In a private limited company with multiple shareholders to set out, amongst other things, terms governing the relationship between the parties, issue and transfer of shares and directorships. See Standard document, Shareholders' agreement between individuals.

In a joint venture to deal with the ongoing relationship of the joint venturers as shareholders in the joint venture company, and covering such issues as appointment of directors, distribution policies and reserved matters for shareholders. See Joint ventures toolkit.

In a management buyout transaction, the investment agreement is sometimes known as the shareholders' agreement and evidences the commitment of both the private equity provider and the management team to subscribe for shares in the new company. It also sets out the rights attaching to these shares, regulates their transfer, provides for the running of the new company and contain warranties from the management team in favour of the private equity provider. See Standard document, Investment agreement: non-leveraged investment and Practice note, Private equity buyouts: overview.