創(chuàng)業(yè)者通常采用兩種方式確定公司的股權結構，一是按照股東的出資比例進行山東企業(yè)股權分配,，二是在股東之間平均分配,。前者容易觸發(fā)股東貢獻和持股比例不匹配的問題，后者則會削弱核心創(chuàng)始人對公司的控制力,，影響公司的決策效率,。

Entrepreneurs usually use two methods to determine the equity structure of a company: one is to distribute the equity of Shandong enterprises according to the proportion of shareholders' contributions, and the other is to distribute it evenly among shareholders. The former can easily trigger the issue of mismatched shareholder contributions and shareholding ratios, while the latter can weaken the core founder's control over the company and affect its decision-making efficiency.

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股權分配的三大原則

The Three Principles of Equity Distribution

創(chuàng)業(yè)如逆水行舟，只有同行者目的明確,、方向一致,、公平和激勵并存才能成就長遠、穩(wěn)定的關系,。股權分配就是這么一個落實到“人”的過程,， 它的目的不僅要通過“丑話說在前頭”來確立規(guī)則，還要明確公司基因和價值觀,、達成股東間的共識,。

Entrepreneurship is like sailing against the current. Only when the goals of fellow travelers are clear, the direction is consistent, fairness and motivation coexist, can long-term and stable relationships be achieved. Equity distribution is such a process that is implemented to "people". Its purpose is not only to establish rules through "putting ugly words at the forefront", but also to clarify the company's genes and values, and reach consensus among shareholders.

鑒于創(chuàng)業(yè)公司初期股東和管理層通常是重疊的，暫無須考慮股東與管理層之間的博弈,，確立股權分配時需要考慮三個因素,，分別是：股東于資源層面的貢獻、股東于公司治理層面的把控以及公司未來的融資造血空間,。

Given that the initial shareholders and management of start-up companies usually overlap, there is no need to consider the game between shareholders and management. When establishing equity distribution, three factors need to be considered, namely: shareholder contribution to resources, shareholder control at the corporate governance level, and the company's future financing and hematopoietic space.

當然上述三個因素仍有分解的空間,，比如資源就可以按出資、投入時間細化,，出資又可以按照是貨幣,、實物、知識產(chǎn)權等對公司的價值進一步細化,。

Of course, there is still room for decomposition of the three factors mentioned above. For example, resources can be further refined based on investment and investment time, and investment can be further refined based on the value of currency, physical objects, intellectual property, etc. to the company.

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選擇實繳注冊資本比認繳注冊資本好

Choosing to pay in registered capital is better than subscribing to registered capital

創(chuàng)業(yè)公司要根據(jù)實際情況合理確定注冊資本,，選擇實繳并進行驗資，使得“公司”這種企業(yè)形式能夠充分發(fā)揮它的風險隔離效果,。

Entrepreneurship companies should reasonably determine their registered capital based on the actual situation, choose to pay in and conduct capital verification, so that the "company" form of enterprise can fully play its risk isolation effect.

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股權分配方案要終落地于工商登記

The equity distribution plan should be finally implemented in the industrial and commercial registration

出資是股權分配的必要依據(jù),，卻非唯一依據(jù)，創(chuàng)業(yè)者終核算的股權分配方案往往與出資比例不一致,，有些創(chuàng)業(yè)者會采用陰陽協(xié)議的方式,，一方面簽署投資協(xié)議固定真實的股權比例，另一方面按照出資比例完成工商登記。

Capital contribution is a necessary basis for equity distribution, but not the only basis. The equity distribution plan calculated by entrepreneurs often does not match the proportion of capital contribution. Some entrepreneurs may adopt a yin yang agreement, signing an investment agreement to fix the true equity ratio, and completing business registration according to the proportion of capital contribution.

但是,，上述方式的法律風險很大,，一旦涉訴，不僅創(chuàng)業(yè)者的股東權益難以獲得保護,，亦會消耗大量的時間成本,，導致公司錯失成長良機。

However, the legal risks of the above methods are significant. Once involved in litigation, not only is it difficult to protect the shareholders' rights and interests of entrepreneurs, but it also consumes a lot of time costs, leading to the company missing out on growth opportunities.

在此情形下,，可考慮采股本溢價方式解決：首先,，創(chuàng)業(yè)者之前簽署投資協(xié)議，明確每位創(chuàng)業(yè)者的實際出資和股權比例;繼而,，由創(chuàng)業(yè)者按照確認的股權比例和換算后的出資額進行工商登記,，把股東超出登記出資額的部分計入資本公積金。

In this case, a stock premium approach can be considered to solve the problem: firstly, the entrepreneur has previously signed an investment agreement that specifies the actual investment and equity ratio of each entrepreneur; Subsequently, the entrepreneur shall carry out business registration based on the confirmed equity ratio and the converted capital contribution, and the excess of the shareholder's registered capital contribution shall be included in the capital reserve fund.

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