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Mike from Mike's Per Duty discusses the importance of having a well-defined partnership agreement for anyone involved in a partnership or considering one. He shares his experience as both a sole owner and a partner in various companies. Key points include the necessity for the partnership agreement to outline each partner's roles, responsibilities, and accountability. Without clearly defined roles, conflicts can arise, as partners may feel their duties are not being met or that others aren't fulfilling their responsibilities. He emphasizes that even in partnerships, it is vital for someone to take the lead to ensure smooth operation.