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A partnership agreement is a contract between two or more parties engaged in a business for profit, outlining the involved parties, the partnership's location, and the dispute resolution venue. Typically, general partnerships assume equal division of profits, liabilities, and management duties, though unequal distributions can be specified in the agreement. It may also include a non-compete clause for retiring partners. Additionally, a partnership agreement should be paired with a buy-sell agreement to facilitate the partnership's dissolution or preservation in cases of death or divorce. For more information, contact Nevada corporate headquarters at 1-800-508-1729.