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A partnership agreement is a contract between two or more parties engaged in a for-profit business. It outlines the parties involved, the partnership's formation location, and dispute resolution venue. Generally, profits, liabilities, and management duties are shared equally, but partners can opt for an unequal distribution detailed in the agreement. It may also include a non-compete clause for retiring or departing partners. Additionally, the agreement should accompany a buy-sell agreement to facilitate partnership dissolution or preservation in cases of death or divorce. For more information, contact Nevada corporate headquarters at 1-800-508-1729.
