Governing Docs & Shareholder Agreements
Governing documents lay out ownership of the LLC or corporation and the roles, duties and structure of management. Such issues include, but are not limited to, how ownership units can be bought and sold, how conflicts of interest will be handled, and the annual meeting format.
The Shareholders Agreement is a document that lays out the responsibility of each shareholder (individuals who own shares in the company) and their relationship to the corporation.