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A partnership agreement is a contract between two or more entities engaged in profit-oriented business. It outlines the parties involved, the formation location, and the dispute resolution venue. Typically, profits, liabilities, and management duties are shared equally, although partners can agree on an unequal distribution. The agreement may include a non-compete clause for departing partners and should be paired with a buy-sell agreement to facilitate partnership dissolution or preservation in the event of death or divorce. For further information on partnership agreements, contact Nevada corporate headquarters at 1-800-508-1729.
