今是合伙创业的时代，单枪匹马已然过时，优势互补才是王道！创业之初，做好股权设计是关键！

　　In the era of partnership entrepreneurship, going it alone is already outdated. Complementary advantages are the way to go! At the beginning of entrepreneurship, the key is to do a good job in equity design!

　　所谓股权，就是对这家公司享有的所有权与支配权。所谓股权设计，就是明确每个合伙人享有的所有权份额和话语权权重！

　　The so-called equity refers to the ownership and control rights enjoyed by the company. The so-called equity design is to clarify the ownership share and discourse weight enjoyed by each partner!

　　简单来说，股权设计就是解决合伙人之间谁出多少钱占多少股、谁说了算以及职责划分的问题！

　　In short, equity design is to solve the problems of who pays how much to hold how many shares, who the final say and the division of responsibilities among partners!

　　要做好股权设计，至少应当考虑一下五个因素！一、关于出资的问题?

　　To do a good job in equity design, at least five factors should be considered! 1、 Regarding the issue of capital contribution?

　　在一开始，股东们要一起做一下公司或项目的预算，根据预算确定需要多少的启动资金。

　　At the beginning, shareholders need to work together to create a budget for the company or project, and determine how much start-up capital is needed based on the budget.

　　启动资金要达到能够支撑公司12-18个月的生存期限，公司那怕一分钱不赚，也能够支撑12-18个月。

　　The start-up capital should be sufficient to support the company's survival period of 12-18 months, even if the company doesn't make a penny, it can still support 12-18 months.

　　这样就能保证，公司在生存期有资金保证，租场地、招人、买设备等才能够顺利开展。做好预算之后，就要考虑各个股东以什么方式出资？每人要出资多少？

　　This can ensure that the company has financial security during its survival period, and can smoothly carry out activities such as renting venues, recruiting personnel, and purchasing equipment. After preparing the budget, we need to consider how each shareholder will contribute their capital? How much does each person need to contribute?

　　股权有三大类型，如下图所示

　　There are three types of equity, as shown in the following figure

　　很多公司，股东大多以现金入股，也有用专利、商标等技术入股。

　　Many companies have shareholders who invest in cash, but also in technologies such as patents and trademarks.

　　资金股：用现金或现金的等价物（房子、设备等）出资的。

　　Capital stock: invested in cash or cash equivalents (such as houses, equipment, etc.).

　　技术股：用专利技术、商标、版权等技术知识产权出资。

　　Technology stocks: investing in patented technology, trademarks, copyrights, and other technological intellectual property rights.

　　人力股：不出钱也不出技术，用自己的劳动所创造的价值衡量。

　　Human resources stock: neither money nor technology, measured by the value created by one's own labor.

　　当然，有一个风险点要特别注意，因为用专利技术出资，需要做价值评估。就是你要找个第三方评估机构去评估一下技术值多少钱？

　　Of course, there is a risk point that needs special attention, as investing in patented technology requires a value assessment. You need to find a third-party evaluation agency to assess how much the technical value is?

　　在实践中，经常会出现虚评的情况，本来专利就值20万，硬是给评估成了100万，中间有80万的差额。

　　In practice, there is often a situation of false evaluation. The patent was originally worth 200000 yuan, but it was evaluated as 1 million yuan, with a difference of 800000 yuan in between.

　　如果你的合伙人要用专利入股，那么你一定要特别注意这个风险，因为《公司法》规定了，虚假评估不只该股东要担责，另外的其他股东也要一起承担连带责任。

　　If your partner wants to invest with a patent, then you must pay special attention to this risk, because the Company Law stipulates that false evaluation is not only the responsibility of the shareholder, but also the joint and several liability of other shareholders.

　　二、关于股权比例的问题?

　　2、 Regarding the issue of equity ratio?

　　搞定出资问题后，接下来就要讨论如何分配公司的股权了！分为几个步骤：

　　After resolving the funding issue, the next step is to discuss how to distribute the company's equity! Divided into several steps:

　　首先考虑大家各自出的钱对于这个事情起到的作用有多大。比如启动资金100万，甲出50万，乙出30万，丙出20万，那么股权比例就是：甲50% ?乙30% ?丙20%?

　　Firstly, consider the extent to which everyone's individual contributions contribute to this matter. For example, if the initial capital is 1 million, A will contribute 500000, B will contribute 300000, and C will contribute 200000, then the equity ratio would be: A will contribute 50%? B 30%? C 20%?

　　然后合伙人商量选出一个老大、领头羊，一定要选出一个，这是必须要做的。

　　Then the partners discuss and select a leader, and it is necessary to choose one.

　　如果这点不做或者就想着有事大家商量着来，那么你的公司一定会必死无疑，相信这一点，我们见过太多这样的案例了。

　　If you don't do this or just think about something and discuss it with everyone, then your company will definitely die. Believe this, we have seen too many cases like this.

　　如何选出好的老大？好的老大具有哪些特质？

　　How to choose a good boss? What are the characteristics of a good boss?

　　首先必须具有战略眼光。他对公司的发展有着系统的思考，全局视野。

　　Firstly, it is necessary to have a strategic vision. He has a systematic thinking and global perspective on the development of the company.

　　然后他很有冲劲，是典型的那种红色性格，充满梦想和干劲，他的能量可以感染其他人，当其他人快蔫的时候，他可以给别人赋能。

　　Then he is very energetic, with a typical red personality, full of dreams and drive. His energy can infect others, and when others are about to wilt, he can empower them.

　　其次，老大不要求全能，但是总得有个专长，比如他擅长营销，就能把产品卖出去。比如他擅长产品，就能研发出比较不错的产品。

　　Secondly, the boss doesn't need to be omnipotent, but he must have a specialty, such as being good at marketing and being able to sell products. For example, if he is good at products, he can develop relatively good products.

　　作为老大，给他增加10%的比例，所以上面的股权比例就变为了甲60%，乙25%，丙15%（乙丙稀释股权给老大）。

　　As the boss, increase his equity ratio by 10%, so the equity ratio above becomes 60% for A, 25% for B, and 15% for C (diluted equity for B and C to the boss).

　　还没结束，还要考虑各自的职责分工，按照各自的贡献价值进行衡量。我有客户是做跨境电商的，我们来举个例子。

　　It's not over yet, we still need to consider the division of responsibilities and measure them according to their respective contribution values. I have a client who works in cross-border e-commerce. Let's give an example.

　　跨境电商主要分为三大版块，跨境平台店铺的运营、供应链的管理、公司内部的管理。

　　Cross border e-commerce is mainly divided into three categories: the operation of cross-border platform stores, supply chain management, and internal company management.

　　甲带领团队负责运营店铺，为公司带来创收、现金流，让公司有钱进来。

　　A leads the team to operate the store, generating revenue and cash flow for the company, and bringing in money for the company.

　　乙带对负责供应链、供应商的管理，做好选品、供货、仓管、物流等工作。

　　Party B is responsible for the management of the supply chain and suppliers, including product selection, supply, warehouse management, and logistics.

　　丙负责公司内部人员的管理，进行绩效考核与日常督促的工作。

　　C is responsible for the management of internal personnel in the company, conducting performance evaluations and daily supervision.

　　所以综合考虑以上因素，那么股权比例就变成了甲65%，乙20%，丙15% ，这是比较适合这家公司的股权比例。

　　So considering the above factors, the equity ratio becomes 65% for Company A, 20% for Company B, and 15% for Company C. This is a more suitable equity ratio for this company.

　　写到在这里，给大家分享股权的几条线，每条线代表不同的含义！

　　Writing here, I would like to share with you several lines of equity, each representing a different meaning!

　　股权比例;说明

　　Equity ratio; Instructions

　　67%:绝对控股，表决公司七大重要事项

　　67%: Absolute control, voting on seven important matters of the company

　　51%:相对控股，合并财务报表

　　51%: Relative control, consolidated financial statements

　　34%:一票否决权

　　34%: One vote veto power

　　30%:上市公司实际控制人认定线/要约收购红线

　　30%: Identification line for actual controllers of listed companies/red line for tender offers

　　20%:会计权益核算、投资方重大影响线

　　20%: Accounting equity accounting, significant impact line of investors

　　10%:提议召开临时股东会、解散公司

　　10%: Propose to convene an extraordinary shareholders' meeting and dissolve the company

　　5%:重大股东变动警示线(上市公司)

　　5%: Warning line for significant shareholder changes (for listed companies)

　　我们还要考虑一点是，公司赚钱了，应该按照什么样的比例进行分红呢？

　　We also need to consider what proportion of dividends should be distributed when the company makes money?

　　完全按照股权比例吗？好像不合适，因为第一个因素说了大家都出钱了，没有人没出钱。

　　Is it completely based on the equity ratio? It seems inappropriate because the first factor mentioned that everyone has paid, and no one has not paid.

　　所以，关于分红的比例，第一考虑股权占比，第二考虑分工，第三考虑实战的绩效结果。

　　So, regarding the proportion of dividends, the first consideration is the proportion of equity, the second consideration is division of labor, and the third consideration is the actual performance results.

　　那分红比例可以由股东任意约定吗？合法吗？

　　Can the dividend ratio be arbitrarily agreed upon by shareholders? Is it legal?

　　明确告诉你，合法有效的。我们来看看法律规定，《公司法》规定了，分红比例可以股东自由约定。

　　Clearly tell you, it is legal and effective. Let's take a look at the legal provisions. The Company Law stipulates that the dividend ratio can be freely agreed upon by shareholders.

　　另外，关于股东是不是要领工资的问题，很多人问我，我们建议股东是一定要领工资的，这是一种劳动价值的体现。

　　In addition, regarding the issue of whether shareholders are required to receive salaries, many people have asked me. We suggest that shareholders must receive salaries as a reflection of their labor value.

　　三、关于动态调整的问题?

　　3、 Regarding the issue of dynamic adjustment?

　　企业发展本身是一个动态发展的过程，那么股权就一定不是死板的，也一定是根据公司不同发展阶段做出动态调整的。

　　Enterprise development itself is a dynamic process, so equity is definitely not rigid, and it must be dynamically adjusted according to different stages of company development.

　　股权在公司发展不同阶段起到的作用不同：

　　The role of equity in the development of a company varies at different stages:

　　创业期：聚合平台(资金、技术、管理)/股权比例设定与分配/公司控制权设计

　　Entrepreneurial period: Aggregation platform (funding, technology, management)/Equity ratio setting and distribution/Company control design

　　发展期：经营风险隔离/股权合伙模型/股权激励方案

　　Development period: Business risk isolation/equity partnership model/equity incentive plan

　　扩张期：上下游产业链/控股公司架构/混合股权架构/母子公司布局

　　Expansion period: upstream and downstream industrial chain/holding company structure/mixed equity structure/parent subsidiary layout

　　成熟期：家族企业架构/家族财富传承/IPO融资上市

　　Mature stage: family business structure/family wealth inheritance/IPO financing and listing

　　动态调整同样跟各个股东为公司创造的价值有关联。

　　Dynamic adjustment is also related to the value created by each shareholder for the company.

　　超出预期的，当然要额外奖励，努力干活的，当然要用心鼓励，能力不佳者，那只能调整岗位和职责，甚至优化掉。

　　Those who exceed expectations will naturally receive additional rewards. Those who work hard should be encouraged with care. Those with poor abilities can only adjust their positions and responsibilities, or even optimize them.

　　所以股权的分、进、调、退机制，需要做个全盘的考虑。

　　So the mechanism for dividing, advancing, adjusting, and withdrawing equity needs to be comprehensively considered.

　　还有一个问题要考虑，关于股权池的问题。预留一部分股权作为将来奖励绩优的员工或者吸纳新的合伙人。

　　There is another issue to consider, regarding the equity pool. Reserve a portion of equity as future rewards for outstanding employees or to attract new partners.

　　一般的操作为各个股东稀释股权，预留10% 左右的股权用来奖励绩优的员工。

　　The general operation is to dilute the equity of each shareholder and reserve about 10% of the equity to reward outstanding employees.

　　四、关于退出机制的问题?

　　4、 Regarding the issue of exit mechanism?

　　天下大事，合久必分、分久必合。

　　The great affairs of the world will inevitably be divided and merged after a long period of separation.

　　合伙做生意，难免磕磕碰碰，有人幸福白头，也有人哭着分手。

　　Running a business partnership inevitably involves ups and downs. Some people may be happy with their old age, while others may cry and break up.

　　我们处理了好几个股东纠纷的案子了，总结的一条最重要的经验就是：在合伙开始的时候，就把退出机制约定好。

　　We have handled several cases of shareholder disputes, and the most important lesson we have learned is to establish an exit mechanism at the beginning of the partnership.

　　所谓先小人后君子，先立好规矩再开始做事。

　　The saying goes, 'First the petty people, then the gentlemen', establish rules before starting to do things.

　　一般在什么情况下，股东会要求退出呢？

　　Under what circumstances do shareholders usually request to withdraw?

　　主要包括股东意见不合，谁也说服不了谁。公司一直亏损，没赚到钱，有的股东就打了退堂鼓。

　　Mainly including disagreements among shareholders, no one can convince anyone. The company has been losing money and hasn't made any profit, so some shareholders have called it quits.

　　还有就是有人想出去另起炉灶了，想去单干，就想退出了。

　　Also, some people want to go out and start a new business, and if they want to go it alone, they want to quit.

　　退股的时候，往往就是容易发生纠纷的时候，我们可以这样约定退出条件：

　　When withdrawing stocks, it is often a time when disputes are prone to occur. We can agree on the withdrawal conditions as follows:

　　首先可以约定一个股权锁定期，一般可以是3年，3年内大家出钱出力出资源，不允许退股，锁定3年。

　　Firstly, a lock up period for equity can be agreed upon, usually 3 years. Within 3 years, everyone will contribute money and resources, and withdrawal of shares is not allowed. The lock up period is 3 years.

　　主动退股：锁定期还没过，中途有人想退出怎么办？必须经其他股东一致同意，并且之前出资的启动资金是不退的，因为那是大家都投入的部分，谁的也不退。

　　Proactive stock withdrawal: What if someone wants to withdraw halfway through the lock up period? It must be unanimously agreed upon by other shareholders, and the startup capital previously invested is non refundable, as it is the portion invested by everyone and no one's will be refunded.

　　退股时，先进行财务核算，看看这个股东是不是有欠公司债务，先要偿还完债务才能退。因为有很多股东会借用公司的钱做事，一直挂在应收账款上面，这个要跟财务人员核对。

　　When withdrawing shares, first conduct financial accounting to see if the shareholder owes any debts to the company. The debt must be fully repaid before the withdrawal can be made. Because many shareholders borrow the company's money to do things and keep it on accounts receivable, this needs to be verified with financial personnel.

　　还要看一下这个股东的工作职责及绩效表现，是不是达到了预期的结果。那如果公司还在亏损，那肯定是没有多余的钱的，所以就该股东净身出户，无偿转让他的股权给其他股东。

　　We also need to check the job responsibilities and performance of this shareholder to see if they have achieved the expected results. If the company is still losing money, there must be no extra money, so the shareholder should leave the account and transfer his equity to other shareholders free of charge.

　　如果公司盈利了，减掉所有的成本后，按照分红比例，把属于该股东的那一部分分给他就可以了。

　　If the company is profitable, after deducting all costs, distribute the portion belonging to the shareholder according to the dividend ratio.

　　关于分红的税收，这点也要考虑到，以“股东分红”名义取得收入，要交20%的个人所得税。

　　Regarding the tax on dividends, this also needs to be considered. Income obtained in the name of "shareholder dividends" is subject to a 20% personal income tax.

　　被动退股：不管哪位股东，要是犯了以下错误，都是要被强制退股的，没得商量：（1）严重违反保密或竞业禁止协议的约定；（2）严重违反劳动合同的约定导致公司解除劳动合同的；（3）触犯刑法导致受到刑事处罚的；（4）未履行劳动合同或未履行承诺的服务或贡献的；（5）其他造成公司重大损失的行为。五、关于法律文书的问题

　　Passive stock withdrawal: Regardless of which shareholder makes the following mistakes, they will be forced to withdraw their shares without negotiation: (1) serious violation of confidentiality or non compete agreements; (2) Serious violation of the provisions of the labor contract leading to the termination of the labor contract by the company; (3) Violating criminal law and resulting in criminal punishment; (4) Failure to fulfill labor contracts or commitments for services or contributions; (5) Other behaviors that cause significant losses to the company. 5、 Regarding the issue of legal documents

　　最后的最后，上面所讲的所有的想法最终还是要落实到文字上面。

　　Finally, all the ideas mentioned above must be put into words.

　　在这里，我也建议各位跟别人合伙一定要签协议，不要脑袋一热，哥俩好，口头说好就开干！

　　Here, I also suggest that when partnering with others, you must sign an agreement and not get your head hot. Hello guys, just start talking verbally!

　　先定好规则，再开始行动。这不仅是一种承诺，更是一种契约精神的体现。

　　Set the rules first, then start taking action. This is not only a promise, but also a manifestation of the spirit of contract.

　　多一些真诚，少一些套路！

　　More sincerity, less tricks!

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