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In this video, Mike discusses the importance of having a well-defined partnership agreement. He shares his experiences as both a sole owner and a partner in various companies. Mike emphasizes that it is crucial for the partnership agreement to outline the roles, responsibilities, and accountability of each partner. He points out that ambiguity in these areas often leads to conflicts, as partners may have differing expectations about each other's contributions. Additionally, he notes that while partners are equals, it’s essential for one person to take a leadership role within the partnership to ensure effective management and accountability.
