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A partnership agreement is a key document that outlines the organization and structure of a partnership. Unlike an at-will partnership, which arises from the conduct of the parties without a formal agreement, a partnership agreement explicitly allocates rights, roles, responsibilities, and management decisions among partners. It defines control, ownership interests, and profit or loss distribution. Additionally, it can detail modifications to the partners' duties within the partnership. Essentially, this agreement serves as the governing document, similar to the bylaws of a corporation, establishing how the partnership operates.