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A partnership agreement is a contract between two or more individuals or entities engaged in a business for profit. It outlines the parties involved, the location of the partnership, and the venue for resolving disputes. Profits, liabilities, and management duties are generally divided equally, though unequal distributions can be specified in the agreement. Additionally, it may include a non-compete clause for retiring or departing partners. The partnership agreement should work alongside a buy-sell agreement, which can facilitate the dissolution of the partnership or protect it in case of death or divorce. For more information, contact the Nevada corporate headquarters at 1-800-508-1729.