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Partnerships in business can greatly benefit a company, but without proper organization and management, they are likely to fail. The most successful companies I've started were with partners, regardless of stock ownership, as treating them as equals fosters collaboration towards a common goal, leading to rapid results. Establishing basic rules is essential for maintaining a strong partnership. However, I learned costly lessons from two previous partnerships that I hope others can avoid by learning from my experiences, which can save time and resources compared to enduring similar challenges firsthand.