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股权知识 当前位置: 首页>>股权资讯>>股权知识创始人间股权应如何分配?

创始人间股权应如何分配?

发布时间:2023-09-23 来源:http://www.lushangyun.com/

什么是大股东?什么是控制权?
What is a major shareholder? What is control?
简单的理解就是谁出的钱多谁就是大股东,谁就说了算也就是拥有公司的控制权。
The simple understanding is that the one who pays more is the major shareholder, and the one who has the the final say is the control of the company.
但我们很多初创企业老板都是缺钱的,要经过A轮、B轮甚至C轮融资,股权是在不断的稀释的,在这种情况下如何保留公司的控制权。
But many of our startup bosses are short of money and need to go through rounds A, B, and even C of financing. Equity is constantly diluting, so how to retain control of the company in this situation.
这里还有一个问题大家可以现在去思考,控制权就一定是控股吗?
Here is another question that everyone can think about now. Does control necessarily mean controlling?
带着这些问题我们先来看看下面这些大佬们是怎么掌握公司控制权的?
With these questions in mind, let's first take a look at how these big shots control the company?
说到阿里巴巴我们可能没人不知道,说到他我们也自然会想到一个人那就是马云,大家一定认为马云是阿里巴巴的大股东,但是马云只持有阿里巴巴不到5%的股权,他是如何做到的呢?
When it comes to Alibaba, we may not know anyone, and when it comes to him, we naturally think of a person named Jack Ma. Everyone must think Jack Ma is a major shareholder of Alibaba, but Jack Ma only holds less than 5% of Alibaba's equity. How did he do it?
通信设备制造行业老大华为公司创始人任正非持股1%,联想教父柳传志持股仅为0.28%,马化腾在腾讯公司也仅持股12%。就连大名鼎鼎的比尔盖茨持股也仅仅只有9.48%。
Ren Zhengfei, the founder of Huawei, the leader of the communication equipment manufacturing industry, holds 1% of the shares, Lenovo's godfather Liu Chuanzhi holds only 0.28%, and Ma Huateng holds only 12% of the shares in Tencent. Even the famous Bill Gates holds only 9.48% of the shares.
为什么他们那么少的股权都能掌控企业的命脉,原因就是他们都做了公司股权的顶层设计。
Why do they have so little equity to control the lifeline of the enterprise? The reason is that they have all done the top-level design of the company's equity.
他们都将公司法活学活用。
They all learn and apply company law flexibly.
公司法应该说是给了股东充分的自由意思的体现。
The company law should be said to provide shareholders with sufficient freedom of will.
而股东的自由意思是通过公司章程来体现的,我们经常把公司章程比喻成公司的宪法,就是不管是公司董事长还是总经理还是财务总监他都要听这个宪法的,不能违背。
The freedom of shareholders is reflected through the company's articles of association. We often compare the company's articles of association to the company's constitution, which means that whether it is the chairman, general manager, or financial director of the company, they must listen to this constitution and cannot violate it.
(1)制定个性化章程
(1) Develop personalized charter
下面我们就来谈谈呢,创始人在发起设立公司时,如何个性化的制定公司章程:
Let's talk about how the founder personalized the company's articles of association when initiating the establishment of the company:
股东持股比例可以与出资比例不一样
The shareholding ratio of shareholders can be different from the contribution ratio
举个例子,一个公司注册资金1000万,两个股东,你出800万,我出200万,正常股权比例一定是8:2,但是公司法允许这个哥俩5:5分账,只要上面这两人同意,这事谁也管不着。
山东顶层架构设计
For example, if a company has a registered capital of 10 million yuan and two shareholders, if you contribute 8 million yuan and I contribute 2 million yuan, the normal equity ratio must be 8:2. However, the company law allows this partner to split the account at 5:5. As long as these two shareholders agree, no one can handle this matter.
因为这种约定是当事人各方的真实意思表示,且未损害他人的利益,也没有违法国家法律法规,因此是合法有效的。
Because this agreement represents the true intention of all parties involved and does not harm the interests of others, nor does it violate national laws and regulations, it is legal and effective.
表决权可以与出资比例不一致
Voting rights may differ from the proportion of capital contribution
《公司法》第42条规定:股东会会议由股东按照出资比例行使表决权,但是公司章程另有规定的除外。
Article 42 of the Company Law stipulates that shareholders shall exercise their voting rights at shareholders' meetings in proportion to their capital contributions, except as otherwise provided in the company's articles of association.
《公司法》第34条:股东按照实缴的出资比例分取红利;
Article 34 of the Company Law: Shareholders shall receive dividends in proportion to their actual contributions;
公司新增资本时,股东有权优先按照实缴的出资比例认缴出资。
When the company increases its capital, shareholders have the right to subscribe to the capital contribution in proportion to their actual contributions.
但是,全体股东约定不按照出资比例分取红利或者不按照出资比例优先认缴出资的除外。
However, unless all shareholders agree not to receive dividends in accordance with the proportion of their capital contributions or do not subscribe to their capital contributions in priority in accordance with the proportion of their capital contributions.
很多创始人在成立公司时公司章程用的都是工商局的格式文本,往往对于法律规定的但是条款都忽略了。
Many founders use the format text of the Industrial and Commercial Bureau when establishing their company's articles of association, often ignoring the legal provisions.
以上我列举的就是一些比较常用的关于公司章程的但是条款,象其他关于股权转让时剩余股东的同意权、优先购买权、股东资格的继承、股东会的召开形式、召开期限、对于董、监事、高转让本公司股权的限制呀这些都是可以通过公司章程来做出约定以确保公司的控制权。
The above are some commonly used clauses related to the company's articles of association, such as the consent rights of remaining shareholders during equity transfer, the right of first refusal, the inheritance of shareholder qualifications, the form and duration of shareholders' meetings, and restrictions on directors, supervisors, and high transfer of the company's equity. These can be stipulated through the company's articles of association to ensure the company's control.
(2)创始人确保控制权的方式
(2) How founders ensure control
投票权委托的模式
The mode of delegation of voting rights
投票权委托”就是公司部分股东通过协议约定,将其投票权委托给其他特定股东(如创始股东)行使。
Voting rights delegation "refers to some shareholders of a company entrusting their voting rights to other specific shareholders (such as founding shareholders) through an agreement.
根据京东的招股书,在京东发行上市前,京东有11家投资人将其投票权委托给了刘强东行使。
According to JD's prospectus, before JD went public, 11 investors entrusted their voting rights to Liu Qiangdong.
刘强东持股20%左右却通过老虎基金、高瓴资本、今日资本以及腾讯等投资人的投票权委托掌控了京东上市前过半数的投票权。
Liu Qiangdong holds about 20% of the shares but controls more than half of the voting rights of JD before its listing through voting rights commissions from investors such as Tiger Fund, Hillhouse Capital, Today Capital, and Tencent.
一致行动人协议
Agreement on concerted action
一致行动人”即通过协议约定,某些股东就特定事项采取一致行动。
The "concerted action person" refers to the agreement that certain shareholders take concerted action on specific matters.
意见不一致时,某些股东跟随一致行动人投票。
When there is disagreement, some shareholders follow the consensus to vote.
比如,创始股东之间、创始股东和投资人之前就可以通过签署一致行动人协议加大创始股东的投票权权重。
For example, the voting rights of founding shareholders can be increased by signing a consensus agreement between them, as well as between them and investors.
一致行动协议内容通常体现为一致行动人同意在其作为公司股东期间,在行使提案权、表决权等股东权利时做出相同的意思表示,以其中某方意见作为一致行动的意见,以巩固该方在公司中的控制地位。比如说打的比较热闹的宝万之争。
The content of a concerted action agreement usually reflects the agreement of the person acting in concert to make the same expression of intention when exercising shareholder rights such as proposal and voting rights during their period as a shareholder of the company, and to use the opinion of one party as the opinion of the concerted action, in order to consolidate the controlling position of that party in the company. For example, the lively Battle of Baowan.
通过有限合伙持股
Shareholding through limited partnership
有限合伙企业在是一种比较新的企业形式,有限合伙企业的合伙人分为普通合伙人(俗称管理合伙人或GP)和有限合伙人(LP)。
Limited partnership enterprises are a relatively new form of enterprise in China, with partners divided into general partners (commonly known as management partners or GP) and limited partners (LP).
普通合伙人执行合伙事务,承担管理职能,而有限合伙人只是作为出资方,不参与企业管理。
General partners carry out partnership affairs and assume management functions, while limited partners only serve as investors and do not participate in enterprise management.
所以,可以让股东不直接持有公司股权,而是把股东都放在一个有限合伙里面,让这个有限合伙持有公司股权,这样股东就间接持有公司股权。
So, it is possible to have shareholders not directly hold company equity, but rather place them all in a limited partnership, allowing this limited partnership to hold company equity, so that shareholders indirectly hold company equity.
同时,让创始人或其名下公司担任GP,控制整个有限合伙,然后通过这个有限合伙持有和控制公司的部分股权。
At the same time, let the founder or his company serve as the GP, controlling the entire limited partnership, and then holding and controlling a portion of the company's equity through this limited partnership.
除创始人之外的其他股东,只能是有限合伙的LP,只享有经济收益而不参与有限合伙日常管理决策,也就不能通过有限合伙控制公司。
Except for the founder, other shareholders can only be LPs of limited partnerships, who only enjoy economic benefits and do not participate in daily management decisions of limited partnerships, and therefore cannot control the company through limited partnerships.
有人专门研究发现,绿地集团采用层叠的有限合伙安排,以一个注册资本为10万元的公司控制约190亿元资产的绿地集团。
Someone has specifically studied and found that Greenland Group adopts a layered limited partnership arrangement, with a registered capital of 100000 yuan controlling approximately 19 billion yuan in assets of Greenland Group.
境外架构的AB股计划
Overseas structured AB share plan
以上这些都可以保证创始人的公司控制权。
All of these can guarantee the founder's control over the company.
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