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A partnership agreement is a contract between two or more entities engaged in business for profit, outlining the parties involved, the partnership's formation location, and dispute resolution venue. While general partnerships typically divide profits, liabilities, and management duties equally, partners can opt for an unequal distribution as detailed in the agreement. It may also include a non-compete clause for departing partners. Additionally, a partnership agreement should work alongside a buy-sell agreement to facilitate the partnership’s dissolution or preservation in cases of death or divorce. For further information on partnership agreements, contact the Nevada corporate headquarters at 1-800-508-1729.