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In this tutorial, Mike discusses the significance of having a well-defined partnership agreement. He emphasizes that it's crucial for each partner's roles and responsibilities to be clearly specified to avoid conflicts and misunderstandings. Mike reflects on his own experience, noting that he has both owned companies outright and been a partner in several businesses. He highlights the common issue of partners feeling uncertain about each other's duties, which can lead to frustrations. Ultimately, he asserts that even in a partnership where all are considered equals, someone must take on a leadership role to ensure accountability and clarity within the partnership.
