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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 location of the partnership, and the dispute resolution venue. Typically, profits, liabilities, and management duties are shared equally, although unequal distributions can be specified in the agreement. The document may also include a non-compete clause for retiring or departing partners. Additionally, it should accompany a buy-sell agreement to assist in partnership dissolution or preservation in cases like death or divorce. For more information, contact the Nevada corporate headquarters at 1-800-508-1729.
