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A partnership agreement is a contract between two or more parties engaged in business for profit, detailing the parties involved, the location of the partnership, and the dispute resolution venue. Generally, profits, liabilities, and management duties are shared equally, but unequal distributions can be specified. The agreement may also include a non-compete clause for departing partners. It should accompany a buy-sell agreement to facilitate partnership dissolution or preservation in cases of death or divorce. For further information on partnership agreements, contact the Nevada corporate headquarters at 1-800-508-1729.
