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Aaron Jacobson, known as the Music Industry Lawyer and owner of Indie Artists Resource, discusses the importance of a band partnership agreement for musicians in a general partnership. He emphasizes that disputes over ownership rights, band names, and finances can arise without a proper agreement in place. Jacobson shares an example of a young artist facing issues when his band was breaking up and needing clarity on song and recording ownership. Indie Artists Resource offers affordable DIY contract templates to help independent musicians handle legal and business matters effectively before hiring an attorney.