近几年只要涉及创业，大多数都会谈到股权架构或股权顶层设计等类似话题，今天我们专门就股权架构到底如何设计来粗略谈下自己的看法。

In recent years, as long as entrepreneurship is involved, most of them will talk about equity structure or equity top-level design and other similar topics. Today, we are going to talk about how to design equity structure.

股权架构设计主要涉及三方面内容：

The equity structure design mainly involves three aspects

01

持股主体

Shareholders

持股主体是设计起点，常见有以下三类：

As the starting point of design, there are three types of shareholders

1）、自然人持股：灵活性强，直接持股税负成本低，但不利于控制权集中，缺乏利用股权杠杆的空间。

1) Natural person shareholding: strong flexibility, low tax cost of direct shareholding, but not conducive to the concentration of control, lack of space to use equity leverage.

2）、法人持股：便于股权控制，股权转让所得税高。

2) Corporate ownership: easy to control equity, high income tax on equity transfer.

3）、有限合伙：风险隔离，调整灵活，避免双重征税，通常作为股权激励持股平台。

3) Limited partnership: risk isolation, flexible adjustment, avoidance of double taxation, usually as an equity incentive shareholding platform.

以上三种持股主体可以混合使用。

The above three types of shareholders can be mixed.

02

人员类别

Personnel category

在一家企业当中，无论持股主体是以上哪种形式，要穿透到个人，所以要涉及具体人员的类别，例如有创始人、合伙人、投资人、员工、上下游供应商及其他利益相关者。这里员工是指企业对优良人才做股权激励，把员工身份转变为合伙人，上下游供应商是为了打造产业链进行资源整合。

In an enterprise, no matter which of the above forms is the main shareholder, it should penetrate into individuals, so it should involve specific categories of personnel, such as founders, partners, investors, employees, upstream and downstream suppliers and other stakeholders. Here, the employee refers to the enterprise's equity incentive for excellent talents, which transforms the employee's identity into a partner. The upstream and downstream suppliers are to build the industrial chain for resource integration.

具体根据需要分别把这些人装入持股主体中，通常创始人是要牢牢掌握控制权，进行全 面布局，而针对短期套利者尽量放有限合伙企业中，便于人员进退和税负减轻。

Usually, the founder should firmly grasp the control right and make a comprehensive layout, while the short-term arbitrage should be put into the limited partnership as far as possible, so as to facilitate the advance and retreat of personnel and reduce the tax burden.

03

持股比例

Shareholding ratio

我们国家《公司法》规定股权比例生死线，控制线67%，针对修改公司章程、增加、减少注册资本，公司合并、分立、解散或者变更公司形式的决议，一定要达到67%以上表决权才可以通过。

Our country's "company law" stipulates that the proportion of equity is life and death line, and the control line is 67%. For the resolution to amend the articles of association, increase or reduce the registered capital, merger, division, dissolution or change the form of the company, it must reach more than 67% of the voting rights before it can be passed.

相对控制线51%，除修改公司章程等以上所列情形外，绝大多数决议只需要51%以上表决权就可以通。

Compared with 51% of the control line, except for the above situations such as amending the articles of association, the majority of resolutions only need more than 51% of the voting rights.

一票否决线34%，通常又称捣蛋线，意思是达到34%表决权的，针对修改公司章程等上述重大事项投反对票就无法通过。

The one vote veto line is 34%, which is also known as the troublemaker line. It means that if 34% of the voting rights are achieved, the amendment of the articles of association and other major issues mentioned above can not be passed by voting against it.

当然《公司法》除了这三条线之外，还有公司解散线10%、股东代表诉讼线1%等等，在此就不在展开来讲。

Of course, in addition to these three lines, there are 10% of the company dissolution line and 1% of the shareholder representative litigation line in the company law.

持股比例固然重要，但是在具体的股权设计当中也是可以灵活处理的，例如有限公司可以同股不同权，表决权委托等方式来解决持股比例问题，关于这部分内容可以在之前写的关于控制权的文章中查看。

Although the shareholding ratio is important, it can be handled flexibly in the specific equity design. For example, limited companies can solve the problem of shareholding ratio by means of different rights of the same shares and voting rights entrustment. For this part, you can check the previous articles on control rights.

所以，在做股权架构设计当中通常是围绕以上三个方面来进行全盘考虑的，希望本次内容对你有所启发。

Therefore, in the design of equity structure, we usually focus on the above three aspects. I hope this content can inspire you.