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A partnership agreement is a contract among two or more individuals or entities involved in a profit-making business. It details the parties involved, partnership formation location, and dispute resolution venue. Generally, profits, liabilities, and management duties are shared equally, but partners can opt for an unequal distribution, which should be outlined in the agreement. It may also include a non-compete clause for retiring partners. Furthermore, a partnership agreement should accompany a buy-sell agreement, which can help manage the partnership’s dissolution or continuity in cases like death or divorce. For more information, contact Nevada corporate headquarters at 1-800-508-1729.
