1原则

1 Principle

（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 strive to set a higher equity ratio for them.

（2）并非一定同股同权

(2) Not necessarily equal shares and rights

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。

Enterprises 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 the proportion of equity they hold is small. At this time, 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

(3) Determine the equity ratio based on the strengths of each partner in the founding team

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。

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 in case of differences in business operations and avoid deadlock.

（4）形成梯次结构

(4) Forming a hierarchical structure

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。

The core shareholder holds the maximum equity, while the remaining shareholders determine the proportion based on their respective strengths and contributions; Equity adjustments can be made later based on actual contributions and performance.

（5）保留预留股权

(5) Reserve reserved equity

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。

Adjust the equity ratio based on the contribution 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

(6) Maintain dynamic adjustment of equity

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。

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 core founders.

2具体设置建议

2 Specific setting suggestions

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。

When setting up the company's equity structure, the founder should consider the shareholding structure of co founders, management, multi round financing investors, employee shareholding platforms, and other investors.

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”。

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, which shall be held by the actual controller, and the registered capital does not need to be set too high. The limited company, as the general partner of the founding team's shareholding platform, bears unlimited joint and several liability. The general partner only holds 1% of the shareholding platform, while the other 99% of the shares are held by the founding team and management as limited partners. The general partner of a limited liability company as a shareholding platform can effectively control the liability assumed by the actual controller, transforming unlimited joint liability into limited liability.

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。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。

The company sets up 10-15% equity incentive shares as employee incentives, and sets up an employee shareholding platform in the form of a partnership enterprise. The limited company, which uses the actual controller as a shareholder, as the general partner of the employee shareholding platform, bears unlimited joint and several liability, and the general partner holds 1% of the shareholding platform. In the employee shareholding platform, the founder/actual controller can reserve a portion of the shares to be held by proxy, in order to incentivize employees at different levels in batches; If an employee resigns, it will also be held by the founder/actual controller on their behalf. 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 viability of the enterprise.

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。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。

The company can set up subsidiaries downwards and divide its business into modules for operation and management by each subsidiary. This can make the business situation clear. 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). Even if the company's equity is diluted through multiple rounds of financing, the core business can still be controlled by the founder himself. Other business subsidiaries can serve as wholly-owned subsidiaries of the company. Once a certain business encounters problems, the subsidiary can be liquidated separately without affecting the main company. For subsidiaries with particularly good development, they can be considered for separate listing. If there are restricted businesses, they can also be operated within the subsidiary without affecting the future listing plan of the main company.

3预留股权激励平台

3. Reserved equity incentive platform

企业未来可能开展股权激励，股权激励的对象（高管、核心员工）持有的股权可统一安排在持股平台。由持股平台持有公司股权，高管和核心员工持有持股平台的股权/合伙份额，从而间接持有公司股权/股份。（参见：股权激励 | 持股平台）

In the future, enterprises may carry out equity incentives, and the equity held by the objects of equity incentives (executives, core employees) can be uniformly arranged on the shareholding platform. The company's equity is held by the shareholding platform, and executives and core employees hold the equity/partnership shares of the shareholding platform, thereby indirectly holding the company's equity/shares. (See: Equity Incentives | Shareholding Platforms)

预留股权激励持股平台是股权激励的通常做法，具有以下优点：

The reserved equity incentive shareholding platform is a common practice of equity incentives, which has the following advantages:

有利于企业股权的稳定性。高管和核心员工的持股变化频繁，在持股平台中进行可使企业股权轻易不变动；

Beneficial for the stability of corporate equity. The shareholding changes of executives and core employees are frequent, and conducting them on the shareholding platform can easily keep the company's equity unchanged;

有利于创始人实现企业的控制权。持股平台的控制权由创始人掌握，从而保持对企业的控制。

Beneficial for founders to exercise control over the company. The control of the shareholding platform is held by the founder, thereby maintaining control over the enterprise.

持股平台的形式可以是有限公司或者有限合伙企业。

The form of a shareholding platform can be a limited company or a limited partnership enterprise.

有限合伙企业

Limited Partnership Enterprise

有限合伙企业由普通合伙人和有限合伙人组成：创始人设置管理公司作为普通合伙人。

A limited partnership enterprise is composed of general partners and limited partners: the founder establishes a management company as the general partner.

普通合伙人负责有限合伙企业的经营决策。

General partners are responsible for the operational decisions of limited partnership enterprises.

高管和核心员工作为有限合伙人，有限合伙人不参与有限合伙企业的经营决策。

As limited partners, executives and core employees do not participate in the business decisions of limited partnerships.

有限责任公司

company with limited liability

由创始人和高管、核心员工作为股东。

Founders, executives, and core employees serve as shareholders.

无论创始人持有多少股权，都可以在作为持股平台的公司章程中规定，其他股东将表决权授予创始人行使，从而让创始人掌握全部的表决权。

No matter how much equity the founder holds, it can be stipulated in the company's articles of association as a shareholding platform that other shareholders will grant the founder voting rights to exercise, thereby allowing the founder to control all voting rights.

有限合伙企业和有限责任公司的区别

The difference between limited partnership enterprises and limited liability companies

有限责任公司：分红时，有限责任公司作为股东（即持股平台）从主业公司分取利润，有限责任公司不需要缴纳企业所得税；高管和员工从做为持股平台的有限责任公司分回利润，才需要按20%缴纳个人所得税。

Limited liability company: When distributing dividends, the limited liability company, as a shareholder (i.e. holding platform), takes profits from the main business company and is not required to pay corporate income tax; Only when executives and employees receive profits from a limited liability company that serves as a shareholding platform, they are required to pay personal income tax at a rate of 20%.

有限合伙企业：分红时，有限合伙企业作为股东（即持股平台）从公司分取利润，有限合伙企业不缴所得税；高管和员工再从有限合伙企业分取利润，按20%缴纳个人所得税。

Limited partnership enterprise: When distributing dividends, the limited partnership enterprise, as a shareholder (i.e. holding platform), receives profits from the company and does not pay income tax; The executives and employees will then share profits from the limited partnership and pay personal income tax at a rate of 20%.

持股平台一般以有限合伙企业居多，以有限合伙企业的形式设立持股平台的优点：

The majority of shareholding platforms are limited partnership enterprises, and the advantages of setting up shareholding platforms in the form of limited partnership enterprises are:

若以有限责任公司的形式，平台股东退出可能还需要形成合法有效的股东会决议，且涉及章程修改等法律程序；若以有限合伙企业的形式，则可以通过合伙协议约定相关事项，简化决策流程。

If it is in the form of a limited liability company, the withdrawal of platform shareholders may require the formation of a legal and effective shareholder meeting resolution, and involve legal procedures such as amending the articles of association; If it is in the form of a limited partnership enterprise, relevant matters can be stipulated in the partnership agreement to simplify the decision-making process.

以有限责任公司的形式，平台股东取得分红需要经过企业所得税和个人所得税的双重征税；以有限合伙企业的形式，则仅需缴纳个人所得税。

In the form of a limited liability company, platform shareholders are required to undergo dual taxation of corporate income tax and personal income tax to obtain dividends; In the form of a limited partnership enterprise, only personal income tax needs to be paid.

有限合伙企业的设立门槛更低，在出资方面的法律限制更小，安排更灵活、自主性更强

The establishment threshold of limited partnership enterprises is lower, the legal restrictions on capital contribution are smaller, the arrangements are more flexible, and the autonomy is stronger

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