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In this tutorial, Mike discusses the importance of a well-defined partnership agreement. He shares his experience in both sole ownership and partnerships, emphasizing that clarity in roles and responsibilities is crucial for partners. Mike notes that many issues arise from unclear expectations, leading to conflicts over responsibilities. He highlights the need for accountability within the partnership, stressing that despite equal ownership, it is vital to establish who is responsible for what tasks. Ultimately, a clear partnership agreement helps prevent misunderstandings and ensures smooth collaboration among partners.