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A partnership agreement is a contract between two or more parties involved in a profit-driven business. It outlines the participants, the partnership's formation location, and the venue for resolving disputes. Generally, profits, liabilities, and management duties are shared equally, but the partners can choose an unequal distribution specified in the agreement. It may also include a non-compete clause for retiring or departing partners. Additionally, a partnership agreement should be paired with a buy-sell agreement to facilitate partnership dissolution or maintain it in cases of death or divorce. For more information, contact Nevada corporate headquarters at 1-800-508-1729.