一、公司发展的生命历程

　　1、 The life cycle of company development

　　1、第一阶段 初创期 自然人控股 控制权

　　1. The first stage is the initial stage where natural persons hold controlling stakes

　　2、第二阶段 发展期 控股公司架构 集团化发展

　　2. Phase 2 Development Period Holding Company Structure Group Development

　　3、第三阶段 扩张期 复合型架构 商业模式

　　3. Phase III Expansion Period Composite Architecture Business Model

　　4、第四阶段 成熟期 海外架构 上市

　　4. The fourth stage of mature overseas architecture listing

　　二、公司实缴资本五种形式

　　2、 Five forms of paid in capital of the company

　　新《公司法》第四十八条规定:股东可以用货币出资，也可以用实物、知识产权、土地所有权、股权、债券等可以用货币估价，并可以转让的非货币财产作为出资;对作为出资的非货币财产应当评估作价，核实财产，不得高估或者低估作价。

　　Article 48 of the new Company Law stipulates that shareholders may make capital contributions in currency, as well as in tangible assets, intellectual property, land ownership, equity, bonds, and other non monetary assets that can be valued in currency and transferred as capital contributions; Non monetary assets used as capital contributions should be evaluated and verified for their value, and their value should not be overestimated or underestimated.

　　1、货币实缴

　　1. Paid in currency

　　是指企业的股东或者发起人以货币的形式，将注册资本缴纳到企业的银行账户中。股东通过私人账户向公司账户转账，注明投资款就算完成实缴。不过需要再走一个内部的备案流程。实缴后需出具验资报告，以证明已经实缴完毕，以保障自身利益。

　　It refers to the shareholders or initiators of a company paying the registered capital in the form of currency to the company's bank account. Shareholders transfer funds from their personal accounts to the company's account, indicating that the investment funds have been fully paid in. However, another internal filing process is required. After the actual payment, a capital verification report is required to prove that the payment has been made in order to protect one's own interests.

　　注意:货币出资的比例不得低于企业注册资本的30%

　　Attention: The proportion of monetary contribution shall not be less than 30% of the registered capital of the enterprise

　　2、固定资产实缴

　　2. Paid in fixed assets

　　是指企业的股东或发起人以土地、房屋、设备、原材料、产品等有价物品，作为注册资本的一部分，转让给企业所有或者使用。

　　It refers to the transfer of valuable items such as land, houses, equipment, raw materials, products, etc. as part of the registered capital by shareholders or initiators of an enterprise to the enterprise for ownership or use.

　　注意:实物出资的比例不得超过企业注册资本的70%

　　Attention: The proportion of physical contributions shall not exceed 70% of the registered capital of the enterprise

　　3、知识产权实缴

　　3. Paid in intellectual property rights

　　通过知识产权实缴注册资本就是科技入股，知产变现，成果转化，是指企业的股东或者发起人以专利、商标、版权、技术秘密等无形资产，作为注册资本的一部分，许可或者转让给企业使用或者拥有。知识产权实缴有相关减税政策扶持、也有节税的政策。

　　The paid in registered capital through intellectual property refers to technology investment, intellectual property realization, and achievement transformation. It refers to the shareholders or initiators of an enterprise using intangible assets such as patents, trademarks, copyrights, and technical secrets as part of the registered capital, licensing or transferring them to the enterprise for use or ownership. There are relevant tax reduction policies to support the actual payment of intellectual property rights, as well as tax saving policies.

　　注意:知识产权实缴的出资比例不得超过企业注册资本的70%

　　Attention: The actual contribution ratio of intellectual property rights shall not exceed 70% of the registered capital of the enterprise

　　4、债权实缴

　　4. Paid in debt

　　债权实缴是指企业的股东或者发起人以其他企业或者个人对其的债权，作为注册资本的一部分，转让给企业持有或者收回。

　　Paid in debt refers to the transfer or recovery of debt owed by shareholders or initiators of an enterprise to another enterprise or individual as part of its registered capital.

　　注意:债权出资的比例不得超过企业注册资本的70%

　　Attention: The proportion of debt contribution shall not exceed 70% of the registered capital of the enterprise

　　5、股权实缴

　　5. Paid in equity

　　股权实缴是指企业的股东或者发起人以其他企业或者个人对其的股权，作为注册资本的一部分，转让给企业持有或者收回。

　　Paid up equity refers to the transfer or recovery of equity held by shareholders or initiators of an enterprise as part of its registered capital, which is held by other enterprises or individuals.

　　注意:股权出资的比例不得超过企业注册资本的70%

　　Attention: The proportion of equity contribution shall not exceed 70% of the registered capital of the enterprise

　　三、四大企业类型

　　3、 Four major types of enterprises

　　1、个人独资企业

　　1. Sole Proprietorship Enterprise

　　特点:个人出资经营、归个人所有和控制，由个人承担经营风险和享有全部经营收益的企业。投资人以其个人财产对企业债务承担无限责任。

　　Characteristics: An enterprise that is operated by individuals, owned and controlled by individuals, with individuals bearing the operational risks and enjoying all operational benefits. Investors bear unlimited liability for the company's debts with their personal assets.

　　适用:个人小规模作坊、小饭店等，常见于名称有特殊要求的企业，如某某工作室等。

　　Applicable: Personal small-scale workshops, small restaurants, etc., commonly found in enterprises with special name requirements, such as certain studios.

　　纳税:增值税、个人所得税

　　Taxation: Value added tax, personal income tax

　　2、合伙企业

　　2. Partnership Enterprise

　　特点:由普通合伙人和有限合伙人组成，普通合伙人对合伙企业债务承担无限连带责任，有限合伙人对企业债务承担有限责任。

　　Characteristics: Composed of general partners and limited partners, the general partners bear unlimited joint and several liability for the debts of the partnership enterprise, while the limited partners bear limited liability for the debts of the enterprise.

　　适用:个人小规模作坊、小饭店等，常见于名 称有特殊要求的企业，如某某工作室等。

　　Applicable: Personal small-scale workshops, small restaurants, etc., commonly found in enterprises with special name requirements, such as certain studios.

　　纳税:增值税、个人所得税

　　Taxation: Value added tax, personal income tax

　　3、有限责任公司

　　3. Limited Liability Company

　　特点:由五十个以下的股东出资设立，每个股东以其所认缴出资额为限对公司承担责任，公司以其全部资产对公司债务承担责任。

　　Characteristics: Established with contributions from no more than fifty shareholders, each shareholder is liable to the company up to the amount of their subscribed capital, and the company is liable for its debts with all of its assets.

　　适用:常见的公司类型适用大部分情况

　　Applicable: Common company types are suitable for most situations

　　纳税:增值税、企业所得税、个人所得税

　　Taxation: Value added tax, corporate income tax, personal income tax

　　4、股份有限公司

　　4. Limited Liability Company

　　特点:由2人以上200人以下发起组成，公司全部资本为等额股份，股东以其认购股份为限对公司承担责任。

　　Characteristics: Composed of 2 to 200 initiators, the company's total capital is equal shares, and shareholders are liable to the company up to the limit of their subscribed shares.

　　适用:适用成熟、大规模公司，设立程序严格复杂，不适用初创和中小微企业

　　Applicable: Suitable for mature and large-scale companies with strict and complex establishment procedures, not suitable for startups and small and medium-sized enterprises

　　纳税:增值税、企业所得税、个人所得税

　　Taxation: Value added tax, corporate income tax, personal income tax

　　四、股权比例九大重要节点

　　4、 Nine important nodes of equity ratio

　　1、绝对控制线:67

　　1. Absolute control line: 67

　　2、相对控制线:51%

　　2. Relative control line: 51%

　　3、安全控制线:34%

　　3. Safety control line: 34%

　　4、上市公司要约收购线:30%

　　4. Tender Offer Line for Listed Companies: 30%

　　5、同业竞争警示线:20%

　　5. Industry competition warning line: 20%

　　6、临时会议线:10%

　　6. Temporary meeting line: 10%

　　7、重大股权变动警示线:5%

　　7. Warning line for significant equity changes: 5%

　　8、临时提案权:3%

　　8. Temporary proposal right: 3%

　　9、代位诉讼权:1%

　　9. Subrogation right: 1%

　　五、股权架构普遍存在的四大隐患

　　5、 Four common hidden dangers in equity structure

　　1、一股独大式架构

　　1. One dominant architecture

　　优点:大股东的持股比例远高于绝对控股比例。

　　Advantages: The shareholding ratio of the major shareholder is much higher than the absolute control ratio.

　　缺点: 缺乏强有力的中层管理力量；

　　Disadvantages: Lack of strong middle-level management capabilities;

　　对外融资可能存在较大困难。

　　There may be significant difficulties in external financing.

　　2、平均分式股权架构 海底捞

　　2. Average fractional ownership structure of Haidilao

　　没有人控股、无人负责，遇到重大决策事项时，容易导致表决陷入僵局，公司甚至有瓦解的风险。

　　No one controls or is responsible, which can easily lead to a deadlock in voting and even the risk of the company collapsing when faced with major decision-making matters.

　　3、大股东持股<50%架构 雷士照明 理想汽车

　　3. Major shareholder holding<50% structure: Leishi Lighting Ideal Automotive

　　第一大股东持股比例低于50%，公司没有控股股东，当其他股东团结一致时就可以实现控股

　　If the shareholding ratio of the largest shareholder is less than 50% and the company has no controlling shareholder, controlling shareholder can be achieved when other shareholders unite as one

　　4、51/49式架构

　　4. 51/49 architecture

　　有“小三决定公司命运”风险

　　There is a risk of 'mistress determines the fate of the company'

　　六、股权设计的3大精髓

　　6、 The Three Essence of Equity Design

　　股权结构要结合业务发展和贡献度做必要调整

　　The equity structure should be adjusted as necessary based on business development and contribution

　　1、 大而不独

　　1. Large but not alone

　　什么是大?

　　What is big?

　　公司第一股东的股份，不少于50%

　　The first shareholder of the company holds no less than 50% of the shares

　　什么是不独?

　　What is not alone?

　　公司第二股东的股份，不少于10%问:你大到占98%的股份。至于另外两个合伙人，各占1%，是否可行?7: 2:1/6: 3:1/6: 2:2

　　The second shareholder of the company holds no less than 10% of the shares. Q: You hold 98% of the shares. As for the other two partners, each holding 1%, is it feasible? 7: 2:1/6: 3:1/6: 2:2

　　2、先挣后给

　　2. Earn first, give later

　　问:你大到占98%的股份。至于另外两个合伙人，各占1%，是否可行?股权，不应该是给出去的，而应该是自己挣来的。怎么挣?

　　Q: You hold 98% of the shares. As for the other two partners, each holding 1%, is it feasible? Equity should not be given out, but earned by oneself. How to earn it?

　　第一种:承诺给的股权，在4年内全部兑现，每年均分25%

　　The first option: The promised equity will be fully realized within 4 years, with an average of 25% per year

　　第二种:第1年先不兑现，因为看不出能力和业绩，等到第2年一次性兑现50%，之后2年每年兑现25%

　　Second option: Do not redeem in the first year because there is no clear ability or performance. Wait until the second year to redeem 50% at once, and then redeem 25% annually for the next two years

　　第三种:逐年兑现，时间越长兑现越多。10%，20%，30%，40%

　　The third type: cash out year by year, with more cash out over time. 10%，20%，30%，40%

　　3、 以增为减第一大股东反而存在丧失决策权和管理权的风险!

　　3. There is a risk that the largest shareholder may lose their decision-making and management power by increasing instead of decreasing!

　　问:当公司越来越大，有特别厉害的新合伙人进来时，

　　Q: As the company gets bigger and there are particularly talented new partners coming in,

　　原来的股份不够分了，怎么办?

　　What should I do if my original shares are not divided enough?

　　创业期预留出10%-20%的期权池，用于激励核心员工和未来新的合伙人。 用增发股份的方式，稀释大家的比例。再把期权用 刚刚提到的“先挣后给”的逻辑授予新的相关人。

　　Set aside a 10% -20% option pool during the start-up period to incentivize core employees and future new partners. Dilute everyone's proportion by issuing additional shares. Then grant the options to new stakeholders using the logic of 'earn first, give later' mentioned earlier.

　　七、股权设计需要满足四类人需求

　　7、 Equity design needs to meet the needs of four types of people

　　1、创始人 控制权 合伙人 2-4 倍

　　1. Founder's controlling partner 2-4 times

　　2、 合伙人 参与权和话语权 占到8%-15%

　　2. Partner participation and discourse rights account for 8% -15%

　　3、核心员工 分红权预留10%-25%

　　3. Reserve 10% -25% of bonus rights for core employees

　　4、 投资人 优先清算权和优先认购权 快速进入和快速退出

　　4. Investors' priority liquidation rights and priority subscription rights for quick entry and exit

　　八、股权设置比例

　　8、 Equity setting ratio

　　1、两位股东的股权

　　1. Equity of two shareholders

　　避免:

　　Avoid:

　　50%:50%(老大不明确，没有真正决策人)

　　50%: 50% (the boss is not clear, there is no real decision-maker)

　　65%:35%(两个股东博弈型)

　　65%: 35% (two shareholder game type)

　　98%:2% (创始人吃独食，小股东没有参与感）

　　98%: 2% (founder eats alone, small shareholders have no sense of participation)

　　合理:

　　Reasonable:

　　70%:30% ；80%:20% 大而不独

　　70%:30% ； 80%: 20% large but not unique

　　2、三位股东的股权

　　2. Equity of three shareholders

　　避免:

　　Avoid:

　　33%:33%:33%

　　33%:33%:33%

　　40%:40%:20%

　　40%:40%:20%

　　49%:47%:4%(小股东绑架大股东)

　　49%: 47%: 4% (minority shareholders kidnapping major shareholders)

　　合理:

　　Reasonable:

　　70%:20%:10%

　　70%:20%:10%

　　60%:30%:10%(沟通效率高，老大快速决策)

　　60%: 30%: 10% (high communication efficiency, quick decision-making by the boss)

　　3、四位股东的股权

　　3. Equity of four shareholders

　　避免: 25%:25%:25%:25%(均分)

　　Avoidance: 25%: 25%: 25%: 25% (average score)

　　95%:2%: 2%:1%(创始人吃独食)

　　95%: 2%: 2%: 1% (founder eats alone)

　　合理:

　　Reasonable:

　　70%:20%: 5%:5%

　　70%:20%: 5%:5%

　　67%(创始人):18%(合伙人):15%(员工股)

　　67% (founder): 18% (partner): 15% (employee stock)

　　51% (创始人):34%(合伙人):15%(员工股)

　　51% (founder): 34% (partner): 15% (employee stock)

　　34%:51%(合伙人30%:16%:5%):15%(员工股)

　　34%: 51% (partners 30%: 16%: 5%): 15% (employee shares)

　　九、关于股权比例实战案例

　　9、 Practical case study on equity ratio

　　1、王某和李某是大学同学，计划两人合伙:王某出钱、李某出力出钱!王某:出资60万不干活，

　　1. Wang and Li are college classmates and plan to form a partnership: Wang will contribute money, Li will contribute money! Wang: Investing 600000 yuan without working,

　　李某:出资40万同时全职做管理

　　Li: Investing 400000 yuan while working full-time in management

　　问:两位老总的股份应该怎么算?

　　Question: How should the shares of the two CEOs be calculated?

　　合理的分配方式如下:

　　The reasonable allocation method is as follows:

　　将公司股份分为资金股占60%、人力股占40%王某的资金股:60万X60%=36%李某的资金股:40万X60%=24%王某不干活，人力股:0

　　Divide the company's shares into capital shares accounting for 60% and human resources shares accounting for 40%. Wang's capital shares: 600000 X60%=36%. Li's capital shares: 400000 X60%=24%. Wang does not work, and human resources shares: 0

　　李某做管理，人力股:100%X40%=40%

　　Li works in management, human resources stock: 100% X40%=40%

　　王某股权比例为:36%+0=36%

　　Wang's equity ratio is 36%+0=36%

　　李某股权比例为:24%+40%=64%

　　Li's equity ratio is: 24%+40%=64%

　　2、三人合伙该怎么分?

　　2. How should a three person partnership be divided?

　　王某、李某、刘某是大学同学，计划合伙:王某出钱、李某出力、刘某负责技术。也就是一人出钱、一人管理、一人负责技术。王某:出资100万、不干活；李某:出资100万、做管理；

　　Wang, Li, and Liu are college classmates who plan to form a partnership: Wang will contribute money, Li will contribute, and Liu will be responsible for the technology. That is to say, one person pays, one person manages, and one person is responsible for technology. Wang: Investing 1 million yuan, not working; Li: invested 1 million yuan to manage;

　　刘某:不出钱、负责核心技术

　　Liu: No money, responsible for core technology

　　如何分配股权?出资比例分是否合理?

　　How to allocate equity? Is the proportion of capital contribution reasonable?

　　合理的分配方式如下:

　　The reasonable allocation method is as follows:

　　可以把股份分成【资金股]和【人力股]资金股占60%、人力股占40%，

　　The shares can be divided into capital shares and human resources shares. Capital shares account for 60% and human resources shares account for 40%,

　　【注意人力股中的管理权重60%，技术40%)

　　Pay attention to the management weight of 60% and the technical weight of 40% in the human resources stock

　　资金占股:王某=50%,李某=50%，刘某=0人力占股:王某=0,李某=60%，刘某=40%

　　Funds holding shares: Wang=50%, Li=50%, Liu=0 Human resources holding shares: Wang=0, Li=60%, Liu=40%

　　合理的股权比例为:

　　The reasonable equity ratio is:

　　王某的股份为50%*60%+0=30%

　　Wang's shares are 50% * 60%+0=30%

　　李某的股份为50%*60%+60%X40%=54%刘某的股份为40%X40%=16%

　　Li's shares are 50% * 60%+60% X40%=54% Liu's shares are 40% X40%=16%

　　十、股权架构搭建-各层级公司作用

　　10、 Establishment of Equity Structure - The Role of Companies at All Levels

　　1、家族公司

　　1. Family company

　　1）、人员:2名以上家族自然人共同持股

　　1) Personnel: Two or more natural persons from the same family jointly hold shares

　　2）、持股比例:老板90%、家人10%

　　2) Shareholding ratio: 90% for the boss and 10% for family members

　　3）、财富传承:直系三代以内血亲转让免税

　　3) Inheritance of Wealth: Tax free transfer of blood relatives within three generations of direct lineage

　　4）、分红节税:分红所得收益进行在投资免税

　　4) Dividend tax savings: Dividend income is tax-free when invested

　　5）、规避风险:避免家族和主体公司债务牵连

　　5) Avoiding risks: Avoiding the involvement of family and corporate debt

　　6）、购置资产:家族公司名下买车、房、基金

　　6) Purchasing assets: buying cars, houses, and funds under the family company's name

　　7）、商标:商标、专利放在家族公司，授权使用

　　7) Trademark: Trademarks and patents are placed in the family company and authorized for use

　　2、防火墙公司

　　2. Firewall company

　　1）、风险隔离:隔离家族公司与主体公司直接债务牵连

　　1) Risk isolation: Isolate the direct debt connection between the family company and the main company

　　2）、持股比例:家族公司97%、法定代表人3%、监事

　　2) Shareholding ratio: Family company 97%, legal representative 3%, supervisor

　　3）、注册资金:主体公司的10~20%、进行实缴

　　3) Registered capital: 10-20% of the main company, paid in

　　3、有限合伙

　　3. Limited Partnership

　　1）、GP: 创始人&防火墙公司

　　1) GP: Founder&Firewall Company

　　2）、LP: 高管、优秀员工、投资人、渠道

　　2) LP: executives, outstanding employees, investors, channels

　　3）、持股:GP 1%、LP99%

　　3) Shareholding: GP 1%, LP99%

　　4、主体公司

　　4. Main company

　　1）、整合项目公司。做运营、接业务、上市

　　1) Integrate project companies. Doing operations, receiving business, and going public

　　2）、防火墙公司代替创始人持股(股权转让)

　　2) Firewall company replaces founder's shareholding (equity transfer)

　　3）、只通过分红形式将资金流向家族公司(账、责分离)

　　3) Only distribute funds to the family company through dividends (separation of accounts and responsibilities)

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