A Shareholder Agreement refers to a legal document detailing the share allocation and ownership structure of a private company. The Agreement also details the terms and conditions as well as the roles and responsibilities of each shareholder including profit-sharing as well as the voluntary and involuntary exit of shareholders. A Shareholder Agreement qualifies as an intangible asset which can be recognised and the economic benefits accurately measured. Intangible assets are a class of assets without physical form yet can generate significant value to the owners. To estimate the fair market value of an intangible asset such as a Shareholder Agreement, business valuation analysts apply business valuation techniques under the income, market and asset methods.