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A partnership agreement is a contract between two or more entities engaged in a business for profit. It identifies the parties, location, and venue for disputes. General partnerships assume equal division of profits, liabilities, and management duties, but partners can choose unequal distribution. The agreement may include a non-compete clause for retiring partners. It should be used with a buy-sell agreement to aid in dissolution or partnership preservation in case of death or divorce. Contact Nevada Corporate Headquarters for more information.