公司創(chuàng)始人失去了公司的控制權(quán)，對于創(chuàng)業(yè)者來講是一個非?？膳碌氖虑?。

The founder of a company losing control of the company is a very scary thing for entrepreneurs.

失去公司控制權(quán)而被踢出局的創(chuàng)業(yè)者比比皆是,，比如雷士照明創(chuàng)始人吳長江，俏江南創(chuàng)始人張?zhí)m,，都是因為失去了對公司的控制權(quán)而含恨出局,。

Entrepreneurs who lost control of their companies and were kicked out are everywhere, such as Wu Changjiang, founder of Leishi Lighting, and Zhang Lan, founder of Qiaojiangnan, who were all driven out with resentment because they lost control of their companies.

創(chuàng)始人在公司設(shè)立之初，或者在股權(quán)變更的時候,，如股權(quán)激勵和股權(quán)融資的時候,，就要預(yù)設(shè)條款或者制度來防止控制權(quán)的喪失，或者能夠在控制權(quán)喪失的情況下做好,，失而復(fù)得的工作,。

At the beginning of the establishment of the company or during changes in equity, such as equity incentives and equity financing, the founder should pre-set terms or systems to prevent the loss of control, or be able to do a good job in recovering lost control.

本文分享了從三個方面幫助創(chuàng)始人團(tuán)隊掌握公司控制權(quán)的方式：

This article shares three ways to help the founder team gain control of the company:

股權(quán)層面的控制權(quán)；

Control rights at the equity level;

投票權(quán)和股權(quán)分離,；

Separation of voting rights and equity;

董事會層面的控制權(quán)

Control at the board level

01,、股權(quán)層面的控制

01. Control at the equity level

現(xiàn)實中我們有時會看到一些控制人100%持股（一人有限公司）、或者是類似99%,、98%這種控制人占絕大多數(shù)股比的股權(quán)架構(gòu),，這就是完全絕對控股權(quán)。

In reality, we sometimes see some controllers holding 100% of the shares (one person limited company), or equity structures where the controller holds the vast majority of shares, such as 99% or 98%, which is called absolute control.

一般來說,，一家企業(yè)要想發(fā)展壯大,，就要避免這種老板一言堂的股權(quán)設(shè)置，外部投資人進(jìn)不來,，就算分出了1%,、2%的股份來做股權(quán)激勵，效果也不明顯,。

Generally speaking, in order for a company to grow and develop, it is necessary to avoid this kind of boss dominated equity setting. External investors cannot enter, and even if 1% or 2% of the shares are allocated for equity incentives, the effect is not significant.

但是,，創(chuàng)始人要保持對公司的控制權(quán)，也不能無限地稀釋自己的股份,，最好控制在一定的比例,。所以我們要理解股權(quán)控制的的九道生命線：

However, the founder should maintain control over the company and not infinitely dilute their own shares, preferably at a certain percentage. So we need to understand the nine lifelines of equity control:

需要注意的是，股比控制并不能完全以“多”或“少”來衡量好壞,，而是“足夠”,，具體要根據(jù)企業(yè)的情況來設(shè)定。

It should be noted that stock ratio control cannot be measured solely by "more" or "less", but rather by "enough", which should be set according to the specific situation of the enterprise.

同時要根據(jù)股東人數(shù),，來考慮其中的比例關(guān)系,。比如只有兩位股東時，創(chuàng)始人股比要爭取在67%以上,，這樣也能避免創(chuàng)始人要做重大決策時,，被另一方持有1/3以上股比的股東一票否決。

At the same time, the proportional relationship should be considered based on the number of shareholders. For example, when there are only two shareholders, the founder's shareholding ratio should strive for at least 67%, which can also avoid being vetoed by shareholders holding more than one-third of the shares when the founder makes major decisions.

如果股東人數(shù)較多，且能力相當(dāng),，則建議創(chuàng)始人的股權(quán)比例控制在51%以上,，創(chuàng)始人股權(quán)比例這樣就可以在相對控制線以上，如果公司要上市,，經(jīng)過2-3次稀釋后,，股權(quán)比例大于34%，則還可以控制公司,，即還享有一票否決權(quán),。

If there are a large number of shareholders and their abilities are comparable, it is recommended that the founder's equity ratio be controlled at 51% or above, so that the founder's equity ratio can be above the relative control line. If the company wants to go public and after 2-3 dilutions, the equity ratio is greater than 34%, the founder can still control the company and enjoy veto power.

另外，像創(chuàng)始人股比在50%以下,，但仍然是最大股東的,，也要小心第二大股東聯(lián)合收購其他小股東，股份超過創(chuàng)始人股份的情況,。

In addition, if the founder's shareholding ratio is below 50% but still the largest shareholder, one should also be cautious of the situation where the second largest shareholder jointly acquires other minority shareholders and their shares exceed those of the founder.

02、投票權(quán)和股權(quán)分離

02. Separation of Voting Rights and Equity

股東享受的權(quán)益包括投票權(quán),、分紅權(quán),、知情權(quán)等。需要明確的是,，投票權(quán)和股權(quán)并非一一對應(yīng)不可分離,。為了維持對公司的控制權(quán)，可以將部分股東的投票權(quán)與股權(quán)分離,。具體方法有以下幾種：

The rights enjoyed by shareholders include voting rights, dividend rights, and the right to be informed. It should be clarified that voting rights and equity are not one-to-one correspondences and cannot be separated. In order to maintain control over the company, some shareholders' voting rights can be separated from their equity. There are several specific methods:

1,、投票權(quán)委托

1. Voting Rights Delegation

“投票權(quán)委托”就是公司部分股東通過協(xié)議約定，將其投票權(quán)委托給其他特定股東（如創(chuàng)始股東）行使,。

Voting rights delegation "refers to the agreement among some shareholders of a company to delegate their voting rights to other specific shareholders (such as founding shareholders) for exercise.

2,、一致行動協(xié)議

2. Consensus Action Protocol

一致行動人指通過協(xié)議約定，某些股東就特定事項采取一致行動,。意見不一致時,，某些股東跟隨一致行動人投票。例如創(chuàng)始股東之間,、創(chuàng)始股東和投資人之間就可以通過簽署一致行動人協(xié)議加大創(chuàng)始股東的投票權(quán)權(quán)重,。

The concerted action person refers to the agreement that certain shareholders take concerted action on specific matters. When there is a disagreement, some shareholders vote with the concerted action. For example, among founding shareholders and between founding shareholders and investors, the voting rights of founding shareholders can be increased by signing a concerted action agreement.

一致行動協(xié)議內(nèi)容通常體現(xiàn)為一致行動人同意在其作為公司股東期間，在行使提案權(quán),、表決權(quán)等股東權(quán)利時做出相同的意思表示,，以其中某方意見作為一致行動的意見，以鞏固該方在公司中的控制地位,。

The content of a concerted action agreement is usually reflected in the agreement of the concerted action parties to express the same intention when exercising shareholder rights such as proposal rights and voting rights during their tenure as shareholders of the company, and to use the opinion of one party as the opinion of concerted action, in order to consolidate that party's controlling position in the company.

3,、有限合伙持股

3. Limited partnership shareholding

有限合伙企業(yè)的合伙人分為普通合伙人（俗稱管理合伙人或GP）和有限合伙人（LP）。普通合伙人執(zhí)行合伙事務(wù),，承擔(dān)管理職能,，而有限合伙人只是作為出資方,，不參與企業(yè)管理。

The partners of a limited partnership enterprise are divided into general partners (commonly known as managing partners or GPs) and limited partners (LPs). General partners handle partnership affairs and assume management functions, while limited partners only act as investors and do not participate in enterprise management.

所以,，可以讓股東不直接持有公司股權(quán),，而是把股東都放在一個有限合伙里面，讓這個有限合伙持有公司股權(quán),，這樣股東就間接持有公司股權(quán),。

So, shareholders can be placed in a limited partnership instead of directly holding company equity, allowing this limited partnership to hold company equity indirectly.

同時，讓創(chuàng)始人或其名下公司擔(dān)任GP,，控制整個有限合伙,，然后通過這個有限合伙持有和控制公司的部分股權(quán)。

At the same time, let the founder or their company serve as the GP, control the entire limited partnership, and then hold and control a portion of the company's equity through this limited partnership.

除創(chuàng)始人之外的其他股東,，只能是有限合伙的LP,，只享有經(jīng)濟(jì)收益而不參與有限合伙日常管理決策，也就不能通過有限合伙控制公司,。

Other shareholders besides the founder can only be limited partners of the limited partnership, enjoying only economic benefits and not participating in the daily management decisions of the limited partnership, and therefore cannot control the company through the limited partnership.

4,、雙重股權(quán)結(jié)構(gòu)

4. Dual Equity Structure

雙重股權(quán)結(jié)構(gòu)是指將公司的股票分高、低兩種投票權(quán),，即A股和B股,。

Dual class share structure refers to dividing a company's stock into two types of voting rights, namely A shares and B shares.

一般A股是普通股，向所有外部投資人發(fā)行,，B股是戰(zhàn)略股,，或者稱為創(chuàng)始股，由創(chuàng)始人和高管持有,，每股對應(yīng)比例十個投票權(quán)的B類股,。B股表決權(quán)比例大于持有股權(quán)比例。

Generally, A-shares are common stocks issued to all external investors, while B-shares are strategic stocks, or founding stocks, held by founders and executives, with a corresponding proportion of ten voting rights per share. The proportion of voting rights in B-shares is greater than the proportion of equity held.

之前寫過一篇文章具體講過雙重股權(quán)結(jié)構(gòu)：“另類”的股權(quán)設(shè)計：雙重股權(quán)結(jié)構(gòu),，如何保證創(chuàng)始人的控制權(quán),？

I previously wrote an article specifically discussing the dual equity structure: "Alternative" equity design: How to ensure the founder's control in a dual equity structure?

03

03

、控制董事會

Control the Board of Directors

公司的日常經(jīng)營管理主要由公司董事會來負(fù)責(zé),。股東會很少參與到公司經(jīng)營管理活動中,，所以創(chuàng)始人控制了董事會，也就控制了公司的日常經(jīng)營管理,。

The daily operation and management of the company are mainly the responsibility of the board of directors. The shareholders' meeting rarely participates in the company's management activities, so the founder controls the board of directors, which in turn controls the daily operation and management of the company.

另外,，董事會成員為三到十三人，董事會決議的表決實行一人一票,，所以在董事會里人數(shù)越多,，越有話語權(quán)。

In addition, the board of directors consists of three to thirteen members, and the voting on board resolutions is based on one person, one vote. Therefore, the more members there are in the board, the more power they have.

創(chuàng)始團(tuán)隊在公司初期控制2/3的董事人數(shù)，而在后期最好能控制1/2以上的董事席位,，公司盡量將外部董事席位留給對公司發(fā)展具有戰(zhàn)略意義的（投資）人,，隨著外部董事的增加而擴(kuò)充董事總?cè)藬?shù)，盡可能保持創(chuàng)始股東對董事人數(shù)的上述控制比例,。

The founding team controls 2/3 of the board of directors in the initial stage of the company, and it is best to control more than 1/2 of the board seats in the later stage. The company tries to reserve external board seats for strategic (investment) individuals who have a significant impact on the company's development. As the number of external directors increases, the total number of directors will be expanded, and the above control ratio of the founding shareholders over the number of directors will be maintained as much as possible.

或者擔(dān)任董事長并授予董事長特權(quán),，如特別是像一票否決權(quán)，這樣就控制了董事會,，繼而控制了公司運營決策主動權(quán),。

Alternatively, serving as the chairman and granting special privileges to the chairman, such as veto power, would control the board of directors and subsequently gain control over the company's operational decision-making initiative.

一票否決權(quán)

veto power 

一票否決權(quán)是指對于公司有重大影響的事件，必須得到核心創(chuàng)始人的同意或贊成表決方可通過并實施,。

The veto power refers to events that have a significant impact on the company and must be approved or voted upon by the core founders before they can be passed and implemented.

一方面,，占股比例超過三分之一一般享有公司法授予的重大事項一票否決權(quán)；另一方面,，可以通過協(xié)議或章程的方式實現(xiàn)該權(quán)利,。

On the one hand, those who hold more than one-third of the shares generally enjoy the veto power granted by the Company Law for major matters; On the other hand, this right can be realized through agreements or articles of association.

公司老板不了解股權(quán)，就不了解真正的公司在資本市場的價值,，也無法在法律范圍內(nèi)保護(hù)自身的股東權(quán)益,，尤其是控制權(quán)問題。建議老板都要學(xué)習(xí)了解股權(quán)架構(gòu),，讓公司安全，也讓自己安心,。

If a company owner does not understand equity, they will not understand the true value of the company in the capital market, nor will they be able to protect their shareholder rights within the legal framework, especially regarding control issues. It is recommended that bosses learn and understand the equity structure to ensure the safety of the company and peace of mind.

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