有限合伙架构

　　Limited Partnership Structure

　　这种架构模型，股东并不直接持有核心公司股权，而是通过有限合伙间接持有。

　　In this architectural model, shareholders do not directly hold equity in the core company, but indirectly through limited partnerships.

　　创始人公司一般可以为家族企业，控股公司可以是创始人的作为对外投资的投资公司，以有限责任公司主体形式比较好。典型的案例如马云的蚂蚁金服。

　　The founder's company can generally be a family business, and the holding company can be the founder's investment company for external investment, preferably in the form of a limited liability company. A typical case is Jack Ma's Ant Financial.

　　有限合伙企业的控股关键点就是普通合伙人身份，即GP。有限合伙人身份则可作为整合其他投资人身份及员工持股，即LP。GP出资很少，但可以通过合伙协议约定享有全部话语权；LP没有话语权，但未来可以享有投资收益财产权。由上图我们知道，马云的控制权路径为：马云控制云铂公司——云铂公司控制君瀚、君澳公司——君瀚、君澳公司控股蚂蚁金服，马云轻松用1070万资金就撬动起一个万亿市值的金融帝国。

　　The key point of controlling a limited partnership enterprise is the general partner status, also known as the GP. The limited partner status can be used to integrate other investor identities and employee shareholding, also known as the LP. The GP contributes very little, but can enjoy full say through the partnership agreement; LP does not have the right to speak, but in the future, they can enjoy the property rights of investment returns. From the above figure, we can see that Jack Ma's control path is as follows: Jack Ma controls Yunbo Company - Yunbo Company controls Junhan, Junao Company - Junhan, and Junao Company controls Ant Financial. Jack Ma easily leveraged a trillion dollar financial empire with 10.7 million yuan in funds.

　　但我们细看发现，马云并不直接是两家合伙企业的GP身份，而是控股的云铂公司为GP身份，这样安排的原因有2点：

　　But upon closer inspection, we found that Jack Ma did not directly hold the GP status of the two partnership enterprises, but rather the controlling company Yunbo held the GP status. There are two reasons for this arrangement:

　　1、风险隔离。根据《合伙企业法》的规定，普通合伙人要对合伙企业债务承担无限连带责任，马云中间设置了云铂有限公司，则两合伙企业的债务责任则由云铂公司承担，云铂公司就像一道防火墙，隔离了马云对两合伙企业的连带责任。

　　1. Risk isolation. According to the provisions of the Partnership Enterprise Law, general partners are required to bear unlimited joint and several liability for the debts of the partnership enterprise. Jack Ma established Yunbo Co., Ltd. in the middle, and the debt liability of the two partnership enterprises is borne by Yunbo Company. Yunbo Company is like a firewall, isolating Ma Yun's joint and several liability for the two partnership enterprises.

　　2、调整灵活。如果马云直接成为有限合伙企业的GP，则不能再成为LP，如果通过云铂公司做GP，则他个人还可以作为LP，这样，他就可以行使GP的权力，也可以享受LP的投资收益权。如果未来需要更换GP，则在云铂公司层面更换股东即可，不需要修改有限合伙企业的合伙协议。

　　2. Flexible adjustment. If Jack Ma directly becomes the GP of a limited partnership enterprise, he cannot become an LP anymore. If he becomes a GP through Yunbo Company, he can still act as an LP himself. In this way, he can exercise the power of a GP and enjoy the investment income rights of an LP. If it is necessary to change the GP in the future, changing shareholders at the level of Yunbo Company is sufficient, and there is no need to modify the partnership agreement of the limited partnership enterprise.

　　那为什么要在整个股权架构里设置众多的有限合伙企业呢？那就是为了方便股权的进入和退出。股权一经工商登记便具有公示效力，但企业的经营发展的道路并非一成不变的。不排除会有新的合伙人加入和老的合伙人退出，新的入股价格和持股条件可能与旧的会有所不同，退出机制也可能有差异。但这些进入和退出，都是需要通过合伙协议加以约定规则的。不然，把所有股东都放在一个池子里，很容易出乱子的。所以，将股东分门别类放在不同的合伙公司里，不仅方便管理，还便于约定不同的进入和退出机制。

　　Why set up numerous limited partnerships throughout the entire equity structure? That is to facilitate the entry and exit of equity. Once the equity is registered with the industrial and commercial authorities, it has the effect of public disclosure, but the path of enterprise development is not fixed. It is not ruled out that new partners may join and old partners may exit, and the new investment price and conditions may differ from the old ones, as well as the exit mechanism. But these entries and exits need to be regulated through a partnership agreement. Otherwise, putting all shareholders in one pool can easily lead to chaos. So, categorizing shareholders into different partnership companies not only facilitates management, but also facilitates the agreement of different entry and exit mechanisms.

　　有限合伙企业虽有四两拨千斤的功效，但对于只想长期持股且没有套现意图的股东来说，并不是最佳的选择。这种时候，就要考虑以下几个要点了：

　　Although limited partnerships have the power to make a difference, they are not the best choice for shareholders who only want to hold long-term shares and have no intention of cashing out. At this point, the following points need to be considered:

　　1、退出税率。纵观涉及合伙企业的相关财税文件，可以看出，这些文件大部分都是程序法，关于实体法的甚少。由于立法的模糊性，就导致很多地方税务局，在征管实践中出现不一样的执行口径：

　　1. Exit tax rate. Looking at the relevant financial and tax documents related to partnership enterprises, it can be seen that most of these documents are procedural laws, and there is very little information about substantive laws. Due to the ambiguity of legislation, many local tax bureaus have adopted different enforcement approaches in their tax collection practices

　　适用财产转让所得，征收20%的个人所得税，如广州、新疆。

　　Applicable to income from property transfer, subject to a personal income tax of 20%, such as in Guangzhou and Xinjiang.

　　适用生产经营所得，征收5%-35%的个人所得税，如上海、深圳。

　　Applicable to production and operation income, subject to a personal income tax of 5% -35%, such as in Shanghai and Shenzhen.

　　区分GP、LP身份，GP按生产经管所得征收5%-35%的个人所得税，LP按财产转让所得征收20%的个人所得税。如重庆。

　　Distinguish between GP and LP identities. GP is subject to a personal income tax of 5% -35% based on production and management income, while LP is subject to a personal income tax of 20% based on property transfer income. Like Chongqing.

　　2、持有期的分红纳税。合伙企业获得投资企业的股息分红所得，缴纳个人所得税。如果持股平台为有限公司，则免企业所得税，未来再投资，以持股公司作为投资主体，则无需再纳税。如果股东分红则需缴纳个人所得税。

　　2. Tax on dividends during the holding period. The partnership enterprise shall pay personal income tax on the dividends received from the investment enterprise. If the holding platform is a limited company, it is exempt from corporate income tax. In the future, if the holding company is the investment subject, there is no need to pay taxes again. If shareholders distribute dividends, they are required to pay personal income tax.

　　3、不享受个人税收优惠。个人取得上市公司的股息红利所得，可以根据持股期限享受优惠税率；中小高新企业转增资本时，个人股东可以申请递延纳税的优惠。在国家扶持的自由贸易区，人才享受优惠税率，如海南自贸区。其余则均不享受个人税收优惠。

　　3. Not eligible for personal tax incentives. Individuals who obtain dividends from listed companies can enjoy preferential tax rates based on the holding period; When small and medium-sized high-tech enterprises increase their capital, individual shareholders can apply for deferred tax benefits. In free trade zones supported by the state, talents enjoy preferential tax rates, such as the Hainan Free Trade Zone. The rest do not enjoy personal tax incentives.

　　平时我们在了解税务筹划的时候，就会看到有很多咨询公司推荐在什么什么地方注册公司享受什么什么的税收优惠，就是所谓的税收洼地了。在实务中，也越来越多的企业选择合伙企业作为持股平台。从上述我们了解到，有限合伙企业对企业家控制企业说，着实很好用，但相对个人股东来说，并无太多的实惠。地方为了发展本地经济，会制定一些相关的产业优惠政策，所以税收洼地就产生了，如西藏山南、新疆霍尔果斯等地，会给予企业两种税收优惠：核定征收、财务返还。

　　When we are studying tax planning, we often see many consulting firms recommending where to register a company and enjoy tax benefits, which is known as tax havens. In practice, more and more companies are choosing partnership enterprises as their holding platforms. From the above, we understand that limited partnerships are indeed very useful for entrepreneurs to control the enterprise, but compared to individual shareholders, they do not offer much benefit. In order to develop the local economy, local governments will formulate some relevant industrial preferential policies, so tax depressions have emerged. For example, Shannan in Xizang, Khorgos in Xinjiang and other places, enterprises will be given two kinds of tax preferences: verified collection and financial return.

　　核定征收方式。这种征收方式相信大家都不陌生了，对于增值越高的业务，核定征收方式越能降税负。核定征收应纳税所得额计算公式及税率如下：

　　Determine the method of collection. I believe everyone is familiar with this collection method. For businesses with higher value-added, the approved collection method can lower the tax burden. The calculation formula and tax rate for the assessed taxable income are as follows:

　　应纳所得税额=应纳税所得额×适用税率；

　　Taxable income tax=Taxable income x Applicable tax rate;

　　应纳税所得额=收入总额×应税所得率，

　　Taxable income=Total income x Taxable income rate,

　　或=成本费用支出额/（1-应税所得率）×应税所得率。

　　Or=Cost and expense expenditure amount/(1-Taxable income rate) x Taxable income rate.

　　财政返还。满足在地方投资置业的条件，可按税收地方所得的一定比例获得返还奖励，比例视不同地方政策确定。

　　Financial return. Satisfying the conditions for investing and purchasing property locally, one can receive a certain proportion of tax incentives based on local income, which will be determined according to different local policies.

　　但不论是核定征收还是财政返还，这种地方性的福利政策都存在一定的执行风险。所以，当企业选择税收洼地注册持股平台时，要充分评估考量其稳定性及可行性，我们要思考以下几个问题：

　　However, whether it is approved collection or fiscal refund, there are certain implementation risks associated with this local welfare policy. So, when companies choose to register their shareholding platforms in tax havens, they need to fully evaluate and consider their stability and feasibility. We need to consider the following questions:

　　（1）地方给予的税收福利是否与现法规有相冲突？如果是相抵触的，对于地方政府承诺的违法优惠，即使形成书面协议，也是没有法律效力的，最后会面临被税务局追征的风险。

　　(1) Does the tax benefits provided by the local government conflict with current regulations? If there is a conflict, even if a written agreement is formed for the illegal preferential treatment promised by the local government, it has no legal effect and will eventually face the risk of being pursued by the tax bureau.

　　（2）洼地税收筹划不宜做长期规划。因为这种政策本质是地方争夺税源，并不完全属于国家鼓励的行为。缺乏稳定性。国务院就曾在2014年发文，对该类行为给予清理和逐步规范。但比较适合有短期套现意图并将承担巨额税款的企业。

　　(2) Long term planning is not suitable for tax planning in low-lying areas. Because this policy is essentially about local competition for tax sources, and is not entirely a behavior encouraged by the state. Lack of stability. The State Council issued a document in 2014 to clean up and gradually regulate such behavior. But it is more suitable for enterprises with short-term cash out intentions and will bear huge taxes.

　　有限合伙架构的适用情形

　　Applicable situations of limited partnership structure

　　1、钱权分离度极高的创始人股东。比如互联网企业，属于资金密集型企业，VC/PE会在发展过程中起到非常重要的作用。随着资本不断加入，创始人股东及其团队的持股比例会慢慢地被稀释得很低。为了控制权的需要，就会采取有限合伙企业的架构。我们来看看把有限合伙企业架构用到极致的绿地集团股权架构。

　　1. Founder shareholders with a high degree of separation of money and power. For example, Internet enterprises are capital intensive enterprises, and VC/PE will play a very important role in the development process. With the continuous addition of capital, the shareholding ratio of founder shareholders and their teams will gradually be diluted to a very low level. For the sake of control, a limited partnership structure will be adopted. Let's take a look at the ultimate application of the limited partnership enterprise structure to the equity structure of Greenland Group.

　　2、有短期套现图的财务投资人。

　　2. Financial investors with short-term cash out plans.

　　3、员工持股平台。方便股权激励管理，提高企业决策效力，大股东能获得更多的控制权。

　　3. Employee stock ownership platform. Facilitating equity incentive management, improving the effectiveness of corporate decision-making, and allowing major shareholders to gain more control.

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