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A partnership agreement is a contract between two or more parties engaged in a business for profit. It identifies the parties, location of formation, and dispute venue. General partnerships typically divide profits, liabilities, and management duties equally, but partners can choose unequal distribution. The agreement may include a non-compete clause for retiring partners. It is recommended to have a buy-sell agreement in place for partnership dissolution, death, or divorce. Contact Nevada Corporate Headquarters for more information.
