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In this video, Mike discusses the importance of having a clear partnership agreement when entering a business partnership. Drawing from his own experiences as both a sole owner and a partner, he emphasizes the need for clearly defined roles, responsibilities, and accountability for each partner. He points out that many partnership disputes arise from vague expectations, where partners might feel that others are not fulfilling their duties properly. Mike stresses that even in partnerships where partners are considered equals, it is crucial to designate someone to take the lead and ensure effective management of the business.