+1 on getting a good shareholders agreement from the start, even without investors. It’s good practice in case there are issues between the founders. However,

+1 on getting a good shareholders agreement from the start, even without investors. It’s good practice in case there are issues between the founders. However, in regards to angels, the shareholders agreement won’t work if they invested money through a convertible note. At least before converting, during which time they are creditors of the company and not shareholders, which actually gives them some additional leverage. Hence, I recommend using something like a SAFE if needed, instead of a convertible note.