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A partnership agreement is a contract between two or more parties involved in a profit-driven business. It outlines the parties involved, the location of the partnership, and how disputes will be handled. Generally, profits, liabilities, and management tasks are shared equally, though partners can choose an unequal distribution specified in the agreement. Additionally, the agreement may include a non-compete clause for retiring partners. It should be paired with a buy-sell agreement to help manage the partnership's dissolution or continuity in cases like death or divorce. For further information, contact Nevada Corporate Headquarters at 1-800-508-1729.