If there is no shareholder pact, fluctuating co-founders may find it easier to leave the start-up and venture with the company`s ideas and framework conditions. We can identify three phases in which a shareholder pact is necessary and important for a start-up: a shareholder pact could include a mechanism requiring a shareholder to put his shares up for sale to the remaining shareholders and/or the company before selling them to external third parties. Although directors are responsible for the day-to-day management of a company`s affairs, the shareholders` pact may give shareholders the right to approve certain decisions that they feel are not left to the discretion of directors (for example. B, a global pivot of the company`s activity, changes to the company`s statutes, etc.). Pablo Mancéa, co-founder of Delvy Law – Finance, explains why startups must have a shareholder contract and what are the main clauses to include. At this point, the start-up would generally have some time to exist, so a shareholder contract may have the above and other objectives, for example, when a new founder enters the company or the start-up investors support the company. At this point, two things could happen: in the start-up phase, the shareholders` pact will be used primarily to address the fundamental issues concerning the relationship between the founders, starting with their participations, contributions, commitments and roles, commitment to the company, vesting rules, etc. Another recurring question is the role of the start-up itself – is it a real SHA party or not? Reviews end very differently, but from our point of view, the start-up itself should also be part of the SHA, as some SHA conditions also influence the startup itself, since the launch is not in itself linked to the SHA, if the start-up is not a real party. Another solution is that the launch process is not a real part of the SHA, but that the launch is required in writing to comply with the SHA conditions that affect them. However, if you are the founder of a Finnish startup, you should always keep in mind that, although the startup is a SHA party, it cannot comply with the SHA if it meant that the start-up would not comply with the Finnish law on limited companies.