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In this tutorial, Mike discusses the importance of having a well-defined partnership agreement when entering into a business partnership. He shares his experiences, both as a sole owner and as a partner in various companies. A key element of the partnership agreement is clearly specifying each partner's roles, responsibilities, and accountability. Mike emphasizes that without these defined roles, conflicts can arise when partners perceive discrepancies in each other's contributions. He highlights the necessity for structure within the partnership, noting that while partners are equals, there must be a designated individual who can take the lead when needed.
