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A partnership agreement is a contract between two or more individuals or entities engaged in a profit-driven business. It outlines the parties involved, the location of the partnership formation, and the venue for resolving disputes. While general partnerships typically split profits, liabilities, and management duties equally, they may specify an unequal distribution in the agreement. The partnership agreement can also include a non-compete clause for retiring or departing partners. Additionally, it should be used alongside a buy-sell agreement to facilitate the partnership's dissolution or preservation in cases of death or divorce. For further information, contact Nevada Corporate Headquarters at 1-800-508-1729.
