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NEWS AND INFORMATION如何保护老板手中的控制权?
发布时间:2024-04-21 来源:http://www.daoshangbao.com/
站在创始人的角度,要让其不违初衷的为企业服务,前提条件是创始人要始终对企业有足够的控制权。正如前面所提到的,在创业初期,创始人所占股权比例应该较大,最好是一股独大,达到既能对企业绝对控制,又不至于显失公平的程度。
From the perspective of the founder, it is necessary to ensure that they do not violate their original intention to serve the enterprise, provided that the founder always has sufficient control over the enterprise. As mentioned earlier, in the early stages of entrepreneurship, the founder should hold a relatively large proportion of equity, preferably as a sole shareholder, to achieve a degree of absolute control over the enterprise without appearing unfair.
当然,创始人在初期拥有的大股在之后是最有可能会被稀释的。比如在实践中,大部分企业用于员工激励的股权都先由创始人代持,还有在遇到急需引进对企业至关重要的资源时,也很可能需要用股权兑换,这时也是由创始人让出股份的可能最大。
Of course, the large shares owned by the founder in the early stages are most likely to be diluted later on. For example, in practice, most companies use equity for employee incentives to be held by the founder first. In addition, when there is an urgent need to introduce resources that are crucial to the company, it is also possible to exchange equity, and the founder is the most likely to relinquish the shares.
并且,在初期,股权份额可以由创始人和合伙人商量而定,但是随着企业的发展,经过几轮融资之后,股权结构的变化也许就不是由创始人说了就算的了。所以,我们还需要提前做好措施,来维护创始人对企业的控制权。
Moreover, in the early stages, the equity share can be determined through consultation between the founder and partners, but as the company develops, after several rounds of financing, changes in the equity structure may not be solely determined by the founder. So, we also need to take measures in advance to maintain the founder's control over the company.
实现控制权最直接有效的方法是股权控制。前面提到的设置二元股权架构就能派上用场:让创始人或创始团队拥有更多具有高表决权的股票,而其他对企业决策起不到大作用的人获得更多低表决权的股票,来实现对企业的控制;如果企业不想要设置二元股权的形式,尤其是有限责任公司,可以直接在公司章程里约定创始人的每一股股权拥有多个表决权(譬如10个),这样能够大大地增加创始股东在股东会的表决权利;
The most direct and effective way to achieve control is through equity control. The dual equity structure mentioned earlier can come in handy: allowing founders or founding teams to own more stocks with high voting rights, while others who do not play a significant role in corporate decision-making can obtain more stocks with low voting rights to achieve control over the enterprise; If a company does not want to establish a dual equity form, especially a limited liability company, it can directly stipulate in the company's articles of association that each share of the founder's equity has multiple voting rights (such as 10), which can greatly increase the voting rights of the founding shareholders in the shareholders' meeting;
除此之外,创始人(或是创始团队)还可以通过投票权委托、一致行动人,或者是设置持股实体来持有小股东所持有的股权等方法来维护创始人对企业的控制。
In addition, founders (or founding teams) can also maintain their control over the company through methods such as voting rights delegation, concerted action by individuals, or setting up shareholding entities to hold the equity held by minority shareholders.
(1)投票权委托:
(1) Voting rights delegation:
让其他的小股东签署授权委托书,将公司所持有的表决权授予给创始人,并且,最好是约定委托的表决权不可注销的,或者约定一个比较长的授权期限。
Have other minority shareholders sign a power of attorney to grant the voting rights held by the company to the founder, preferably by agreeing that the delegated voting rights cannot be cancelled or by agreeing on a longer authorization period.
(2)一致行动人:
(2) Unified action person:
创始股东跟创始团队的其他小股东一起签署一致行动协议,就公司的事项进行表决的时候依照统一的意志去表决,其他的股东与创始股东意见不一致的时候,按照创始股东意志进行表决。
The founding shareholders and other minority shareholders of the founding team sign a unanimous action agreement, and when voting on company matters, they will vote according to a unified will. When other shareholders have different opinions from the founding shareholders, they will vote according to the will of the founding shareholders.
(3)设置一个持股实体来持有小股东所持有的股权:
(3) Set up a shareholding entity to hold the equity held by minority shareholders:
小股东都是通过持股实体间接地区持有公司的股权,同时持股实体所对应的表决权是由创始股东来控制的,创始股东除了能行使他自己所持有的股权所对应的表决权之外,还可以行使持股实体有的公司股权所代表的表决权。
Small shareholders indirectly hold the equity of the company through the holding entity, and the voting rights corresponding to the holding entity are controlled by the founding shareholders. In addition to exercising the voting rights corresponding to their own equity, the founding shareholders can also exercise the voting rights represented by the company's equity held by the holding entity.
持股实体的形式有两种:
There are two forms of shareholding entities:
一种是有限责任公司,一股将创始股东设为这个公司的法定代表人,唯一的董事、经理,这样的话这个有限责任公司就由创始人实际控制,因此这个持股实体所代表的表决权就由这个创始股东实际控制。
One type is a limited liability company, in which the founding shareholder is appointed as the legal representative, sole director, and manager of the company. In this way, the limited liability company is actually controlled by the founder, and the voting rights represented by the shareholding entity are actually controlled by the founding shareholder.
另外一种是有限合伙企业,创始人股东要作为有限合伙企业的普通合伙人(GP),其他股东为有限合伙人(LP)。有限合伙企业是由普通合伙人来控制的,有限合伙人是不能参与有限合伙的经营管理和决策的,因此创始股东也就控制了这个有限合伙企业所持有的目标公司的表决权。
Another type is limited partnership enterprises, where the founder shareholders are the general partners (GP) of the limited partnership enterprise, and the other shareholders are limited partners (LP). Limited partnership enterprises are controlled by general partners, and limited partners cannot participate in the management and decision-making of limited partnerships. Therefore, the founding shareholders also control the voting rights of the target company held by this limited partnership enterprise.
除了用积极主动的增加创始人在公司的控制权的方法外,还可以通过赋予创始人对一些重大事项的否决权,重大事项包括合并、分立、解散、公司融资、公司上市、公司的年度预算结算、公司重大资产的出售、公司的审计、重大人士任免、董事会变更等等,有了否决权,即使创始人的股权低于50%,在公司的股东会层面做决定的时候,没有他的同意表决也不能通过,起到一个防御性的作用。
In addition to actively increasing the founder's control over the company, it is also possible to grant the founder veto power over major issues such as mergers, divisions, dissolution, company financing, company listing, annual budget settlement, sale of major assets, company auditing, appointment and removal of significant personnel, board changes, etc. With veto power, even if the founder's equity is less than 50%, decisions cannot be made at the company's shareholders' meeting without their consent and vote, serving a defensive role.
把投资人和创始人这两块蛋糕分好后,第二步是分合伙人和员工的股权,也就是股权激励制度,考虑让哪些合伙人和员工分得股权,分得股权的份额又是多少?
After dividing the cake between investors and founders, the second step is to divide the equity of partners and employees, which is the equity incentive system. Consider which partners and employees will receive the equity, and what is the share of the equity?