Shareholder agreements vary considerably from country to country and industry to industry. However, in a typical joint venture or start-up, a shareholders` pact is normally expected to address the following issues: there are also certain risks that may be related to the establishment of a shareholders` pact in certain countries. In addition, shareholder agreements often provide: a shareholders` pact (sometimes called a shareholders` pact in the United States) is an agreement between shareholders or members of a company. In practice, it is analogous to a partnership agreement. It can be said that some legal systems do not properly define the concept of a shareholders` pact, regardless of the definition of the particular consequences of these agreements. There are advantages to the shareholder agreement; to be precise, it helps the company maintain the absence of advertising and maintain confidentiality. Nevertheless, some drawbacks should be taken into account, such as the limited effect on third parties (particularly assignees and stock buyers) and the change of agreed items may take time. In strict legal theory, the relationship between shareholders and those between shareholders and the company is governed by the company`s constitutional documents. [Citation required] However, for a relatively small number of shareholders, such as in a start-up, it is common in practice for shareholders to complete the constitutional document.