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A partnership agreement is a formal document that outlines the organization and structure of a partnership. Unlike an at-will partnership, which arises through the actions of the parties involved, a partnership agreement stipulates various elements such as rights, roles, responsibilities, management decisions, control, ownership interests, and profit or loss allocation. This agreement serves as the governing document for the partnership, similar to how bylaws function for a corporation. It can also include modifications to the duties and relationships among the partners. Overall, a partnership agreement provides clarity and structure to the collaborative efforts of the partners involved.