一、股东人数- 分散与集中平衡：- 初创期建议股东人数≤5人（便于决策），后期融资可通过持股平台（如有限合伙）集中管理。- 股东过多可能导致决策低效、股权分散（如超过200人需按公众公司监管）。

1、 Number of shareholders - balance between dispersion and concentration: In the initial stage, it is recommended to have no more than 5 shareholders (for decision-making purposes), and later financing can be centrally managed through shareholding platforms (such as limited partnerships)- Having too many shareholders may lead to inefficient decision-making and scattered equity (such as requiring supervision of public companies for over 200 people).

二、股权占比- 控制权红线：- 67%+：绝对控制权（修改公司章程、重大事项决策）。- 51%+：相对控制权（普通事项决策）。- 34%+：一票否决权（重大事项）。- 动态调整：- 预留10%-20%股权池用于员工激励和后续融资。- 核心股东股权可通过股权代持或AB股（同股不同权）设计保持控制权。

2、 Equity Proportion - Control Red Line: -67%+: Absolute control (modification of company articles of association, major decision-making)- 51%+: Relative control (decision-making on ordinary matters)- 34%+: One vote veto power (for major matters)- Dynamic adjustment: Reserve 10% -20% equity pool for employee incentives and subsequent financing- The core shareholder's equity can be held through equity proxy or AB shares (with different rights for the same share) to maintain control.

三、控制权与决策权- 治理结构设计：- 董事会：创始人控制多数席位（如5席中占3席），确保战略方向。- 股东会：通过投票权委托或一致行动协议集中表决权。- 特殊条款：- 一票否决权（针对核心条款，如并购、高管任命）。- 优先清算权（资本方常用，需平衡创始人利益）。

3、 Control and decision-making power - Governance structure design: - Board of directors: The founder controls a majority of seats (such as 3 out of 5 seats) to ensure strategic direction- Shareholders' meeting: Concentrate voting rights through voting rights delegation or unanimous action agreement- Special terms: - veto power (for core terms such as mergers and acquisitions, executive appointments)- Priority liquidation right (commonly used by the capital side, balancing the interests of the founders).

四、分红权- 分配规则：- 按股权比例分配（默认方式）。- 约定优先分红权（如资本方优先收回本金）。- 可设置分红限制（如公司未盈利前不分红）。- 税务优化：- 通过持股平台（有限合伙）降低个人所得税。五、合伙规则- 进入机制：- 明确股东出资方式（资金/技术/资源）及估值标准。- 退出机制：- 股权回购：离职/违约时，公司按约定价格回购股权（如原值回购、按净资产折算）。- 竞业禁止：退出后一定期限内不得从事同类业务。- 动态调整：- 签订对赌协议（如业绩对赌、上市对赌），绑定股东利益。六、实践建议早期核心原则：创始人保持控制权（如67%+），避免股权平均分配（如50:50易僵局）。资本引入策略：通过优先股（无表决权）或可转换债融资，减少控制权稀释。协议完善：签署《股东协议》《一致行动协议》，明确责权利及退出条款。 动态优化：每轮融资后重新评估股权结构，确保与公司发展阶段匹配。

4、 Dividend Rights - Distribution Rules: - Allocate according to equity ratio (default method)- Agree on priority dividend rights (such as priority for capital to recover principal)- Dividend restrictions can be set (such as not distributing dividends until the company is profitable)- Tax optimization: - Reduce personal income tax through shareholding platforms (limited partnerships). 5、 Partnership Rules - Entry Mechanism: Clarify the shareholder contribution method (funds/technology/resources) and valuation standards- Exit mechanism: - Equity repurchase: When resigning/defaulting, the company repurchases equity at the agreed price (such as repurchase at original value or conversion based on net assets)- Non compete: Within a certain period of time after withdrawal, one shall not engage in similar business- Dynamic adjustment: - Sign betting agreements (such as performance betting, listing betting) to bind shareholder interests. 6、 Early core principles for practical advice: founders should maintain control (such as 67%+) and avoid equal distribution of equity (such as 50:50 deadlock). Capital introduction strategy: Reduce dilution of control through preferred stock (non voting) or convertible bond financing. Agreement improvement: Sign the "Shareholders Agreement" and "Consensus Action Agreement" to clarify responsibilities, rights, and exit clauses. Dynamic optimization: Re evaluate the equity structure after each round of financing to ensure it matches the company's development stage.

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