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In this video, Mike from "Mikes per Duty" discusses the significance of a well-defined partnership agreement. He emphasizes the need for clear specifications on the roles, responsibilities, and accountabilities of each partner to prevent misunderstandings. Drawing from his experience as both a sole owner and a partner in various companies, he points out that many partnerships suffer from unclear roles, leading to conflicts where partners may feel another isn't fulfilling their duties. He stresses that even in partnerships of equals, it's crucial for one person to take on a leadership role to ensure effective collaboration and decision-making.