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A partnership agreement is a contract between two or more individuals or entities involved in a business for profit. It outlines the parties, the location of the partnership, and the venue for disputes. While general partnerships typically divide profits, liabilities, and management duties equally, the agreement can specify unequal distributions. It may also include a non-compete clause for retiring or departing partners. Additionally, a partnership agreement should be accompanied by a buy-sell agreement to facilitate the partnership's dissolution or preservation in cases of death or divorce. For more information, contact the Nevada corporate headquarters at 1-800-508-1729.
