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Starting a business with partners can be exciting and rewarding but also presents challenges. Many enter partnerships with good intentions yet poor structures. This video aims to outline the fundamentals of partnerships and how to identify a solid partner for long-term success. The speaker shares personal disappointments and emphasizes that choosing an effective partner often relates more to personality than the contributions of the other party. Before exploring what makes a partnership work, the speaker defines partnership as a legal agreement among individuals or entities sharing ownership of a business, essentially a collective endeavor.