A Partnership Agreement is an accord or contract between two or more persons or entities, engaged in a business for profit. The agreement identifies the parties, location of the formation of the partnership, as well as the venue for disputes. General partnerships assume that profits, liabilities and management duties are divided equally; however, partners may elect an unequal distribution which may be spelled out in a partnership agreement. A Partnership Agreement may additionally contain a non-compete agreement for retiring or departing partners. Furthermore, a Partnership Agreement should be used in conjunction with an official Buy/Sell Agreement which may aid and/or assist in the dissolution of the partnership or the preservation of a partnership in the event of a death or divorce.
To learn more about partnership agreements, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.