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A partnership agreement is a governing document that outlines the organization and structure of a partnership. It typically arises from the parties' conduct and can establish various roles, responsibilities, and rights of the partners. In some cases, it is a formal document that details management decisions, control allocation, ownership interests, and the distribution of profits and losses. The partnership agreement may also include modifications to the inherent duties of the partners. It can be compared to corporate bylaws, serving as a framework for how the partnership operates.
