or departing partners. Additionally, it should be used alongside an official buy-sell agreement, which aids in resolving disputes or preserving the partnership in cases of death or divorce. For more information, contact the Nevada corporate headquarters at 1-800-508-1729.
