What does "channel disagreement" mean in this context?

I am watching Startup Funding Explained on Youtube. he spoke the word channel disagreement at 41 second. I looked up both the words "channel" and "disagreement." I am still not sure. could someone explain them?

It all starts with a vision. The project, the product, the service. No one has done it before. Unbelievable, it's so painfully obvious. Can you pull it off? Maybe. You're two friends, you're excited. Design a logo, design a name. All fun and games. Design a concept, things get serious. You decide to make this a company. You need a structure, a legal structure. How much will that cost you? In the U.S., incorporating a company will set you back anything between $25 and a few thousand dollars. That's in part registration fees, which actually vary depending on where you are and legal fees, which vary depending on how fancy you need your first channel disagreement to be. Your incorporation turns out to be on the pricey side. Also you need to rent a server in order to develop your product, therefore you decide to collect some other people's money for it. This earning your venture, who on earth would give you their money?

Solution 1:

It is just that guy's foreign accent. He actually says: your first shareholders' agreement