我們在談論股權的時候，通常會談到什么呢？總的來說，主要是談論股權架構、股權運作、股權激勵這三個與股權有關的話題。

When we talk about equity, what do we usually talk about? Generally speaking, it mainly talks about the equity structure, equity operation and equity incentive.

其中，股權架構是在企業初創時必然要面對一個問題，主要涉及股權比例的分配、持股主體的選擇、表決權的約定等內容。

Among them, equity structure is an inevitable problem in the start-up of enterprises, which mainly involves the distribution of equity ratio, the selection of shareholders, the agreement of voting rights and so on.

在公司注冊成立后經營過程中，企業一定要面對兩個無法回避的問題：

In the business process after the company is registered and established, enterprises must face two unavoidable problems

一個是資金的問題，一個是人才的問題，

One is the problem of funds, the other is the problem of talents,

股權運作是解決股權投融資的問題，股權激勵則是解決公司留住和吸引人才的問題。本文主要探討的是如何通過股權頂層架構設計保障控制權和實現節稅。

Equity operation is to solve the problem of equity investment and financing, and equity incentive is to solve the problem of retaining and attracting talents. This paper mainly discusses how to protect the control right and realize tax saving through the top-level structure design of equity.

公司在注冊成立時必然要面對持股主體的選擇，而持股主體的不同會在企業經營過程中產生不同負擔。目前，我國合法的持股主體主要包括公司、自然人、個人獨資企業和合伙企業四種。

When a company is registered and established, it must face the choice of shareholders, and different shareholders will produce different burdens in the process of enterprise operation. At present, there are mainly four kinds of legal shareholders in China: company, natural person, sole proprietorship and partnership.

每種持股主體各有自己的利弊，企業要根據實際經營的需要做出選擇，沒有好的持股方式，只有適合的。

Each holding body has its own advantages and disadvantages. The enterprise should make a choice according to the actual business needs. There is no good way of holding shares, only suitable ways.

自然人作為公司股東，在取得分紅時需要繳納20%的個稅。

As a shareholder of the company, a natural person needs to pay 20% of the income tax when he gets dividends.

如果成立公司是為了長期經營，分取紅利并再投資，因為居民企業之間的分紅免征企業所得稅，公司持股可以不繳所得稅，通常建議采用公司持股的方式，不建議自然人做股東；

If a company is set up for long-term operation, dividends are distributed and reinvested. Because dividends between resident enterprises are exempt from enterprise income tax, the company's shareholding can not pay income tax. It is generally recommended that the company's shareholding be adopted, and natural persons are not recommended to be shareholders;

如果是為了后期公司實現并購轉讓的，考慮到公司轉讓股權的雙重稅負會產生高達40%稅負，不建議采用股東持股方式，一般采用自然人持股。

If it is for the company to realize the merger and acquisition transfer in the later stage, considering that the double tax burden of the company's equity transfer will produce a tax burden of up to 40%, it is not recommended to adopt the shareholder shareholding method, and generally adopt the natural person shareholding method.

如果是為股權激勵而搭建持股平臺，一般建議采用有限合伙的方式，不建議用公司做持股平臺，因為有限合伙既可以保證控制權不減弱，也便于利用有關稅收優惠政策，降低稅負，且公司做持股平臺后期稅負為40%非常高，有限合伙相對較低。

If it is to build a shareholding platform for equity incentive, it is generally recommended to use limited partnership rather than company as the shareholding platform, because limited partnership can not only ensure the control right is not weakened, but also facilitate the use of relevant tax preferential policies to reduce the tax burden. Moreover, the tax burden of the company as a shareholding platform in the later period is very high, which is relatively low.

以上僅是對股權架構設計過程的稅負負擔的基礎分析，對一些復雜情況通常還要做特殊安排。

The above is only the basic analysis of the tax burden in the process of equity structure design, and special arrangements are usually made for some complex situations.