A shareholders' agreement is one of the most important documents a company will ever sign — yet most founders only discover its gaps when something goes wrong. This post sets out what it should actually contain, and what is most commonly missed.

Participating and non-participating liquidation preferences can lead to very different exit outcomes, particularly in mid-range exits where structure matters more than headline valuation.

Liquidation preferences determine who gets paid first on an exit, and why headline valuation does not always translate into proportionate returns.

Valuation caps and discounts quietly shape how equity is allocated when a convertible note converts, often in ways founders only appreciate much later.

Drag-along and tag-along rights quietly determine who controls a company sale, and who must follow once a deal is agreed.

Anti-dilution clauses are often overlooked at the start of a funding journey, but they shape outcomes most when valuations fall and leverage disappears.