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A partnership agreement is a formal document that outlines the organization, structure, and management of a partnership, distinguishing it from an at-will partnership that arises through the parties' conduct without specific terms. This agreement details the partners' roles, responsibilities, ownership interests, and the allocation of profits and losses. It may also include modifications to the partners' duties. Essentially, the partnership agreement serves as the governing document that provides clarity and structure to the partnership, similar to how corporate bylaws function for a corporation.