國(guó)內(nèi)公司股權(quán)結(jié)構(gòu)常見(jiàn)的有四種：自然人直接架構(gòu)、控股公司架構(gòu),、有限合伙架構(gòu),、混合股權(quán)架構(gòu)。

There are four common types of equity structures in domestic companies: natural person direct structure, holding company structure, limited partnership structure, and mixed equity structure.

了解完這四種股權(quán)結(jié)構(gòu),，基本上可以適用于絕大部分企業(yè),，特別是初創(chuàng)公司和中小型企業(yè)，這些公司在持續(xù)發(fā)展中,，熟悉常見(jiàn)的股權(quán)架構(gòu)的優(yōu)劣勢(shì),，設(shè)計(jì)適合本公司發(fā)展的股權(quán)結(jié)構(gòu)是非常有必要的。

After understanding these four types of equity structures, they can basically be applied to the vast majority of enterprises, especially startups and small and medium-sized enterprises. These companies are in the process of continuous development and are familiar with the advantages and disadvantages of common equity structures. It is necessary to design equity structures that are suitable for the development of our company.

一,、自然人直接架構(gòu)

1、 Natural person direct structure

自然人直接架構(gòu)就是自然人股東直接持股核心公司股權(quán),。

The direct structure of natural persons refers to the direct shareholding of core company equity by natural person shareholders.

99%的企業(yè)股權(quán)結(jié)構(gòu)都是自然人直接架構(gòu),，這種結(jié)構(gòu)適用于創(chuàng)業(yè)初期的企業(yè)，結(jié)構(gòu)簡(jiǎn)單,，以便后期調(diào)整,。這種結(jié)構(gòu)有什么優(yōu)缺點(diǎn)呢？

99% of corporate equity structures are directly structured by natural persons, which is suitable for early-stage enterprises and has a simple structure for later adjustment. What are the advantages and disadvantages of this structure?

自然人直接架構(gòu)優(yōu)點(diǎn)：

Advantages of natural person direct architecture:

1.套現(xiàn)稅務(wù)成本確定

1. Determination of cash out tax costs

自然人直接持股,，無(wú)論是分紅還是轉(zhuǎn)讓股權(quán)進(jìn)行套現(xiàn),，個(gè)稅稅率都是為20%。

The individual income tax rate is 20% for direct shareholding by natural persons, whether it is for dividends or equity transfer for cash out.

個(gè)人轉(zhuǎn)讓限售股,，以每次限售股轉(zhuǎn)讓收入,，減除股票原值和合理稅費(fèi)后的余額，為應(yīng)納稅所得額,，即應(yīng)納稅額=（限售股轉(zhuǎn)讓收入-限售股原值-合理稅費(fèi)）×20%

Individual transfer of restricted shares, the taxable income shall be calculated based on the income from each transfer of restricted shares, after deducting the original value of the shares and reasonable taxes and fees. That is, the taxable amount shall be equal to (income from transfer of restricted shares - original value of restricted shares - reasonable taxes and fees) x 20%

2.套現(xiàn)免征增值稅

2. Cashing out is exempt from value-added tax

自然人股東轉(zhuǎn)讓非上市公司股權(quán),，不屬于增值稅納稅范圍，自然人股東轉(zhuǎn)讓上市公司股權(quán),，暫免征收增值稅,。

The transfer of equity of non listed companies by natural person shareholders does not fall within the scope of value-added tax payment. The transfer of equity of listed companies by natural person shareholders is temporarily exempt from value-added tax.

3.上市后套現(xiàn)可選擇納稅地點(diǎn)

3. After listing, cashing out can choose the tax payment location

自然人股東轉(zhuǎn)讓上市公司非限售股，暫免征收個(gè)人所得稅,；自然人股東轉(zhuǎn)讓上市公司限售股取得的所得,，按照“財(cái)產(chǎn)轉(zhuǎn)讓所得”20%稅率繳納個(gè)人所得稅，納稅地點(diǎn)為個(gè)人股東證券資金賬戶的開(kāi)戶機(jī)構(gòu)所在地,。

The transfer of non restricted shares of listed companies by natural person shareholders is temporarily exempt from personal income tax; The income obtained from the transfer of restricted shares of a listed company by a natural person shareholder shall be subject to personal income tax at a rate of 20% on "property transfer income", and the tax payment location shall be the location of the opening institution of the individual shareholder's securities fund account.

所以說(shuō),，有些上市公司在早期,，股東就為將來(lái)轉(zhuǎn)讓股權(quán)套現(xiàn)，在全國(guó)范圍內(nèi)選擇個(gè)稅返還力度比較大的地點(diǎn)開(kāi)立證券資金賬戶,，進(jìn)而在此地進(jìn)行股權(quán)轉(zhuǎn)讓的個(gè)稅繳納,，最后得到政府的財(cái)政返還，以降低稅負(fù),。因此這種股權(quán)架構(gòu)適用于有明確套現(xiàn)意圖的財(cái)務(wù)投資人,。

So, in the early stages of some listed companies, shareholders choose to open securities fund accounts in locations with relatively strong individual income tax returns nationwide in order to cash out future equity transfers, and then pay individual income tax for equity transfers here. Finally, they receive government financial returns to reduce tax burden. Therefore, this equity structure is suitable for financial investors who have a clear intention to cash out.

自然人直接架構(gòu)缺點(diǎn)：

Disadvantages of natural person direct architecture:

1.股權(quán)容易被稀釋

1. Equity is easily diluted

如果公司為了吸納合作伙伴，或者融資,，或者員工持股,，只要每新增一個(gè)股東，控制人的股權(quán)就會(huì)被稀釋,，不利于控制權(quán)的集中,。

If a company wants to attract partners, financing, or employee shareholding, as long as a new shareholder is added, the controlling shareholder's equity will be diluted, which is not conducive to the concentration of control.

2.缺乏股權(quán)杠桿空間

2. Lack of equity leverage space

如果想利用股權(quán)杠桿運(yùn)營(yíng)公司，比如吸收投資人的資金,，來(lái)實(shí)現(xiàn)杠桿效應(yīng),，那原來(lái)的創(chuàng)始人股東的股權(quán)比例就會(huì)被大量稀釋，為了不失去控制權(quán),，那吸收投資的金額就很有限了,。

If you want to use equity leverage to operate a company, such as absorbing investor funds, to achieve leverage effect, the equity ratio of the original founder shareholders will be greatly diluted. In order to not lose control, the amount of investment absorbed will be very limited.

3.股東再投資成本高

3. High cost of shareholder reinvestment

因?yàn)槭亲匀蝗酥苯映止桑蓶|如果需要資金再投資其他企業(yè)或者對(duì)本企業(yè)的盈余進(jìn)行轉(zhuǎn)增資本,，都需要按“利息,、股息、紅利所得”項(xiàng)目20%的稅率繳納個(gè)人所得稅,。

Because it is directly held by a natural person, if shareholders need funds to reinvest in other enterprises or convert their own profits into capital, they are required to pay personal income tax at a rate of 20% under the "interest, dividend, and bonus income" item.

二,、控股公司架構(gòu)

2、 Holding Company Structure

控股公司架構(gòu)就是自然人不直接持股核心的業(yè)務(wù)公司,，而是由創(chuàng)始人持股一家控股公司,，創(chuàng)始人可以是家族企業(yè)，控股公司可以作為對(duì)外投資的投資公司,，一般為有限責(zé)任公司,，然后再由這家控股公司持股各板塊的管理公司，各板塊管理公司再持股各家業(yè)務(wù)公司,。

The structure of a holding company is that a natural person does not directly hold shares in the core business company, but rather holds shares in a holding company by the founder. The founder can be a family business, and the holding company can act as an investment company for external investment, usually a limited liability company. Then, this holding company holds shares in the management companies of each sector, and each sector management company holds shares in each business company.

控股公司架構(gòu)優(yōu)點(diǎn)：

Advantages of Holding Company Structure:

1.股權(quán)杠桿

1. Equity leverage

控股公司架構(gòu)層級(jí)較多,，每一層都可以引入資本，以小博大,，實(shí)現(xiàn)股權(quán)杠桿效應(yīng),。

The structure of the holding company has multiple levels, and each level can introduce capital to achieve equity leverage effect through small and large scale.

2.集中股權(quán)

2. Concentrated equity

這種金字塔結(jié)構(gòu)，可以集中股權(quán)，提升控制力,。

This pyramid structure can concentrate equity and enhance control.

3.納稅籌劃

3. Tax planning

居民企業(yè)之間利潤(rùn)分配免征企業(yè)所得稅,，控股公司可以作為資金池，吸收各業(yè)務(wù)公司的利潤(rùn),，進(jìn)行再投資,，是免稅的。

The distribution of profits between resident enterprises is exempt from corporate income tax, and the holding company can serve as a fund pool to absorb the profits of various business companies for reinvestment, which is tax exempt.

4.利于人事管理

4. Beneficial for personnel management

分版塊分層級(jí)的股權(quán)架構(gòu),，有利于將合適的人放在合適的位置,，員工有了橫向和縱向的發(fā)展通道。

A segmented and hierarchical equity structure is conducive to placing the right people in the right positions, providing employees with horizontal and vertical development channels.

5.便于資本運(yùn)作

5. Facilitate capital operation

通過(guò)控股公司來(lái)持股,，為未來(lái)公司上市以及資本運(yùn)作留下空間,。

Holding shares through holding companies leaves room for future company listings and capital operations.

控股公司架構(gòu)缺點(diǎn)：

Disadvantages of the holding company structure:

1.股權(quán)轉(zhuǎn)讓稅負(fù)高

1. High tax burden on equity transfer

自然人股東與業(yè)務(wù)公司之間有各層級(jí)的持股公司，在做股權(quán)轉(zhuǎn)讓時(shí),，持股公司需要對(duì)股權(quán)轉(zhuǎn)讓收益繳納25%的企業(yè)所得稅,，再分配給自然人股東時(shí)還需繳納20%的個(gè)人所得稅。

There are various levels of shareholding companies between natural person shareholders and business companies. When conducting equity transfers, the shareholding companies are required to pay a 25% corporate

income tax on the proceeds of the equity transfer, and an additional 20% personal income tax when distributing them to natural person shareholders.

2.退出機(jī)制不靈活

2. The exit mechanism is not flexible

各個(gè)層級(jí)的股東都為有限公司,，適用于公司法管理規(guī)定,，股東變更機(jī)制較為復(fù)雜，缺乏靈活性,，因此不適合作為員工持股平臺(tái),，而設(shè)置有限合伙公司則更為合適。

The shareholders at all levels are limited companies, which are subject to the management regulations of the Company Law. The shareholder change mechanism is complex and lacks flexibility, making it unsuitable as an employee shareholding platform. However, setting up a limited partnership company is more appropriate.

因此,，控股公司架構(gòu)適用于：（1）規(guī)劃長(zhǎng)期持股的實(shí)業(yè)家；（2）有多個(gè)業(yè)務(wù)版塊的多元化企業(yè)集團(tuán),；（3）作為大股東的家族持股平臺(tái),；（4）已進(jìn)入成熟期，但沒(méi)有上市規(guī)劃,，打算家族傳承的實(shí)業(yè)家,。

Therefore, the holding company structure is applicable to: (1) industrialists planning long-term shareholding; (2) Diversified enterprise groups with multiple business segments; (3) A family shareholding platform as the major shareholder; (4) An industrialist who has entered a mature stage but has no plans to go public and intends to inherit their family.

三、有限合伙架構(gòu)

3,、 Limited Partnership Structure

有限合伙架構(gòu)是股東以有限合伙企業(yè)作為持股平臺(tái)間接持股核心公司,。

The limited partnership structure is a core company indirectly held by shareholders through a limited partnership enterprise as a shareholding platform.

創(chuàng)始人持股一家有限責(zé)任公司作為控股公司，該控股公司作為普通合伙人（GP）,、公司員工作為有限合伙人（LP）成立有限合伙企業(yè)A,，投資人作為有限合伙人（LP）與控股公司（GP）再成立有限合伙企業(yè)B，最后,，有限合伙企業(yè)控制核心公司,。

The founder holds a limited liability company as the holding company, which serves as a general partner (GP) and the company's employees as limited partners (LP) to establish a limited partnership enterprise A. The investor, as a limited partner (LP), then forms a limited partnership enterprise B with the holding company (GP). Finally, the limited partnership enterprise controls the core company.

合伙企業(yè)中的普通合伙人是要承擔(dān)無(wú)限連帶責(zé)任的，但是由有限責(zé)任公司去做普通合伙人（GP），就把無(wú)限責(zé)任有限化了,，此時(shí)的控股公司（GP）就是創(chuàng)始人與合伙企業(yè)之間的一道防火墻,。

The general partners in a partnership enterprise are required to bear unlimited joint and several liability, but if a limited liability company acts as a general partner (GP), the unlimited liability is limited. At this time, the holding company (GP) serves as a firewall between the founder and the partnership enterprise.

同時(shí)，有限合伙企業(yè)由普通合伙人執(zhí)行合伙事務(wù),，有限合伙人不執(zhí)行合伙事務(wù),，不得對(duì)外代表有限合伙企業(yè)。因此控制權(quán)是由控股公司（GP）掌握,，最終也是由創(chuàng)始人掌握,， 員工和投資人作為L(zhǎng)P是不享有控制權(quán)的，只能分享收益,。

At the same time, limited partnership enterprises are executed by general partners in partnership affairs, and limited partners are not allowed to represent limited partnership enterprises externally. Therefore, control is held by the holding company (GP) and ultimately by the founder. Employees and investors, as LPs, do not have control and can only share profits.