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创业期公司股权结构的设置
发布时间:2025-03-23 发布人:山东股章浏览次数:421次 来源:www.guquanzhanlue.com
1)设置核心股东
1) Set up core shareholders
核心股东作为把握创业方向的领导者,应尽量为其设置较高的股权比例。
As leaders who grasp the direction of entrepreneurship, core shareholders should set a relatively high equity ratio for them as much as possible.
(2)并非一定同股同权企业可不按照投入资金比例分配股权,对于出资多但不熟悉业务或者不参与经营的股东,可约定所占股权比例少,此时该股东兼具有天使投资人的角色。
(2) It is not necessarily the case that companies with the same shares and rights may not allocate equity according to the proportion of invested capital. For shareholders who contribute more but are not familiar with the business or do not participate in the operation, it can be agreed that their equity proportion is smaller. In this case, the shareholder also plays the role of an angel investor.
(3)根据创始团队各合伙人的优势确定股权比例对于更擅长把握战略方向和管理的创始人,建议应设置较高的股权比例,以便在企业经营出现分歧时作出关键决定,避免企业陷入僵局。
(3) Determine the equity ratio based on the strengths of each partner in the founding team. For founders who are better at grasping strategic direction and management, it is recommended to set a higher equity ratio in order to make key decisions when there are differences in business operations and avoid deadlock.
(4)形成梯次结构核心股东掌握最大股权,其余股东根据各自优势、贡献大小确定比例;后期可根据实际贡献和表现进行股权调整。
(4) Form a hierarchical structure where the core shareholder holds the largest equity, while the remaining shareholders determine their proportion based on their respective strengths and contributions; Equity adjustments can be made based on actual contributions and performance in the later stage.
(5)保留预留股权根据事业发展过程中每个人的贡献,调整股权比例;预留给未来引进的合伙人/新股东。
(5) Retain reserved equity and adjust the equity ratio based on the contributions of each individual in the process of career development; Reserved for future introduced partners/new shareholders.
(6)保持股权的动态调整根据创业团队成员的贡献度,及时调整股权架构。但是,核心创始人的股权比例通常不宜降低。
(6) Maintain the dynamic adjustment of equity and adjust the equity structure in a timely manner based on the contribution of entrepreneurial team members. However, it is usually not advisable to reduce the equity ratio of the core founders.
2具体设置建议创始人设置公司股权结构时,要考虑联合创始人、管理层、多轮次融资投资人、员工持股平台及其他投资人的持股架构。创始团队及管理层可设置一个合伙企业形式的持股平台。创始人另行设置一个有限公司形式主体,由实际控制人持股,注册资本金不必要设置很高。该有限公司作为创始团队持股平台的普通合伙人,承担无限连带责任,普通合伙人持有该持股平台1%份额即可,其他99%份额由创始人团队、管理层作为有限合伙人持有。以有限公司主体作为持股平台的普通合伙人可以有效控制实际控制人的承担的责任,将无限连带责任转化为“有限责任”。公司设置10-15%的股权激励份额作为员工激励,以合伙企业形式设置员工持股平台,同使用实际控制人作为股东的有限公司作为员工持股平台的普通合伙人,承担无限连带责任,普通合伙人持有该持股平台1%份额。
When setting up the company's equity structure, founders should consider the shareholding structure of co founders, management, multi round financing investors, employee shareholding platforms, and other investors. The founding team and management can establish a shareholding platform in the form of a partnership enterprise. The founder shall establish a separate limited company entity, with the actual controller holding the shares, and the registered capital does not need to be set too high. As the general partner of the founding team's shareholding platform, the limited company assumes unlimited joint and several liability. The general partner only needs to hold 1% of the shareholding platform's shares, while the other 99% of the shares are held by the founding team and management as limited partners. The general partner of a limited company as the holding platform can effectively control the liability of the actual controller and transform unlimited joint and several liability into "limited liability". The company sets up 10-15% equity incentive shares as employee incentives, and sets up an employee stock ownership platform in the form of a partnership enterprise. The general partner of the employee stock ownership platform, a limited company that uses the actual controller as a shareholder, bears unlimited joint and several liability. The general partner holds 1% of the stock ownership platform.
在员工持股平台中,创始人/实际控制人可以预留代持部分份额,以便分批激励不同层级员工;如有员工离职也有收回至创始人/实际控制人代持。在每轮次融资中可约定员工股权激励池中股权比例不被稀释,以保障企业活性。公司可以向下设置子公司,将公司业务分模块由各个子公司经营及管理,这样可以是业务情况清晰,对于公司核心业务,子公司的股权结构可由实际控制人和公司共同持股,实际控制人作为核心业务子公司的控股股东(即持股51%及以上),即便经过多轮次融资公司股权被稀释,仍可将核心业务掌控在创始人自己手中。
In the employee stock ownership platform, the founder/actual controller can reserve a portion of the shares for proxy holding, in order to incentivize employees at different levels in batches; If an employee resigns, it will also be reclaimed and held by the founder/actual controller. In each round of financing, it can be agreed that the equity ratio in the employee equity incentive pool will not be diluted to ensure the vitality of the enterprise. The company can establish subsidiaries downwards and divide its business into modules for operation and management by each subsidiary. This can clarify the business situation. For the core business of the company, the equity structure of the subsidiary can be jointly held by the actual controller and the company. The actual controller serves as the controlling shareholder of the core business subsidiary (i.e. holding 51% or more of the shares). Even if the company's equity is diluted after multiple rounds of financing, the core business can still be controlled by the founder himself.
其他业务子公司可作为公司的全资子公司,一旦某个业务出现问题,也可单独清算该子公司而不影响主体公司,对于发展特别好的子公司可以考虑单独上市,如有受限制业务也可放在子公司中运营,不会影响主体公司未来的上市计划。
Other business subsidiaries can serve as wholly-owned subsidiaries of the company. Once a certain business encounters problems, the subsidiary can also be liquidated separately without affecting the main company. For subsidiaries with particularly good development, they can consider going public separately. If there are restricted businesses, they can also be operated within the subsidiary without affecting the main company's future listing plans.
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