A Partnership Agreement is a contract among partners who carry on a business as a partnership. This agreement sets out the basic rules on which the partnership operates, e.g. how accounts are prepared. It also sets out the powers and duties of each partner, and most importantly how the profits and losses are shared among them whereas a Business Collaboration Agreement is a contract for two parties to collaborate in a business. It allows them to combine resources and expertise, such as skills, technology, IP, products, or marketing strategies. 

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