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Mike's Per Duty discusses the importance of a well-defined partnership agreement. He shares insights from his experience as both a sole owner and a partner in multiple companies. Mike emphasizes that a partnership agreement should clearly specify each partner's roles, responsibilities, and accountability to prevent conflicts. He highlights a common issue where partners lack defined roles, leading to misunderstandings about tasks and expectations. Mike points out that, although partners are equal, someone must take on a leadership role to ensure the partnership functions smoothly. Clear agreements lead to better collaboration and accountability among partners.
