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A partnership agreement is a contract between two or more parties engaged in a for-profit business. It outlines the parties involved, the location of the partnership's formation, and the venue for resolving disputes. While general partnerships typically divide profits, liabilities, and management duties equally, the agreement can specify an unequal distribution. It may also include a non-compete clause for departing partners. Additionally, a partnership agreement should accompany a buy-sell agreement, which helps manage the partnership in cases of dissolution, death, or divorce. For more information, contact Nevada corporate headquarters at 1-800-508-1729.
