创业的基础其实就是两个，一个是团队，一个是股权结构。如果股权结构不合理，这个公司一定做不成。股权结构设计的本质目的是为了维护股东之间的利益平衡，既能保障创始人对公司的控制权，又能够吸引人才加入，并根据公司发展情况进行适度调整。最差的股权结构就是平均分配，在做股权分配时，要避免平均主义。今天小编来分享：股权设计的核心原则是什么？有哪些雷区？

　　The foundation of entrepreneurship is actually two, one is the team and the other is the equity structure. If the equity structure is unreasonable, this company will definitely not succeed. The essential purpose of equity structure design is to maintain a balance of interests among shareholders, which can ensure the founder's control over the company, attract talents to join, and make appropriate adjustments according to the company's development situation. The worst equity structure is equal distribution, and when making equity distribution, one should avoid egalitarianism. Today, the editor will share: What are the core principles of equity design? What are the minefields?

　　01 股权设计的6大原则

　　6 principles of equity design for 01

　　1）重视表决权比例：表决权≠股权比例表决权比例比股权更重要，公司在进行股权设计时，一定要控制好表决权比例，只有控制好表决权比例，才能掌控公司，才能保障公司的控制权。确定公司的控制权所考虑的3个层面：a.股权层面的控制权；b.董事会层面的控制权；c.公司经营的控制权。在创业初期，股权不完全意味着权利，更多的是意味着责任。在创业阶段，建议核心大股东的股权能够持股67%以上，退而求其次，也可以借助AB股制度、表决权委托、投票权杠杆和一致行动协议等方式保障控制权。否则，随着公司的发展，股东之间很可能发生内斗，元气大伤，或者随着后续的股权融资，核心大股东的股权被稀释，很可能丧失控制权，被投资人清理出局。

　　1) Pay attention to the proportion of voting rights: Voting rights ≠ Equity proportion Voting rights proportion is more important than equity. When designing equity, companies must control the proportion of voting rights. Only by controlling the proportion of voting rights can they control the company and ensure its control. The three levels considered in determining the control of a company are: a. equity level control; b. Control at the board level; c. The control of company operations. In the early stages of entrepreneurship, equity does not necessarily mean rights, but rather responsibilities. In the entrepreneurial stage, it is recommended that the core major shareholder holds at least 67% of the equity. Alternatively, the AB share system, voting rights delegation, voting rights leverage, and concerted action agreements can be used to safeguard control. Otherwise, as the company develops, there is a high possibility of internal conflicts among shareholders, causing significant damage to the company's reputation. Alternatively, with subsequent equity financing, the equity of the core major shareholder may be diluted, leading to the loss of control and being eliminated by investors.

　　2）避免平均主义，防范股权之争最差的股权结构就是平均分配，在做股权分配时，要避免平均主义。股权设计要考虑公司的未来发展规划、对公司的贡献度、人力资本的重要性、资源优势等因素决定。一定要有一个主心骨集思广益各司其职保有对未来分配的期许预留后者进入的空间

　　2) To avoid egalitarianism and prevent equity disputes, the worst equity structure is equal distribution. When making equity distribution, egalitarianism should be avoided. Equity design should consider factors such as the company's future development plan, contribution to the company, importance of human capital, resource advantages, etc. There must be a backbone to brainstorm, each performing their own duties, maintaining expectations for future allocation, and reserving space for the latter to enter

　　3）要有核心股东，避免一股独大股权架构不能太分散，要有核心股东。良好的股权架构，需要有一个核心股东，一个领头人，便于决策。但也要避免一股独大，影响小股东的积极性。一家公司的创始团队往往是优势互补的，在创业初期，有人提供了资金，有人提供了资源，有人运营能力强，有人技术能力强。但公司是不断发展的，不同的阶段有不同的需求，在公司前期具备特定优势的股东，可能不能跟随公司共同成长，在公司发展中已经不能提供帮助，此时，便需要根据股东约定适当调整股权比例。

　　3) We need to have core shareholders to avoid a single dominant shareholder structure that cannot be too dispersed. We need to have core shareholders. A good equity structure requires a core shareholder and a leader to facilitate decision-making. But it is also necessary to avoid a monopoly that affects the enthusiasm of minority shareholders. The founding team of a company often has complementary advantages. In the early stages of entrepreneurship, some provide funding, some provide resources, some have strong operational capabilities, and some have strong technical abilities. But the company is constantly developing, and different stages have different needs. Shareholders who have specific advantages in the early stages of the company may not be able to grow together with the company and may no longer be able to provide assistance in the company's development. At this time, it is necessary to adjust the equity ratio appropriately according to the shareholder agreement.

　　4）善用持股平台持股平台在税收、保持控制权等方面具有很大的优势。有限合伙企业由普通合伙人（GP）和有限合伙人（LP）组成。合伙企业层面产生的收入主要有：转让被投资企业股权：股权转让所得被投资企业分派：股息、红利所得如下

　　4) Utilizing stock holding platforms has significant advantages in taxation, maintaining control, and other aspects. A limited partnership enterprise consists of general partners (GP) and limited partners (LP). The income generated at the partnership level mainly includes: transfer of equity of the invested enterprise; income from equity transfer; distribution of the invested enterprise; dividends and bonus income as follows

　　5）预留股权池预留股权池，便于做股权激励、股权融资。预留期权池，持续引进人才。公司的持续发展，离不开各位股东的共同努力，更离不开人才的投入。随着公司的不断发展，前期投入的技术人才或资源可能已经不能满足公司的需求，这时就需要引入更强的技术人才或外部资源，促进公司的快速发展。而通过股权激励方式是一种十分完美的方式，既能减少对人才的薪酬支出，又能够通过股权方式绑定共同利益。公司股权比例总和是100%，是一个固定的数字。在需要通过股权转让方式引进人才时，股东往往都不愿意放弃所持股权。为避免这种风险，建议公司事先设计合理的股权结构，在股东协议中约定预留一定比例的激励股，由核心大股东代持，在需要释放股权时，按照约定条件将激励股释放给引进的人才。

　　5) Reserved equity pool for equity incentives and financing. Reserve option pool and continuously introduce talents. The sustained development of the company cannot be achieved without the joint efforts of all shareholders, and even more importantly, the investment of talents. With the continuous development of the company, the technical talents or resources invested in the early stage may no longer meet the company's needs. At this time, it is necessary to introduce stronger technical talents or external resources to promote the rapid development of the company. And through equity incentives, it is a very perfect way to reduce talent compensation expenses and bind common interests through equity. The total equity ratio of the company is 100%, which is a fixed number. When it is necessary to introduce talents through equity transfer, shareholders are often unwilling to give up their equity holdings. To avoid such risks, it is recommended that the company design a reasonable equity structure in advance and agree to reserve a certain proportion of incentive shares in the shareholder agreement, which will be held by the core major shareholder. When the equity needs to be released, the incentive shares will be released to the introduced talents according to the agreed conditions.

　　6）要具有风险意识，预设退出机制中小企业一定要有风险意识，提前防范未来可能发生的纠纷，尽量明确在协议当中，提前约定好可能退出的方式、退出情形及退出价格等。在创业过程中，我们都很想伴随公司白头到老，但公司在发展过程中，因为主客观的原因，总是有些合伙人主动或被动地退出公司，当合伙人离开时他地股权如何处理？假如说一家公司在设立时像一个新生的孩子，孩子在成长的过程中不仅需要钱更需要人，人的精力投入是巨大的，企业也一样，所以合伙人的精力投入也是巨大的，当合伙人离开团队时按照股东事先约定进行处理是比较合理的，也是容易实现的。因为在合伙人退出时，股东之间往往已经产生了分歧，很难再就股权处置达成一致意见，为避免扯皮，更为了不影响公司持续发展的动力，股东之间预先设定一个合理的争议解决机制就显得十分重要，也是股权设计的一个重要的环节。

　　6) Small and medium-sized enterprises must have a risk awareness and pre-set exit mechanisms to prevent potential disputes in the future. They should try to clearly specify in the agreement the possible ways, circumstances, and prices of exit. In the process of entrepreneurship, we all want to accompany the company throughout our lives. However, due to subjective and objective reasons, there are always some partners who voluntarily or passively withdraw from the company during its development. When a partner leaves, how should their equity be handled? If a company is established like a newborn child, the child not only needs money but also people in the process of growth. The energy investment of people is huge, and the enterprise is the same. Therefore, the energy investment of partners is also huge. When partners leave the team, it is reasonable and easy to handle according to the shareholders' prior agreement. Because when a partner withdraws, shareholders often have disagreements and it is difficult to reach a consensus on equity disposal. To avoid disputes and not affect the company's sustainable development, it is important for shareholders to establish a reasonable dispute resolution mechanism in advance, which is also an important part of equity design.

　　退出机制：

　　Exit mechanism:

　　IPO退出：终极目标，完美收官。但时限较长，考验管理者智慧

　　IPO exit: ultimate goal, perfect conclusion. But the deadline is long, testing the wisdom of managers

　　兼并收购：皆大欢喜，出让收编，选择靠谱收购方，溢价勾兑

　　Mergers and acquisitions: everyone is happy, transfer and acquire, choose a reliable acquirer, and negotiate at a premium

　　清算：善始善终，寿终正寝。如何避免损失和资源浪费？

　　Liquidation: A good beginning and a good end, a peaceful death. How to avoid losses and resource waste?

　　股票回购：什么价格？什么时机？为什么回购？

　　Stock Repurchase: What Price? At what time? Why repurchase?

　　02 股权的比例如何规划才科学？

　　How to plan the equity ratio scientifically?

　　1）充分认知分配股权的初衷，避免盲目分配

　　1) Fully understand the original intention of distributing equity and avoid blind distribution

　　a.回归初心，为什么要做股权设置？明晰合伙人之间的权责利有助于创业公司的稳定影响公司的控制权方便融资融资、与资本市场对接解决企业传承问题

　　a. Returning to the original intention, why do we need to set up equity? Clarifying the rights, responsibilities, and interests among partners can help stabilize a startup company, affect its control, facilitate financing, and connect with the capital market to solve the problem of corporate succession

　　b.进行科学比例设置的要点是什么？最差的股权设计是均等有带头大哥资源互补分配有预留：激励、人才引进、资源导入

　　b. What are the key points for setting scientific proportions? The worst equity design is equal distribution with leading brothers, complementary allocation of resources, and reserved incentives, talent introduction, and resource introduction

　　c.股权该怎么分？看出资：在考虑出资的同时，也要充分考虑合伙人的资源贡献带头人：为保证公司发展不偏离，带头人必须要有对公司的控制权合伙人优势：资金、专利、创意、技术、运营、个人品牌

　　c. How should equity be divided? Looking at capital contribution: While considering capital contribution, it is also necessary to fully consider the resource contribution of partners. Leaders: To ensure that the company's development does not deviate, leaders must have control over the company. Partner advantages: capital, patents, creativity, technology, operations, personal brand

　　d.股权分配4原则？控制力：比例决定了控制力，要保有控制力公 平：比例的设定客观上要体现公平，避免分配不公平导致的损失效 率：提高决策效率，而不是受比例困扰，造成拖延、对抗动 态：结合贡献、经营、发展进行动态调整

　　d. What are the four principles of equity distribution? Control: Proportion determines control, and control must be maintained. Fairness: The setting of proportion should objectively reflect fairness and avoid losses caused by unfair distribution. Efficiency: Improve decision-making efficiency, rather than being troubled by proportion, causing delays and confrontations. Dynamics: dynamically adjust based on contribution, operation, and development

　　e.股权不该分配给谁？早期员工：达不到股东资格如格局、能力、资源的只能做员工兼职人员：无法全力投入时间和精力资源承诺者：承诺不等于兑现咨询顾问：不能站在客观的角度给建议不认同理念的人：理念不同不能站在一起奋战

　　e. Who should not be allocated equity to? Early employees: those who cannot meet shareholder qualifications such as structure, ability, and resources can only work as part-time employees. Personnel: unable to fully invest time and energy. Resource promisors: promises do not equal fulfillment. Consultants: unable to give advice from an objective perspective. Those who do not agree with the concept: different concepts cannot stand together and fight hard

　　2）根据合伙合作股东人数合理分配比例

　　2) Reasonable distribution ratio based on the number of partnership shareholders

　　a.2人合伙股权设计避免：50% ：50%（均分）65% ：35%（一票否决，博弈型）98% ：2%（一言堂，孤军奋战）合理：70% : 30% 和 80% : 20% （老大清晰，快速决策）b.3人合伙股权设计避免：33.4% : 33.3% : 33.3%（均分）95% : 3% : 2%（一言堂，孤军奋战）40% : 40% : 20% 和49% : 47% : 4%（博弈型）合理：70% : 20% : 10% 和 60% : 30% : 10% （老大清晰，快速决策）c.4人合伙股权设计避免：25% : 25% : 25% :25%（均分）95% : 2% : 2%: 1%（一言堂，孤军奋战）

　　a. 2-Person Partnership Equity Design Avoidance: 50%: 50% (evenly distributed) 65%: 35% (one vote veto, game type) 98%: 2% (one-man, fighting alone) Reasonable: 70%: 30% and 80%: 20% (clear leader, quick decision) b. 3-Person Partnership Equity Design Avoidance: 33.4%: 33.3%: 33.3% (evenly distributed) 95%: 3%: 2% (one-man, fighting alone) 40%: 40%: 20% and 49%: 47%: 4% (game type) Reasonable: 70%: 20%: 10% and 60%: 30%: 10% (clear leader, quick decision) c. 4-person Partnership Equity Design Avoidance: 25%: 25% (evenly distributed) 95%: 2%: 2%: 1% (one-man, fighting alone) Yantang, fighting alone)

　　合理：70% : 20%: 5% : 5%（老大清晰，快速决策）67% : 18% : 15%(持股平台)51% : 34% : 15%(持股平台)

　　Reasonable: 70%: 20%: 5%: 5% (clear and quick decision-making by the boss) 67%: 18%: 15% (holding platform) 51%: 34%: 15% (holding platform)

　　3）提前设置动态调整机制和退出机制

　　3) Pre set dynamic adjustment mechanism and exit mechanism

　　a.提前设立调整机制创业是个长期的过程，在这个过程中个人的贡献会随着时间与环境的变化而变化，还会因经营需要加入其它的合伙人、股权激励、融资等问题。这些都决定股权分配必须是动态的。动态股权系统：-激励模式：有实有虚-激励对象：有进有退- 授予股数：有增有减-股权价格：有升有降- 激励收益：有分有留

　　a. Establishing an adjustment mechanism in advance for entrepreneurship is a long-term process, in which individual contributions will change over time and in response to changes in the environment. There may also be issues such as joining other partners, equity incentives, financing, etc. due to business needs. All of these determine that equity distribution must be dynamic. Dynamic Equity System: - Incentive Mode: Real and Fictitious - Incentive Object: Advance and Withdrawal - Number of Shares Awarded: Increase and Decrease - Equity Price: Increase and Decrease - Incentive Income: Points and Retention

　　b.合伙人退出机制股权成熟（股权兑换）条款按项目、融资进度调整机制：回购条款按经营业绩（营收、利润）期满退出（提前约定合作期）退休、辞职、已故、违法退出

　　b. Partner exit mechanism: Equity maturity (equity exchange) terms adjusted according to project and financing progress mechanism: Repurchase terms based on business performance (revenue, profit), exit upon expiration (pre agreed cooperation period), retirement, resignation, death, illegal exit

　　03 股权比例的九条生命线

　　The Nine Lifelines of 03 Equity Ratio

　　创业团队必须把握34%以上的股权，否则公司再也轮不到你控制！67%：完全控制权52%：相对控制权34%：一票否决权30%：要约收购线20%：界定同业竞争权利10%：申请解散公司权/召集会议权5%：股东变动会影响上市3%：临时提案权1%：申请开股东会、监事会股权比例九条生命线

　　The entrepreneurial team must hold more than 34% of the equity, otherwise the company will never be under your control again! 67%: Full control 52%: Relative control 34%: One vote veto power 30%: Tender offer line 20%: Define inter industry competition rights 10%: Apply for dissolution of the company/convene meetings 5%: Shareholder changes will affect listing 3%: Temporary proposal right 1%: Apply for shareholder meetings, supervisory board equity ratio nine lifelines

　　1).67%拥有绝对控制权占比三分之二，能够通过股东大会决议，有权修改公司章程、增资扩股等重大事项。公司章程是除了《合约法》《公司法》之外，能够约束股东权利和义务最重要契约。创始人非常重要的关口，因为创始人要确保话语权，才可以带领公司走得更远。但随着公司对外扩展，需要多轮融资，股份比例亦会随之而下降，所以67%只可以在初创期坚守。另外，创始人可以考虑同股不同权的机制，为将来作更好的准备。

　　1) 67% holds absolute control, accounting for two-thirds of the shares, and has the power to amend the company's articles of association, increase capital and expand shares, and other major matters through resolutions of the shareholders' meeting. The articles of association are the most important contract that can constrain the rights and obligations of shareholders, in addition to the Contract Law and the Company Law. The founder is a crucial hurdle because they need to ensure their voice in order to lead the company further. But as the company expands externally, multiple rounds of financing are needed, and the shareholding ratio will also decrease accordingly, so 67% can only be maintained during the start-up period. In addition, founders can consider the mechanism of different rights for the same stock to better prepare for the future.

　　2).52%拥有相对控制权通过股东大会决议，可以对公司重大决策进行表决和控制：制定董事会和高管的薪酬，以及股权激励等。这是非上市公司最后的一道防线，因为只要低于50%或以下，潜在的风险随之而来。两个人开始的时候是各占50%股份，后来引入第三方股东出让10%股份，原始股东各人稀释了5%。随着经营问题，原始股东开始发生矛盾，最后能够话事的，反而是第三方股东。因为只要他选择站那一边，那一边就会超过50%。为什么是52%而不是51%？如果企业无论做多大都不考虑上市，那么创始人控股51%就足够了。但是如果企业要上市，创始人所占比例要大于等于52%。这1%的控股将直接影响创始家对其企业对控制权。首先，企业要上市，股份至少要被稀释两次。第一轮稀释是企业引进风险投资之时。第一笔风险投资希望占有的股权一般不会低于10%，此时老板的股权占比有两种可能。第一种可能：其他合伙人的股份都是“优先股”，那么风险投资人的股份比例10%将从创始人的51%里面扣除，创始人的股份比例就只剩下41%了。第二种可能：所有合伙人共同稀释股份，那么创始人也从51%中拿出10%，即拿出5.1%给风险投资人，自己剩下的股份比例是45.9%。然而，企业还要面临公司上市时的第二轮稀释，此时一般会再次稀释25%。总体来算，企业上市期间两轮股权稀释的比例相加高达35%，如果创始人原来持有51%的股份，被将稀释35%之后，所剩的股份比例就是33.15%，小于1/3，那么在股东会上投票时，创始人就很可能被其他股东联合起来“一票否决”。如果创始人原先持有51%的股份，同样被稀释35%之后，所剩的股份比例就是33.8%，大于1/3，掌握重大事件否决权。

　　2) 52% has relative control and can vote and control major decisions of the company through resolutions of the shareholders' meeting, such as setting the compensation of the board of directors and executives, as well as equity incentives. This is the last line of defense for non listed companies, as potential risks arise as long as it is below 50% or below. At the beginning, each person held 50% of the shares, but later a third-party shareholder was introduced to sell 10% of the shares, and the original shareholders each diluted by 5%. As business problems arise, conflicts arise among the original shareholders, and in the end, it is the third-party shareholders who can speak up. Because as long as he chooses to stand on that side, that side will exceed 50%. Why 52% instead of 51%? If a company does not consider going public no matter how much it does, then a founder controlling 51% is sufficient. But if the company wants to go public, the proportion of founders must be greater than or equal to 52%. This 1% controlling stake will directly affect the founder's control over their company. Firstly, in order for a company to go public, its shares must be diluted at least twice. The first round of dilution is when the enterprise introduces venture capital. The first venture capital usually hopes to hold no less than 10% equity, and there are two possibilities for the boss's equity ratio at this time. The first possibility is that if the shares of other partners are all "preferred shares", then the 10% stake of venture capitalists will be deducted from the 51% stake of the founder, leaving only 41% of the founder's stake. The second possibility is that all partners will jointly dilute their shares, and the founder will also take out 10% of the 51%, which is 5.1%, to give to venture capitalists. The remaining proportion of their own shares is 45.9%. However, companies also face a second round of dilution when they go public, which usually involves another 25% dilution. Overall, the ratio of two rounds of equity dilution during the company's listing period adds up to 35%. If the founder originally held 51% of the shares, but after being diluted by 35%, the remaining share ratio is 33.15%, which is less than one-third, then when voting at the shareholders' meeting, the founder is likely to be jointly "vetoed" by other shareholders. If the founder originally held 51% of the shares, which were also diluted by 35%, the remaining shareholding ratio would be 33.8%, which is greater than one-third and holds the veto power over major events.

　　3).34%拥有一票否决权占比大于三分之一，对于股东会的决策，有直接否决权。这其实是从67%倒推过来的，因为占有34%，就代表总体不能超过67%。就代表不能通过修改公司章程、增资扩股等重大事项。所以这也是一道非常重要的防线。

　　3) 34% have veto power, accounting for more than one-third, and have direct veto power over decisions made by the shareholders' meeting. This is actually a reverse calculation from 67%, as occupying 34% means that the overall cannot exceed 67%. It means that major issues such as amending the company's articles of association, increasing capital and expanding shares cannot be resolved. So this is also a very important defense line.

　　4).30%要约收购线证券交易所规定持股超过上市已发行股份30%以上，继续增持股份的，需要要约方式进行，全面要约或部分要约。这是一个被收购的明确信号，主要股东需要清楚现有核心的股份数量是多少。

　　4) 30% tender offer is required by the stock exchange for those who hold more than 30% of the listed issued shares and continue to increase their holdings, either through a comprehensive or partial tender offer. This is a clear signal of being acquired, and the major shareholders need to be clear about the number of existing core shares.

　　5).20%同业竞争警界线大股东，子公司，并列子公司和联营公司持股超过20%，存在类似业务的进而可能存在同业竞争。这是一个潜在的危险信号，主要是看公司的股东分布情况。如果股东分布比较集中，跟股东分布比较分散，对潜在的投资人作收购有不同的投资战略意向。

　　5) If the major shareholder, subsidiary, and affiliated companies hold more than 20% of the shares in the 20% industry competition alert line, there may be industry competition if similar businesses exist. This is a potential danger signal, mainly depending on the distribution of shareholders in the company. If the distribution of shareholders is relatively concentrated and dispersed, there may be different investment strategic intentions for potential investors to make acquisitions.

　　6).10%临时会议权超过10%股东，可以有权召开临时股东大会，可以质询，调查，起诉，清算及解散公司。这是一个比较罕见的例子，通常都会发生于公司内部纠纷，或是股权大变动的情况下，才需要临时召开股东大会。

　　6) 10% of shareholders with more than 10% of the rights to convene an extraordinary general meeting may have the right to question, investigate, sue, liquidate, and dissolve the company. This is a relatively rare example, usually occurring in cases of internal disputes within the company or major changes in equity, which require the convening of an extraordinary shareholders' meeting.

　　7).5%重大股权变动警示线超过5%股东，重点关注同业竞争，收购上市公司超过5%股权，变动需要公告。经过往历史的教训，潜在投资者的举动，将投资人的身份披露出来，对所有股东是一件好事。从透明度方面来约束野蛮人的行动，这是较好的做法。

　　7) Warning line for significant equity changes exceeding 5% of shareholders, with a focus on inter industry competition. If the acquisition of more than 5% equity of a listed company is required, the changes need to be announced. After learning from the lessons of history, the disclosure of the identity of potential investors is a good thing for all shareholders. It is a better approach to constrain the actions of barbarians from the perspective of transparency.

　　8).3%临时提案权开小会持有超过3%股份，可以在股东大会召开十日前提出临时提案，并书面提交董事会。

　　8) 3% of temporary proposal rights. Holding more than 3% of shares in a small meeting, temporary proposals can be submitted in writing to the board of directors ten days before the shareholders' meeting.

　　9).1%代位诉讼权可以间接的调查和起诉权，这是小股东的权利。只有大部分的小股东联手起来，才有机会采取较具体的行动。如果没有团结或召集不够的股份数量，最终小股东的权益仍然是会被侵蚀。

　　9) The 1% subrogation right can indirectly investigate and sue, which is the right of minority shareholders. Only when the majority of minority shareholders join forces can they have the opportunity to take more concrete actions. If there is no unity or insufficient number of shares convened, the rights of minority shareholders will still be eroded in the end.

　　04 股权设计的雷区有哪些？当今社会做老板所遇到的挑战：员工招不来、管不了、留不住创业合伙人平分股权，没有真正老大投资人、资源承诺者占大股的荒谬事故别人亏损的公司，却能让风投、PE都追着投资股东和投资人后续无法进入与退出的尴尬局面很多挣扎出好团队、好产品，却因为股权问题，死在通往牛逼的半路上

　　What are the pitfalls of equity design in 04? The challenges faced by bosses in today's society include the inability to recruit, manage, and retain employees, as well as the ridiculous accidents where entrepreneurial partners share the equity equally. There are no real bosses, investors, or resource guarantors who hold the majority of shares, and other companies suffer losses. However, venture capitalists and private equity firms are chasing after investment shareholders and investors, making it difficult for them to enter and exit in the future. Many companies struggle to create good teams and products, but due to equity issues, they die on the way to success

　　1）没有签约、口说无凭？口头约定，未落实到具体合同条款，导致要求兑现时的争议，导致时间精力的浪费，看似有人吃亏有人占便宜但实际都是亏，亏掉了人心亏掉了时间精力。

　　1) Without signing a contract and speaking without evidence? The verbal agreement was not implemented into specific contract terms, leading to disputes when requesting fulfillment, resulting in a waste of time and energy. It seems that some people are at a disadvantage and others are taking advantage, but in reality, they are all at a loss, losing people's hearts and time and energy.

　　2）前期省钱、账务混乱？没有完整的财务制度，账目不够清晰，合规都没有做好，导致哪本账是真账都不知道。

　　2) Saving money in the early stage and chaotic accounting? There is no complete financial system, the accounts are not clear enough, and compliance is not done well, resulting in not knowing which account is genuine.

　　3）小利之争、因小失大？股权的价值需要长期体现，在未兑现的时候容易短视行为，特别是关乎个人利益方面。导致违规违法现象频发，股东间缺乏信任，利益冲突伤害。

　　3) The struggle for small profits, losing big for small gains? The value of equity needs to be reflected in the long term, and it is prone to short-sighted behavior when it is not realized, especially when it concerns personal interests. Resulting in frequent violations and illegal activities, lack of trust among shareholders, and harm caused by conflicts of interest.

　　4）借款投资混淆、引发秋后算账？账目不分明；股东对股权价值缺乏认知；缺钱时借贷，变股权；盈利时白分利润。导致秋后算账，引起法律冲突。

　　4) Confusion between borrowing and investment, triggering post autumn settlement? Unclear accounts; Shareholders lack awareness of the value of equity; Borrowing when short of money, turning into equity; Profit is divided into white profit when making a profit. Resulting in post autumn settlement and legal conflicts.

　　5）家族亲戚争权、相互揭底？男方亲戚、女方亲戚、男女双方、男女关系，存在公私不分、权责不明、任人唯亲、反目成仇。

　　5) Family relatives vying for power and revealing secrets to each other? There is a lack of distinction between public and private, unclear rights and responsibilities, nepotism, and hostility between the male and female relatives, as well as between men and women.

　　6）没有带头人？一个队伍必须有一个头，火车跑得快，全靠车头带。领导者的认知时团队发展的天花板。领导者认知提升和团队成长的矛盾。跟谁干？听谁的？拥护谁？信任谁？

　　6) No leader? A team must have a head, the train runs fast, all thanks to the locomotive. The leader's cognition is the ceiling of team development. The contradiction between leader cognitive enhancement and team growth. With whom? Listen to whom? Support whom? Trust whom?

　　7）选错合伙人？不怕狼一样的对手，就怕猪一样的队友。合伙人一旦无法成为推动力，就容易形成时间、精力、管理的黑洞。谨慎！谨慎！再谨慎！！！

　　7) Choosing the wrong partner? Not afraid of opponents like wolves, but afraid of teammates like pigs. Once a partner cannot become a driving force, it is easy to form a black hole in time, energy, and management. Be cautious! Be cautious! Be even more cautious!!!

　　8）控制权缺失？没有规划保有控制权导致公司做着、做着，不是创始人的了。产权决定效率，股权（控制权）就是解决为谁干的问题。

　　8) Lack of control? The lack of planning to maintain control has led to the company not being owned by the founder. Property rights determine efficiency, and equity (control) is the solution to the problem of who to do it for.

　　9）进入规则不清晰？什么人可以成为股东？什么人可以成为持股平台成员？要达到什么条件？成为股东除了给钱还要干什么？需要有清晰的条件、明确的要求，要进行成员筛选和宣导。

　　9) Are the entry rules unclear? Who can become a shareholder? Who can become a member of the stock holding platform? What conditions must be met? What else do you have to do besides giving money to become a shareholder? Clear conditions and requirements are required for member screening and promotion.

　　10）责权利不清晰？权力、责任和利益要体现对等、担当、平衡。避免冲突和失衡，不让好人吃亏。

　　10) Unclear responsibilities and rights? Power, responsibility, and interests should reflect equality, responsibility, and balance. Avoid conflicts and imbalances, and do not let good people suffer losses.

　　11）合作时间不清晰？股权合作需要考虑清楚：什么时候开始？合作多长时间？什么时候结束？什么情况必须结束？签合同协议时间？打款注资时间？退出条件、条款促发时间？退款时间？12）退出机制不清晰？股权的退出需提前设置：什么情况退出？什么人需要退出？用什么方式退出？减资 or 回购？退出时什么价格？股东/合伙人离世情况考虑？是否能继承？婚姻变动如何处理？

　　11) Is the cooperation time unclear? Equity cooperation needs to be carefully considered: when will it start? How long will the collaboration last? When will it come to an end? What situation must end? What is the time for signing the contract agreement? What is the time for making the payment and capital injection? What are the conditions and terms for withdrawal and when will they be triggered? Refund time? 12) Is the exit mechanism unclear? The withdrawal of equity needs to be set in advance: under what circumstances should the withdrawal be made? Who needs to withdraw? How to exit? Reduce capital or repurchase? What is the price when exiting? Considering the situation of shareholder/partner's death? Can it be inherited? How to handle changes in marriage?

　　13）增资扩股规则不清晰？增资扩股的考虑：什么情况增资扩股？什么股东可以增资扩股？用什么主体增资？什么价格？原有股东/合伙人权利？董事会席位？增资计划和预算？14）股权转让规则不清晰？股权转让的考虑：什么情况股权转让？什么股东可以承接？用什么主体承接？什么价格？原有股东/合伙人权利？税费扣缴？转让计划和允许的条件？溢价利益的分配。

　　13) Are the rules for capital increase and share expansion unclear? Considerations for capital increase and share expansion: Under what circumstances is capital increase and share expansion? What shareholders are eligible for capital increase and share expansion? What entity will be used for capital increase? What's the price? Existing shareholder/partner rights? Board seats? Capital increase plan and budget? 14) Are the rules for equity transfer unclear? Considerations for Equity Transfer: Under what circumstances does equity transfer occur? What shareholders can undertake it? What entity should be used to undertake it? What's the price? Existing shareholder/partner rights? Tax withholding? Transfer plan and permitted conditions? Distribution of premium benefits.

　　15）违约转换机制不清晰？违约转换机制的考虑：存在什么情况可能导致违约？约定哪些条款？承担什么责任？是否划算？--->有没有胜算？有没有后备方案？--->最坏的状况如何？能否承担？

　　15) Is the default conversion mechanism unclear? Consideration of default conversion mechanism: What situations may lead to default? What terms are agreed upon? What responsibility should be taken? Is it cost-effective? --->Is there a chance of winning? Is there a backup plan? --->What is the worst-case scenario? Can you bear it?

　　股权设计雷区多，需全面认知并结合企业发展阶段进行排查。推动创始人、合伙人及核心团队的股权认知很重要。建议借助外力，协同完成对股权设计和架构搭建。

　　There are many pitfalls in equity design, which require comprehensive understanding and investigation based on the development stage of the enterprise. It is important to promote equity awareness among founders, partners, and core teams. Suggest leveraging external forces to collaboratively complete the equity design and structure construction.

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