It is critical to set out the terms and conditions of a collaboration and cooperation with partners early on. These key elements of the engagement shall include without limitation the name, object and purpose, location, term, shares, organs such as shareholders, directors and officers, rights and obligations, profits, dividends, audits, disputes and others. It is very popular to set out the cornerstones of the engagement in a memorandum of understanding, heads of terms, shareholders agreement or similar.