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The speaker discusses the importance of having clear agreements when partnering with others in business. They recount two recent cases involving students who faced challenges in their partnerships. In one situation, two members from an owner forum attempted to form a partnership. In another, a member met a new partner at a boot camp, leading to potential collaboration with a third individual. The speaker emphasizes the need for written agreements and outlines basic questions to ask, including how the partners know each other and the nature of informal agreements. The message underscores the necessity of protecting oneself through clear documentation and understanding in business partnerships.