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A partnership agreement is a contract between two or more parties engaged in business for profit, outlining the parties involved, the partnership's location, and the venue for resolving disputes. Typically, profits, liabilities, and management duties are shared equally, although unequal distributions can be specified in the agreement. It may also include a non-compete clause for departing partners. Additionally, the agreement should complement an official buy-sell agreement, which helps in the dissolution or preservation of the partnership during events like death or divorce. For more information, contact Nevada corporate headquarters at 1-800-508-1729.
