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A partnership agreement is a contract between two or more entities engaged in business for profit. It outlines the parties involved, the partnership's location, and the dispute resolution venue. Generally, profits, liabilities, and management duties are shared equally, though unequal distributions can be specified within the agreement. Additionally, it may include a non-compete clause for retiring or departing partners. A partnership agreement should complement an official buy-sell agreement, facilitating partnership dissolution or preservation in cases of death or divorce. For further information on partnership agreements, contact the Nevada corporate headquarters at 1-800-508-1729.