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Attorney Sarah Holmes from Holmes Business Law PC discusses the implications of not having an operating, buy-sell, or shareholder agreement in business partnerships. She explains that in the absence of these documents, the dissolution of a partnership will be governed by the default rules of the state where the business entity is registered. For instance, if a Pennsylvania LLC lacks an operating agreement, state statutes will dictate how the partnership is handled, which may not align with the partners' intentions. Holmes emphasizes the importance of having proper agreements to avoid undesirable outcomes when exiting a partnership.