1、钱权分离度极高的创始人股东。比如互联网企业，属于资金密集型企业，VC/PE会在发展过程中起到非常重要的作用。随着资本不断加入，创始人股东及其团队的持股比例会慢慢地被稀释得很低。为了控制权的需要，就会采取有限合伙企业的架构。我们来看看把有限合伙企业架构用到极致的绿地集团股权架构。

1. Founder shareholders with extremely high separation of money and power. For example, internet companies are capital intensive enterprises, and VC/PE will play a very important role in the development process. As capital continues to increase, the shareholding ratio of founder shareholders and their teams will gradually be diluted very low. For the need of control, a limited partnership structure will be adopted. Let's take a look at applying the limited partnership structure to the ultimate equity structure of Greenland Group.

2、有短期套现图的财务投资人。

2. Financial investors with short-term cash flow charts.

3、员工持股平台。方便股权激励管理，提高企业决策效力，大股东能获得更多的控制权。

3. Employee shareholding platform. Facilitate equity incentive management, improve the effectiveness of corporate decision-making, and enable major shareholders to gain more control.

02自然人直接架构

02 Natural Person Direct Architecture

这种架构很好理解，就是自然人股东直接持股核心公司股权，如图。

This structure is easy to understand, which means that natural person shareholders directly hold the equity of the core company, as shown in the figure.

这种公司架构有什么利弊呢？

What are the advantages and disadvantages of this company structure?

1、优点：

1. Advantages:

（1）套现个税可预期。根据税法规定[1]，个人转让限售股，以每次限售股转让收入，减除股票原值和合理税费后的余额，为应纳税所得额，即应纳税额=[限售股转让收入[2]-（限售股原值[3]+合理税费[4]）]×20。如果通过有限合伙企业套现，税率可能是20%，也可能是35%；通过有限公司套现，全部税负可达40%。不同的股权架构 ，自然人股东套现个税率表，如图。

(1) Cashing out personal income tax can be expected. According to tax law regulations [1], when an individual transfers restricted shares, the taxable income is the balance of the income from each transfer of restricted shares, after deducting the original value of the shares and reasonable taxes and fees, which is the amount of tax payable=[income from transfer of restricted shares [2] - (original value of restricted shares [3]+reasonable taxes and fees [4]) × 20. If cashing out through a limited partnership enterprise, the tax rate may be 20% or 35%; By cashing out through a limited company, the total tax burden can reach 40%. Different equity structures and individual tax rates for natural person shareholders to cash out, as shown in the figure.

（2）套现免征增值税。通过有限合伙企业、有限公司套现均需缴纳增值税。不同持股模式下增值税税率表，如图。

(2) Cash out is exempt from value-added tax. Both limited partnership enterprises and limited companies are required to pay value-added tax for cashing out. Value added tax rate table under different shareholding models, as shown in the figure.

（3）上市后套现可选择纳税地点。根据税法规定，自然人转让上市公司限售股权，纳税地点为个人股东资金账户开户的证券机构所在地。也就是说，可以比较全国各地方政府对股票交易个税的财政返还力度，不决定资金账户开户地，进而决定其纳税地。也就是我们前面所说的，税收洼地的财务返还。不同持股模式下，纳税地点比较表，如图。

(3) After listing, you can choose a tax payment location for cashing out. According to tax laws, natural persons transferring restricted shares of listed companies shall pay taxes at the location of the securities institution where the individual shareholder's fund account is opened. That is to say, it is possible to compare the financial returns of individual income tax on stock trading by local governments across the country, without determining the location of the fund account opening, and thus determining its tax payment location. As we mentioned earlier, the financial return of tax depressions. The comparison table of tax payment locations under different shareholding models is shown in the figure.

2、缺点：

2. Disadvantages:

（1）不利于控制权集中。

(1) Not conducive to centralized control.

（2）缺乏利用股权杠杆的空间。比如我们前面章节所说的“金字塔架构”，以小搏大的杠杆效应。

(2) Lack of space to leverage equity. For example, the "pyramid structure" we mentioned in the previous chapter has a leverage effect of using small measures to fight against large ones.

（3）对于长期持股的股东来说税负较高。取得分红再用于投资，也需要缴纳个人所得税，包括转增资本。

(3) For long-term shareholders, the tax burden is higher. Obtaining dividends for investment purposes also requires paying personal income tax, including capital conversion.

3、自然人直接架构的适用情形：

3. The application of the direct structure of natural persons:

（1）规划上市后售股套现的财务投资人。可以通过证券交易账户便于操作，进而降低税负。

(1) Financial investors who plan to sell shares and cash out after going public. It can be easily operated through securities trading accounts, thereby reducing tax burden.

（2）创业期的创始人股东。创业期不稳定因素较多，股权结构不宜设计得过于复杂，以便于后期进行调整。

(2) Founder shareholders during the entrepreneurial period. There are many unstable factors during the entrepreneurial period, and the equity structure should not be designed too complex for later adjustments.

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