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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 experience as both a sole owner and a partner in various companies, he emphasizes the necessity of defining each partner's roles, responsibilities, and accountability. Mike notes that many issues arise when roles are not clearly delineated, leading to disputes over duties. He points out that, despite partnerships being a collaboration of equals, it's crucial for someone to assume a leadership position to ensure effective management and operation of the partnership.