在日常生活中，我们比较熟知的公司类型是有限责任公司和股份有限公司，而对于有限合伙企业的了解不多。事实上，在股权架构设计中，有限合伙企业作为持股平台，是许多公司在股权设计过程中会重点考虑的内容，如蜜雪冰城、海康威视、蚂蚁金服等知名公司均采用了有限合伙企业持股的模式。那么，有限合伙企业持股到底有什么优势，为何能得到那么多公司的青睐，该股权架构又存在哪些风险呢？本文主要针对该内容进行分析。

　　In daily life, the types of companies we are familiar with are limited liability companies and joint-stock limited companies, but we have limited knowledge of limited partnership enterprises. In fact, in the design of equity structure, limited partnership enterprises serve as a holding platform, which is a key consideration for many companies in the equity design process. Famous companies such as Meixue Bingcheng, Hikvision, Ant Financial, etc. have all adopted the limited partnership enterprise holding model. So, what are the advantages of holding shares in a limited partnership enterprise, why is it favored by so many companies, and what are the risks of this equity structure? This article mainly analyzes the content.

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　　one

　　什么是有限合伙企业持股？

　　What is shareholding in a limited partnership enterprise?

　　有限合伙企业持股，是指目标公司通过设立一家有限合伙企业，由该企业作为主体持有目标公司的股权。其中，有限合伙企业包含两类合伙人：

　　Limited partnership enterprise shareholding refers to the establishment of a limited partnership enterprise by the target company, in which the enterprise holds the equity of the target company as the main body. Among them, limited partnership enterprises include two types of partners:

　　普通合伙人（GP）：普通合伙人对合伙企业债务承担无限连带责任，负责执行合伙事务，对外代表有限合伙企业，通常由创始人或核心团队担任，以保障对企业的控制权。

　　General Partner (GP): The general partner assumes unlimited joint and several liability for the debts of the partnership enterprise, is responsible for executing partnership affairs, represents the limited partnership enterprise externally, and is usually appointed by the founder or core team to safeguard control over the enterprise.

　　有限合伙人（LP）：有限合伙人以其认缴的出资额为限对合伙企业债务承担责任，仅享有分红权等财产权益，不参与实际经营决策。

　　Limited Partner (LP): Limited partners are liable for the debts of the partnership enterprise to the extent of their subscribed capital, and only enjoy property rights such as dividend rights, without participating in actual business decisions.

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　　two

　　有限合伙企业持股的优势

　　The advantages of holding shares in a limited partnership enterprise

　　（一）控制权集中：“以小控大”的杠杆效应

　　（1） Concentration of Control: The Leverage Effect of 'Controlling the Big with Small'

　　有限合伙企业的最大魅力在于“钱”与“权”的高度分离。普通合伙人承担合伙企业的无限连带责任，享有合伙企业决议的全部表决权，要的是“权”；有限合伙人不享有合伙企业的表决权，但未来可以享受合伙企业对外投资的财产收益权，即只要“钱”，不要“权”。这样的治理结构为钱权分离提供了浑然天成的平台。一般来说，普通合伙人由目标公司的实际控制人担任，其出资金额通常为合伙企业总出资的1%—10%，出资较少却可以拥有最大的权力，如同杠杆一样以最小的资金撬动比自己大得多的资本。

　　The greatest charm of a limited partnership lies in the high degree of separation between "money" and "power". General partners bear unlimited joint and several liability of the partnership enterprise, enjoy all voting rights on partnership enterprise resolutions, and require "rights"; Limited partners do not enjoy the voting rights of the partnership enterprise, but in the future they can enjoy the property income rights of the partnership enterprise's external investments, that is, only "money", not "rights". This governance structure provides a natural platform for the separation of money and power. Generally speaking, the general partner is held by the actual controller of the target company, and their contribution amount is usually 1% -10% of the total contribution of the partnership enterprise. Although their contribution is small, they can have the greatest power, like leverage, to leverage much larger capital with minimal funds.

　　举个例子，A公司注册资本为1000万元，陈老板想要持有A公司67%的股权，但是并不想出资670万元。因此，陈老板设立了B有限合伙企业，自己作为B有限合伙企业的普通合伙人，仅出资了10万元，再通过B有限合伙企业持有A公司67%的股权。通过这一系列的操作，陈老板以10万元的出资，成功取得了1000万元注册资本公司的实际控制权。

　　For example, the registered capital of Company A is 10 million yuan, and Mr. Chen wants to hold 67% of the equity of Company A, but does not want to contribute 6.7 million yuan. Therefore, Mr. Chen established B Limited Partnership Enterprise and, as the general partner of B Limited Partnership Enterprise, only contributed 100000 yuan, and then held 67% of the equity of Company A through B Limited Partnership Enterprise. Through this series of operations, Mr. Chen successfully obtained actual control of the company with a registered capital of 10 million yuan with a capital contribution of 100000 yuan.

　　（二）风险隔离：有效保护投资人的资产

　　（2） Risk isolation: effectively protecting investors' assets

　　根据前述介绍，有限合伙人对于有限合伙企业，仅以其出资额为限承担有限责任，当有限合伙企业作为持股平台时，如果目标公司存在债务风险，即使有限合伙企业需要承担责任，对于有限合伙人来说，也无需再承担出资以外的更多责任。在这种制度下，有限合伙企业持股比较适合吸引投资人进行融资，投资人投资后成为有限合伙人，既可以享受公司分红，也可以隔离风险。

　　According to the above introduction, limited partners of a limited partnership enterprise shall only bear limited liability within the limit of their capital contribution. When the limited partnership enterprise serves as a holding platform, if the target company has debt risks, even if the limited partnership enterprise needs to bear responsibility, the limited partners do not need to bear any additional responsibilities beyond their capital contribution. Under this system, holding shares in limited partnership enterprises is more suitable for attracting investors to raise funds. After investors invest, they become limited partners and can enjoy company dividends as well as isolate risks.

　　（三）股权激励：调动员工积极性同时保证控制权

　　（3） Equity incentives: Motivate employees while ensuring control

　　公司的发展与成长离不开优秀员工的尽职尽责，公司出于留住人才或提高优秀员工积极性等目的，往往会考虑对员工进行股权激励，使员工成为公司的“小老板”，与公司同呼吸共命运。然而，尽管公司愿意向优秀员工奖励股权收益，却万万不愿意向员工“分权”，毕竟需要激励的员工变多，如果每个员工都取得了公司的部分权力，很有可能导致公司无法进行有效决策，导致实际控制人失去公司的控制权。

　　The development and growth of a company cannot be separated from the due diligence of excellent employees. In order to retain talent or improve the enthusiasm of excellent employees, companies often consider offering equity incentives to employees, making them the "little bosses" of the company and sharing the same fate with the company. However, although the company is willing to reward outstanding employees with equity benefits, it is absolutely unwilling to "delegate power" to employees. After all, there are more employees who need to be motivated. If each employee obtains partial power in the company, it is likely to lead to the company being unable to make effective decisions, resulting in the actual controller losing control of the company.

　　因此，有限合伙企业作为持股平台对于员工激励就有着很大的优势。对于优秀的员工，公司可以使其成为有限合伙人，员工可以根据有限合伙人的权益享有公司的分红，但是公司的决策权依旧由作为实际控制人的普通合伙人掌控。如此一来，既可以让更多的核心骨干和元老级员工享受公司发展所带来的福利，极大调动员工的工作积极性，又可以避免传统公司中“同股同权”所带来的问题。

　　Therefore, as a shareholding platform, limited partnerships have significant advantages in motivating employees. For excellent employees, the company can make them limited partners, and employees can enjoy the company's dividends based on the rights of limited partners, but the decision-making power of the company is still controlled by the general partner as the actual controller. In this way, more core and senior employees can enjoy the benefits brought by the company's development, greatly mobilizing their work enthusiasm, and avoiding the problems caused by the traditional "same shares, same rights" policy in companies.

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　　three

　　有限合伙企业持股的潜在风险

　　Potential Risks of Shareholding in Limited Partnership Enterprises

　　（一）普通合伙人：无限连带风险的“双刃剑”

　　（1） General partners: a double-edged sword of unlimited joint and several risks

　　普通合伙人对合伙企业债务承担无限连带责任，这意味着若目标公司和有限合伙企业因诉讼、债务等问题被追责，普通合伙人的个人资产可能被强制执行。因此，尽管实际控制人作为普通合伙人，可以以较少的资金控制目标公司，却有可能对公司债务承担连带责任。

　　The general partner shall bear unlimited joint and several liability for the debts of the partnership enterprise, which means that if the target company and the limited partnership enterprise are held accountable for litigation, debt, or other issues, the personal assets of the general partner may be enforced. Therefore, although the actual controller, as a general partner, can control the target company with less funds, it may still bear joint and several liability for the company's debts.

　　（二）税收陷阱：政策变动与地区差异

　　（2） Tax Trap: Policy Changes and Regional Differences

　　有限合伙企业的税收负担主要表现为持股股东获得股息分红时须纳税。无论是普通合伙人还是有限合伙人，只要通过合伙企业获得目标公司按股权比例分配的股息红利，就需要缴纳个人所得税。

　　The tax burden of a limited partnership enterprise mainly manifests as the need for shareholders to pay taxes when receiving dividends. Whether it is a general partner or a limited partner, as long as they receive dividends and bonuses distributed by the target company in proportion to their equity through the partnership enterprise, they need to pay personal income tax.

　　一些地区为了带动当地经济发展、吸引外来企业，会推出各种各样的税收优惠政策，有限合伙企业将注册地址设置在税收优惠地区，可以取得不错的效果。但是，由于地方政策变化属于不确定因素，该地政策的持续周期往往无法确定，从长期来看，可能会影响公司的长久发展。有时候，各地税收优惠政策需要经过相当长的审核期才能落地，而在这个过程中，企业需要面对陌生的环境和市场，进行新的探索。这意味着，在迁址之后，企业需要面临较长时间的适应期，这可能会影响公司营收。

　　In order to drive local economic development and attract foreign enterprises, some regions will introduce various tax preferential policies. Limited partnerships can achieve good results by setting their registered address in tax preferential areas. However, due to the uncertainty of local policy changes, the duration of local policies is often uncertain, which may affect the long-term development of the company in the long run. Sometimes, tax incentives policies in various regions need to go through a considerable review period before they can be implemented, and in this process, enterprises need to face unfamiliar environments and markets and explore new possibilities. This means that after relocation, companies need to face a longer adaptation period, which may affect the company's revenue.

　　综上所述，有限合伙企业持股平台的股权架构设计，既有其杠杆效应的巨大优势，也存在普通合伙人连带责任的风险问题，在实践中应当根据公司与股东的实际情况进行综合考量。毕竟股权架构设计没有绝对的正确，只有合适与否。

　　In summary, the equity structure design of a limited partnership enterprise's shareholding platform has both the huge advantage of leverage effect and the risk of joint liability of general partners. In practice, it should be comprehensively considered based on the actual situation of the company and shareholders. After all, there is no absolute correctness in equity structure design, only suitability.

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