Key issues typically include:
- What the business will do.
- How the business will be managed — who will be responsible for what and how decisions will be taken.
- What financial contributions each individual will make initially, and what will happen if more financing is needed in future.
- How much the business will be able to borrow.
- How profits will be shared or how owner-managers will be paid.
- Individual employment terms — for example, hours worked, holiday entitlement.
- How much income will be taken out of the business and how much reinvested for growth.
- How new shareholders or partners can be brought into the business.
- What will happen if a shareholder or partner wants to leave the business (or sell part of their shareholding) and what their financial entitlements will be.
- How long the business is intended to continue and what will happen if the company is wound up or partnership dissolved.