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A partnership agreement is a contract between two or more parties engaged in a profit-driven business. It outlines the parties involved, the partnership's formation location, and dispute resolution venue. Typically, profits, liabilities, and management duties are shared equally, although partners can opt for an unequal distribution as specified in the agreement. It may also include a non-compete clause for retiring or departing partners. Additionally, a partnership agreement should be paired with an official buy-sell agreement to assist with dissolution or preservation in cases of death or divorce. For more information, contact Nevada Corporate Headquarters at 1-800-508-1729.