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A partnership agreement is a contract between two or more entities engaged in a business for profit. It outlines the parties involved, the partnership's location, and the venue for resolving disputes. While general partnerships typically share profits, liabilities, and management duties equally, 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 accompany a buy-sell agreement, which can facilitate the dissolution of the partnership or help maintain it in case of death or divorce. For further information about partnership agreements, contact Nevada corporate headquarters at 1-800-508-1729.
