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In this video, Mike discusses the importance of having a clear partnership agreement when entering a business partnership. He shares his experiences as both a sole owner and a partner in various companies. Mike emphasizes that the agreement should explicitly outline each partner's roles, responsibilities, and accountability. He highlights a common issue where partners have unclear expectations, leading to conflicts about their duties. He advocates for establishing defined roles within the partnership to ensure effective collaboration and avoid misunderstandings. Additionally, he notes that, despite being equal partners, one person may need to take the lead in certain aspects.
