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A partnership agreement is a contract between two or more parties engaged in a for-profit business. It outlines the involved parties, the formation location of the partnership, and the venue for resolving disputes. In general partnerships, profits, liabilities, and management duties are typically divided equally, although partners can opt for an unequal distribution specified in the agreement. The document may also include a non-compete clause for departing partners. Additionally, it should be used alongside a buy-sell agreement to assist with partnership dissolution or preservation in cases of death or divorce. For further information, contact Nevada corporate headquarters at 1-800-508-1729.
