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.

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

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