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A partnership agreement is a contract between two or more parties engaged in a profit-driven business. It outlines the involved parties, the partnership's formation location, and dispute resolution venue. Typically, profits, liabilities, and management duties are equally divided, although unequal distributions can be specified in the agreement. It may also include a non-compete clause for retiring or departing partners. Additionally, a partnership agreement should complement an official buy-sell agreement to assist in the partnership's dissolution or preservation in cases of death or divorce. For further details, contact Nevada Corporate Headquarters at 1-800-508-1729.