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A partnership agreement is a contract between two or more entities engaged in a business for profit. It identifies the parties involved, the partnership's location, and the venue for dispute resolution. Typically, profits, liabilities, and management duties are divided equally in general partnerships, but an unequal distribution can be outlined in the agreement. The partnership agreement may also include a non-compete clause for retiring or departing partners. Additionally, it should accompany a buy-sell agreement to assist with partnership dissolution or preservation in the event of death or divorce. For more information on partnership agreements, contact Nevada corporate headquarters at 1-800-508-1729.