If you need an exact copy of a virtual machine, you can clone it. A clone is a separate virtual machine fully identical to the original one. To make a clone:
Start Parallels Desktop.
In Control Center, select the virtual machine you want to clone (it must be shut down) and choose File > Clone.
Choose where you want to store the clone.
By default, Parallels Desktop stores clones in the ~/Parallels folder.
Click Save to start cloning the virtual machine.
Note: This feature is only available in Parallels Desktop for Mac Pro Edition.
A linked clone is a virtual machine that shares virtual hard disks with the parent virtual machine. This technology allows multiple virtual machines to use the software installed on the parent virtual machine hard disk. This way, users can save space on the Mac's hard disk. To create a linked clone:
Start Parallels Desktop.
In Control Center, select the virtual machine you want to clone (it must be shut down) and choose File > New Linked Clone.
Choose where you want to store the clone.
By default, Parallels Desktop stores linked clones in the folder where the original virtual machine is located.
Click Save to start cloning the virtual machine.
If you want to transfer a linked clone elsewhere, you first need to convert it to a standalone machine. To do that, go to the Parallels Desktop Control Center, right-click the linked clone, and select the Unlink Clone option.
This will convert the linked clone into a standalone, unlinked clone of the original machine.
Note: Unlike a linked clone, this new unlinked clone will occupy its own disk space roughly equivalent to the size of the original virtual machine. Make sure you have enough before proceeding with this operation.