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A partnership agreement is a contract between two or more entities engaging in a profit-driven business. It outlines the parties involved, the location of the partnership, and the venue for resolving disputes. Generally, profits, liabilities, and management duties are shared equally, though partners can specify unequal distributions in the agreement. The partnership agreement may also include a non-compete clause for retiring or departing partners. Additionally, it should be paired with a buy-sell agreement to aid in the partnership's dissolution or preservation in cases of death or divorce. For more information, contact Nevada corporate headquarters at 1-800-508-1729.
