近幾年只要涉及創業，大多數都會談到股權架構或股權頂層設計等類似話題，今天我們專門就股權架構到底如何設計來粗略談下自己的看法。

In recent years, as long as entrepreneurship is involved, most of them will talk about equity structure or equity top-level design and other similar topics. Today, we are going to talk about how to design equity structure.

股權架構設計主要涉及三方面內容：

The equity structure design mainly involves three aspects

01

持股主體

Shareholders

持股主體是設計起點，常見有以下三類：

As the starting point of design, there are three types of shareholders

1）、自然人持股：靈活性強，直接持股稅負成本低，但不利于控制權集中，缺乏利用股權杠桿的空間。

1) Natural person shareholding: strong flexibility, low tax cost of direct shareholding, but not conducive to the concentration of control, lack of space to use equity leverage.

2）、法人持股：便于股權控制，股權轉讓所得稅高。

2) Corporate ownership: easy to control equity, high income tax on equity transfer.

3）、有限合伙：風險隔離，調整靈活，避免雙重征稅，通常作為股權激勵持股平臺。

3) Limited partnership: risk isolation, flexible adjustment, avoidance of double taxation, usually as an equity incentive shareholding platform.

以上三種持股主體可以混合使用。

The above three types of shareholders can be mixed.

02

人員類別

Personnel category

在一家企業當中，無論持股主體是以上哪種形式，要穿透到個人，所以要涉及具體人員的類別，例如有創始人、合伙人、投資人、員工、上下游供應商及其他利益相關者。這里員工是指企業對優良人才做股權激勵，把員工身份轉變為合伙人，上下游供應商是為了打造產業鏈進行資源整合。

In an enterprise, no matter which of the above forms is the main shareholder, it should penetrate into individuals, so it should involve specific categories of personnel, such as founders, partners, investors, employees, upstream and downstream suppliers and other stakeholders. Here, the employee refers to the enterprise's equity incentive for excellent talents, which transforms the employee's identity into a partner. The upstream and downstream suppliers are to build the industrial chain for resource integration.

具體根據需要分別把這些人裝入持股主體中，通常創始人是要牢牢掌握控制權，進行全 面布局，而針對短期套利者盡量放有限合伙企業中，便于人員進退和稅負減輕。

Usually, the founder should firmly grasp the control right and make a comprehensive layout, while the short-term arbitrage should be put into the limited partnership as far as possible, so as to facilitate the advance and retreat of personnel and reduce the tax burden.

03

持股比例

Shareholding ratio

我們國家《公司法》規定股權比例生死線，控制線67%，針對修改公司章程、增加、減少注冊資本，公司合并、分立、解散或者變更公司形式的決議，一定要達到67%以上表決權才可以通過。

Our country's "company law" stipulates that the proportion of equity is life and death line, and the control line is 67%. For the resolution to amend the articles of association, increase or reduce the registered capital, merger, division, dissolution or change the form of the company, it must reach more than 67% of the voting rights before it can be passed.

相對控制線51%，除修改公司章程等以上所列情形外，絕大多數決議只需要51%以上表決權就可以通。

Compared with 51% of the control line, except for the above situations such as amending the articles of association, the majority of resolutions only need more than 51% of the voting rights.

一票否決線34%，通常又稱搗蛋線，意思是達到34%表決權的，針對修改公司章程等上述重大事項投反對票就無法通過。

The one vote veto line is 34%, which is also known as the troublemaker line. It means that if 34% of the voting rights are achieved, the amendment of the articles of association and other major issues mentioned above can not be passed by voting against it.

當然《公司法》除了這三條線之外，還有公司解散線10%、股東代表訴訟線1%等等，在此就不在展開來講。

Of course, in addition to these three lines, there are 10% of the company dissolution line and 1% of the shareholder representative litigation line in the company law.

持股比例固然重要，但是在具體的股權設計當中也是可以靈活處理的，例如有限公司可以同股不同權，表決權委托等方式來解決持股比例問題，關于這部分內容可以在之前寫的關于控制權的文章中查看。

Although the shareholding ratio is important, it can be handled flexibly in the specific equity design. For example, limited companies can solve the problem of shareholding ratio by means of different rights of the same shares and voting rights entrustment. For this part, you can check the previous articles on control rights.

所以，在做股權架構設計當中通常是圍繞以上三個方面來進行全盤考慮的，希望本次內容對你有所啟發。

Therefore, in the design of equity structure, we usually focus on the above three aspects. I hope this content can inspire you.