股权激励方案落地执行
十年股权整理解决方案落地实施

　　有限合伙股权架构是公司股权架构中常见的一种模式。在这种股权架构模式中，股东不直接持有目标公司的股权，而是通过有限合伙企业间接持有目标公司的股权。一般在公司发展较为成熟之际，会由自然人直接持股模式转为有限合伙架构模式。因为有限合伙股权架构有利于集中公司的实际控制权，还可以避免不必要的风险，享受相关的政策优惠。

　　The limited partnership equity structure is a common pattern in the equity structure of a company. In this equity structure model, shareholders do not directly hold equity in the target company, but indirectly hold equity in the target company through a limited partnership enterprise. Generally, when a company is more mature, it will transition from a natural person direct shareholding model to a limited partnership structure model. Because the limited partnership equity structure is conducive to centralizing the actual control of the company, avoiding unnecessary risks, and enjoying relevant policy benefits.

　　对于资金密集型公司的创始人以及希望在短期内实现股权变现的股东来说，有限合伙股权架构是一种非常合适的股权架构模式。

　　For founders of capital intensive companies and shareholders who hope to realize equity realization in the short term, a limited partnership equity structure is a very suitable equity structure model.

　　此外，对于想对员工进行期权激励的公司来说，这也是一种有效的激励方案。

　　In addition, for companies that want to provide employee stock option incentives, this is also an effective incentive plan.

　　有限合伙股权架构简介

　　Introduction to Limited Partnership Equity Structure

　　有限合伙企业是合伙企业的一种特殊形式，有限合伙持股也是比较新颖的一种持股方式。有限合伙股权架构的主要模式是股东通过有限合伙企业间接持股目标公司。这种架构多见于大型公司或大股东与员工股东共存的公司。

　　Limited partnership enterprise is a special form of partnership enterprise, and limited partnership shareholding is also a relatively novel way of shareholding. The main mode of limited partnership equity structure is for shareholders to indirectly hold shares in the target company through the limited partnership enterprise. This architecture is more common in large companies or companies where major shareholders and employee shareholders coexist.

　　1：有限合伙股权架构的不同模式有限合伙股权架构的核心特点是股东以合伙企业为持股平台间接持股目标公司。在实际应用中，有限合伙股权架构存在初级和成熟两种模式。

　　1: The core feature of the limited partnership equity structure is that shareholders indirectly hold shares in the target company through the partnership enterprise as the holding platform. In practical applications, there are two modes of limited partnership equity structure: primary and mature.

　　有限合伙股权架构的初级模式如图 7-1 所示。

　　The primary model of limited partnership equity structure is shown in Figure 7-1.

　　在有限合伙股权架构的初级模式中，创始人以 GP 身份与公司高管、财务 投资人等 LP 共同成立有限合伙企业，通过有限合伙企业间接持股目标公司。在这种模式中，创始人对有限合伙企业承担无限连带责任，需要承担较大风险。

　　In the initial model of limited partnership equity structure, the founder, as a GP, jointly establishes a limited partnership enterprise with company executives, financial investors, and other LPs, indirectly holding shares in the target company through the limited partnership enterprise. In this model, the founder assumes unlimited joint and several liability for the limited partnership enterprise and needs to bear significant risks.

　　因此，综合考虑持股风险与人员配置，可将其升级为有限合伙股权架构的成熟模式，如图 7-2 所示。

　　Therefore, considering the risks of shareholding and personnel allocation, it can be upgraded to a mature model of limited partnership equity structure, as shown in Figure 7-2.

　　在成熟模式中，首先，创始人成立一个 100% 持股的一人有限责任公司， 以该公司作为有限合伙企业的 GP。其次，以该公司为 GP、目标公司的员工 为 LP，成立有限合伙企业 A；以该公司为 GP、目标公司的投资人为 LP，成立有限合伙企业 B。最后，通过有限合伙企业实现对目标公司的间接控制。

　　In the mature model, firstly, the founder establishes a one person limited liability company with 100% shareholding, and the company serves as the GP of the limited partnership enterprise. Secondly, the company serves as the GP and the employees of the target company serve as the LP, forming limited partnership enterprise A. Finally, the company serves as the GP and the investors of the target company serve as the LP, forming limited partnership enterprise B. Finally, indirect control over the target company is achieved through the limited partnership enterprise.

　　这种成熟的有限合伙股权架构比初级模式更具优势：一方面，成熟模式中 一人有限责任公司为 GP，一旦出现债务风险， 创始人只以出资额为限承担责任， 降低了需要承担的风险；另一方面，在层层架构中，目标公司的投票权由有限 合伙企业行使，有限合伙企业的投票权由 GP 决定，而身为 GP 的一人有限责任公司的控制权归创始人。因此，创始人能够有效实现对目标公司的控制。

　　This mature limited partnership equity structure has more advantages than the primary model: on the one hand, in the mature model, a one person limited liability company is a GP, and once there is a debt risk, the founder only assumes responsibility within the limit of the capital contribution, reducing the risk that needs to be borne; On the other hand, in the hierarchical structure, the voting rights of the target company are exercised by the limited partnership enterprise, and the voting rights of the limited partnership enterprise are determined by the GP, while the control of the one person limited liability company as the GP belongs to the founder. Therefore, the founder is able to effectively exercise control over the target company.

　　基于以上优势， 这种成熟的股权架构模式受到了诸多公司的青睐。此外， 也有一些公司在上市前将初级的有限合伙股权架构模式升级为成熟的有限合伙 股权架构模式，使得公司的核心员工可以通过有限合伙企业持有公司股份，享受公司上市的红利。

　　Based on the above advantages, this mature equity structure model has been favored by many companies. In addition, some companies upgrade their initial limited partnership equity structure to a mature limited partnership equity structure before going public, allowing their core employees to hold company shares through the limited partnership enterprise and enjoy the dividends of the company's listing.

　　2：警惕有限合伙股权架构的风险有限合伙股权架构本质上是一种普通合伙人高度集权制的合伙模式。它 最大的特点是为股权杠杆操作留出了足够的空间，能够实现“四两拨千斤”的 效果。但是机遇与风险总是相伴而行，有限合伙股权架构也存在一些风险，普通合伙人和有限合伙人要擦亮双眼，及时规避风险，避免不必要的损失。

　　2: Beware of the risks of limited partnership equity structure. Limited partnership equity structure is essentially a highly centralized partnership model for general partners. Its biggest feature is that it leaves enough space for equity leverage operations, which can achieve the effect of "pulling a thousand pounds with four or two". However, opportunities and risks always go hand in hand, and there are also some risks in the equity structure of limited partnerships. General partners and limited partners should keep their eyes open, avoid risks in a timely manner, and avoid unnecessary losses.

　　1. 有限合伙人利益容易受到侵害根据《合伙企业法》的有关规定，合伙企业事务由普通合伙人执行，而 有限合伙人不执行合伙事务，对外无法代表合伙企业。实际上，普通合伙人相 当于拥有有限合伙企业的完全执行权，能够完全控制合伙企业，实现分股不分 权。但这对于有限合伙人来说是一个劣势，因为这种普通合伙人高度集权的制度极易损害有限合伙人的利益， 相当于有限合伙人为普通合伙人“做了嫁衣”。

　　1. Limited partners' interests are easily infringed. According to the relevant provisions of the Partnership Enterprise Law, the affairs of the partnership enterprise are executed by the general partners, while limited partners who do not execute partnership affairs cannot represent the partnership enterprise externally. In fact, a general partner is equivalent to having full executive power over a limited partnership enterprise, being able to fully control the partnership enterprise and achieve shareholding without decentralization. But this is a disadvantage for limited partners, as this highly centralized system of general partners can easily harm the interests of limited partners, which is equivalent to limited partners "making wedding dresses" for general partners.

　　另外，有限合伙人通过合伙企业间接持股目标公司，在转让、出售股权 变现或分配投资收益时，都无法由自己操作完成，必须经由拥有完全执行权的普通合伙人执行。这无疑提高了有限合伙人权益受到损害的可能性。

　　In addition, limited partners indirectly hold shares in the target company through the partnership enterprise. When transferring, selling equity for realization, or distributing investment income, they cannot be operated by themselves and must be executed by general partners who have full execution rights. This undoubtedly increases the possibility of damage to the rights and interests of limited partners.

　　2. 税收优惠政策的风险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。例如，某地为了招商引资，承诺迁址到此地的外地合伙企业可以享受当地的税收返还政策。

　　2. Risks of Tax Preferential Policies Some regions may introduce various tax preferential policies in order to drive local economic development and attract foreign enterprises. For example, in order to attract investment, non local partnership enterprises that promise to relocate to this place can enjoy local tax refund policies.

　　虽然许多地方都针对合伙企业设置了税收优惠政策，但在变更注册地址 之前，企业也需要注意规避这些优惠政策带来的风险。一方面，公司注册地址 的变更会带来公司经营地址的变更，而新地址带来的新市场可能并不能满足公 司发展的需要。这样一来，从短期来看，公司迁址后可以享受当地的税收优惠 政策；但从长期来看，迁址可能会影响公司的长久发展。另一方面，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。

　　Although many places have set up tax incentives for partnership enterprises, companies also need to be careful to avoid the risks brought by these incentives before changing their registered address. On the one hand, a change in the registered address of a company may result in a change in its operating address, and the new market brought by the new address may not meet the needs of the company's development. In this way, in the short term, the company can enjoy local tax incentives after relocation; But in the long run, relocation may affect the company's long-term development. On the other hand, 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.

　　因此，在想要享受各地税收优惠政策、迁址之前，企业需要立足全局， 综合分析迁址给企业带来的影响。如果整体的影响是弊大于利，那么就应谨慎作出选择。

　　Therefore, before enjoying tax incentives and relocating in various regions, enterprises need to take a global perspective and comprehensively analyze the impact of relocation on the enterprise. If the overall impact is more harmful than beneficial, then one should make a cautious choice.

　　3. 税收负担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。但如果持股的目标公司为有限公司，根据相关规 定，有限公司的股息红利免征企业所得税。因此，从理论上来讲，如果股东将 分得的股息红利留在持股的目标公司暂时不进行分配，就不用缴纳任何税款。 这样一来，股东可以将持股的目标公司作为资金池，将从公司分得的股息红利作为资金进行再投资。

　　3. Tax burden: The main manifestation of tax burden is that shareholders who receive dividends must pay taxes. 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. But if the target company holding the shares is a limited company, according to relevant regulations, the dividends of the limited company are exempt from corporate income tax. Therefore, theoretically speaking, if shareholders leave the dividends they receive in the target company they hold and do not distribute them temporarily, they do not need to pay any taxes. In this way, shareholders can use the target company they hold as a capital pool and reinvest the dividends received from the company as funds.

　　有限合伙股权架构的三大优势

　　Three major advantages of limited partnership equity structure

　　有限合伙股权架构更容易实现“钱权分离”，因此更利于集中公司控制权。对于只想通过投资获取收益的有限合伙人来说，有限合伙股权架构免去了很多管理公司的责任。同时，合伙企业作为持股平台，在政策方面也会享受各种优惠。

　　The limited partnership equity structure is easier to achieve "separation of money and power", making it more conducive to centralizing company control. For limited partners who only want to earn profits through investment, the limited partnership equity structure eliminates many responsibilities of the management company. At the same time, as a holding platform, partnership enterprises will also enjoy various preferential policies.

　　1：有利于把握控制权相较于自然人直接持股模式，有限合伙股权架构通过普通合伙人与有限 合伙人成立合伙企业的模式，极大地将公司的出资权与管理权分割开。因此，有限合伙股权架构是一种典型的把握控制权的工具。

　　1: Compared to the direct shareholding model of natural persons, the limited partnership equity structure is conducive to grasping control rights. By establishing a partnership enterprise between general partners and limited partners, the limited partnership equity structure greatly separates the company's capital contribution rights from management rights. Therefore, the limited partnership equity structure is a typical tool for grasping control rights.

　　传统的公司制要求同股同权。简单来说，谁出资多，谁的股权就多，谁的话语权就大。因为在公司中，任何重大决定都需要股东大会进行商议和 表决，所以话语权非常重要。在传统的公司制度下，大股东出资最多，因此 大股东自然而然地承担起管理公司的责任，为公司指明前进方向，制定发展战略。

　　The traditional corporate system requires equal shares and rights. Simply put, whoever contributes more has more equity and greater say. Because any major decision in the company requires discussion and voting at the shareholders' meeting, the right to speak is very important. Under the traditional corporate system, major shareholders contribute the most capital, so they naturally assume the responsibility of managing the company, pointing out the direction for the company to move forward, and formulating development strategies.

　　但是在类似主营创业投资的公司中，很多大股东出资非常多，但是他们 不想管理公司、承担责任，他们仅希望能够获得投资带来的收益。而且出资 多并不意味着管理能力和专业知识水平强，如果想要获得更大的收益，需要更专业的管理人士来经营、管理公司。有限合伙制恰好满足了这一需求，普通合伙人和有限合伙人共同投资， 企业管理权和出资权分离。我们可以将有限合伙企业的“钱权分离”模式简单 理解为：普通合伙人 =1% 的出资 + 企业管理权；有限合伙人 = 99% 的出资 +合伙协议利润分配。通过签署合法的合伙协议，目标公司的创始人可以作为普通合伙人享有 有限合伙企业的全部表决权。而高管、员工等其他投资人作为有限合伙人，不享有表决权，但可以获得有限合伙企业的大部分股息收益。

　　However, in companies that specialize in venture capital, many major shareholders invest heavily but do not want to manage the company or take responsibility. They only hope to receive returns from their investments. Moreover, investing more does not necessarily mean strong management skills and professional knowledge. If you want to obtain greater profits, you need more professional managers to operate and manage the company. The limited partnership system precisely meets this demand, where general partners and limited partners jointly invest, and the management and capital contribution rights of the enterprise are separated. We can simply understand the "separation of money and rights" model of limited partnership enterprises as: general partners=1% of the capital contribution+enterprise management rights; Limited partners=99% of capital contribution+distribution of partnership agreement profits. By signing a legal partnership agreement, the founder of the target company can enjoy all voting rights of the limited partnership enterprise as a general partner. As limited partners, executives, employees, and other investors do not have voting rights, but can receive most of the dividend income of the limited partnership enterprise.

　　实际上，这正是普通合伙人控制权集中、扩大的体现，而有限合伙人的 表决权也被普通合伙人所控制。根据《合伙企业法》的相关规定，有限合伙企 业的合伙人人数不得少于2 人，不得多于 50 人，法律另有规定的特殊情况除外， 同时有限合伙企业至少要有 1 个普通合伙人。如果有限合伙企业没有普通合伙人，应当依法解散。

　　In fact, this is a manifestation of the concentration and expansion of control rights of general partners, and the voting rights of limited partners are also controlled by general partners. According to the relevant provisions of the Partnership Enterprise Law, the number of partners in a limited partnership enterprise shall not be less than 2 and not more than 50, except for special circumstances stipulated by law. At the same time, a limited partnership enterprise shall have at least one general partner. If a limited partnership enterprise does not have a general partner, it should be dissolved in accordance with the law.

　　有限合伙企业的事务均由普通合伙人执行，有限合伙人不得执行，不得 ?对外代表有限合伙企业。这在法律意义上规定了普通合伙人的主导权，将有 ?限合伙企业的控制权集中到了普通合伙人手中，即使有限合伙人出资占比为 ?99%，有限合伙企业的实际控制者还是普通合伙人，有效避免了“钱权相伴” 的问题。同时，任何与企业经营相关的对外法律文件都必须经过普通合伙人的审查，最大限度地保障了有限合伙企业的控制权集中。

　　The affairs of a limited partnership enterprise shall be executed by the general partners, and limited partners shall not execute or represent the limited partnership enterprise externally. This legally stipulates the dominant power of the general partners, centralizing the control of the limited partnership enterprise in the hands of the general partners. Even if the limited partners contribute 99% of the capital, the actual controller of the limited partnership enterprise is still the general partners, effectively avoiding the problem of "money and power accompanying". At the same time, any external legal documents related to the operation of the enterprise must be reviewed by the general partners, which maximizes the protection of the concentration of control of the limited partnership enterprise.

　　2：权责分明，避免纠纷《合伙企业法》第二条第三款规定： “有限合伙企业由普通合伙人和有 限合伙人组成，普通合伙人对合伙企业债务承担无限连带责任，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。”

　　2: Clear division of rights and responsibilities to avoid disputes. Article 2, paragraph 3 of the Partnership Enterprise Law stipulates: "A limited partnership enterprise is composed of general partners and limited partners. The general partners shall bear unlimited joint and several liability for the debts of the partnership enterprise, while the limited partners shall be liable for the debts of the partnership enterprise to the extent of their subscribed capital

　　1. 普通合伙人的责任与权利（1）普通合伙人的责任。普通合伙人所承担的无限连带责任，是指在有 限合伙企业中，普通合伙人除了要承担自己名下的债务外，还需要承担有限合 伙人名下的债务，即普通合伙人有义务为有限合伙人偿还债务。即使普通合伙 人已经转变为有限合伙人，他仍然要对其作为普通合伙人期间有限合伙企业发生的债务承担无限连带责任。

　　1. Responsibilities and Rights of General Partners (1) Responsibilities of General Partners. The unlimited joint and several liability borne by general partners refers to the obligation of general partners to repay the debts of limited partners in addition to their own debts in a limited partnership enterprise. Even if the general partner has been converted to a limited partner, he still has unlimited joint and several liability for the debts incurred by the limited partnership enterprise during his tenure as a general partner.

　　普通合伙人既可以使用货币等实物进行出资，也可以使用劳务充当出资 额，劳务出资的具体评估方法由合伙人共同商议决定。普通合伙人出资额占比 最低为 1%。虽然普通合伙人出资较少，但是权力很大。为了保障其他合伙人 的利益，普通合伙人要约束自己的行为，谨言慎行，不得以权谋私，损害企业 利益。同时，普通合伙人需要向其他合伙人定期提供企业的财务报表及相关报告，遵守合伙协议约定。

　　General partners can make capital contributions using physical assets such as currency, or use labor services as the amount of capital contribution. The specific evaluation method for labor service contributions is determined by the partners through joint consultation. The minimum contribution ratio of general partners is 1%. Although general partners contribute less capital, they have significant power. In order to protect the interests of other partners, general partners should restrain their behavior, be cautious in their words and actions, and not abuse their power for personal gain or harm the interests of the enterprise. At the same time, general partners are required to regularly provide financial statements and related reports of the enterprise to other partners and comply with the provisions of the partnership agreement.

　　（2）普通合伙人的权利。根据有限合伙股权架构下的“钱权分离”模式， 普通合伙人享有企业内充分的管理权和控制权，是有限合伙企业的掌舵人。此 外， 普通合伙人享有企业基金总额 1.5% ～ 3% 的管理费， 用来维持企业运转。在进行利润分成时，普通合伙人一般可获取收益 20% 左右的分成。

　　(2) The rights of general partners. According to the "separation of money and power" model under the limited partnership equity structure, general partners enjoy full management and control rights within the enterprise and are the helmsmen of the limited partnership enterprise. In addition, general partners enjoy a management fee of 1.5% to 3% of the total amount of enterprise funds to maintain the operation of the enterprise. When distributing profits, general partners generally receive a share of around 20% of the profits.

　　2. 有限合伙人的责任与权利（1）有限合伙人的责任。有限合伙人以其认缴的出资额为限，需要对有 限合伙企业的债务承担有限责任。有限合伙人加入合伙企业，要按照签订的合 伙协议向企业认缴出资额，但是既可以一次性付清出资额，也可以分期支付。 首期出资一般占认缴出资额的 25% ～ 33%。剩余出资需要在约定期限内付清。而除了货币外，有限合伙人还可以通过实物、知识产权等其他财产形式出资，但是不能够以劳务进行出资。如果不能按期缴纳出资额，有限合伙人需要承担违约责任。

　　2. Responsibilities and Rights of Limited Partners (1) Responsibilities of Limited Partners. Limited partners are limited to their subscribed capital and are required to bear limited liability for the debts of the limited partnership enterprise. Limited partners joining a partnership enterprise must subscribe to the capital contribution in accordance with the signed partnership agreement, but they can pay the capital contribution in full or in installments. The initial capital contribution generally accounts for 25% to 33% of the subscribed capital. The remaining capital contribution needs to be paid in full within the agreed deadline. In addition to currency, limited partners can also contribute through other forms of property such as physical goods and intellectual property, but cannot contribute through labor services. If the capital contribution cannot be paid on time, the limited partner shall bear the liability for breach of contract.

　　例如，王某作为有限合伙人加入某企业，合伙协议上约定的认缴出资额 为 100 万元，可以分期缴纳。王某首期缴纳 30 万元，第二期缴纳 20 万元。经 过与其他合伙人商议并达成一致意见，王某用价值 50 万元的知识产权付清了剩余的 50 万元出资额。

　　For example, Wang joined a certain enterprise as a limited partner, and the subscribed capital amount stipulated in the partnership agreement is 1 million yuan, which can be paid in installments. Wang paid 300000 yuan in the first installment and 200000 yuan in the second installment. After discussing with other partners and reaching a consensus, Wang paid off the remaining 500000 yuan of capital contribution with intellectual property worth 500000 yuan.

　　认缴的出资额是有限合伙人对企业及其他合伙人的承诺，也是对企业债 权人的承诺。因此，在承担合伙企业债务时，有限合伙人需要以合伙协议上签订的认缴出资额为依据承担责任，而不是以当时实际缴纳的出资额为依据。

　　The subscribed capital is a commitment made by limited partners to the enterprise and other partners, as well as to the creditors of the enterprise. Therefore, when assuming the debts of the partnership enterprise, limited partners need to assume responsibility based on the subscribed capital amount signed in the partnership agreement, rather than the actual capital amount paid at that time.

　　（2）有限合伙人的权利。有限合伙人享有企业的有限参与权，能够对企 业的经营管理提出建议。当有限合伙人对普通合伙人的决策不满时，如决策损 害自身利益，可以向有责任的合伙人主张自己的权利或提起诉讼，从而享有决定普通合伙人入伙或退伙的权利。

　　(2) The rights of limited partners. Limited partners enjoy limited participation rights in the enterprise and are able to provide suggestions for the operation and management of the enterprise. When a limited partner is dissatisfied with the decision of the general partner and if the decision harms their own interests, they may claim their rights or file a lawsuit against the responsible partner, thereby enjoying the right to decide whether the general partner will join or leave the partnership.

　　有限合伙人还享有企业经营状况的知情权，能够获取企业的财务报表及 相关报告，对普通合伙人起到一定的监督作用。有限合伙人通常会享有投资收益的 80%，拥有利润优先分配权。

　　Limited partners also have the right to be informed about the operating conditions of the enterprise, and can obtain the financial statements and related reports of the enterprise, playing a certain supervisory role over general partners. Limited partners usually enjoy 80% of investment returns and have priority distribution rights for profits.

　　3：享受相关政策优惠如今，很多中小型高新技术公司都采用有限合伙股权架构。为了扶持中 小型公司、鼓励经济发展，我国针对有限合伙股权架构制定了一系列税收优惠政策。

　　3: Nowadays, many small and medium-sized high-tech companies adopt a limited partnership equity structure to enjoy relevant policy benefits. In order to support small and medium-sized companies and encourage economic development, China has formulated a series of tax incentives for limited partnership equity structures.

　　1. 无须双重缴税传统的有限责任公司除了要缴纳企业所得税外，公司的股东还需要缴纳 个人所得税，也就是一份投资收益要缴纳两重税款。而有限合伙企业只需缴纳合伙人的个人所得税，无须缴纳企业所得税，大大降低了企业的赋税成本。

　　1. Traditional limited liability companies do not require double taxation. In addition to paying corporate income tax, shareholders of the company also need to pay personal income tax, which means that one investment income needs to pay two taxes. Limited partnership enterprises only need to pay the personal income tax of their partners, and do not need to pay corporate income tax, greatly reducing the tax cost of the enterprise.

　　有限合伙企业的股东均持有股权， 而股权收益来自股权转让与股息分红。以非上市公司为例，不同持股方式下个人股东的税负水平大不相同。

　　The shareholders of a limited partnership enterprise hold equity, and the equity income comes from equity transfer and dividend distribution. Taking non listed companies as an example, the tax burden level of individual shareholders varies greatly under different shareholding methods.

　　（1）股权转让。个人股东以有限责任制公司作为持股平台间接持股目标 公司进行股权转让时，个人股东需要承担 40% 的税负。首先，有限责任制公 司获取目标公司的投资收益，需要缴纳 25% 的企业所得税；其次，有限责任 制公司在缴税后要将利润以分红的形式给予股东，个人股东获取利润后，要 再次缴纳 20% 的个人所得税。因此，最终的综合税负为：25%+（1 ? 25%）×20%=40%。

　　(1) Equity transfer. When individual shareholders use a limited liability company as a holding platform to indirectly hold shares in a target company for equity transfer, they are required to bear a 40% tax burden. Firstly, a limited liability company is required to pay a 25% corporate income tax to obtain investment returns from the target company; Secondly, limited liability companies are required to distribute profits to shareholders in the form of dividends after paying taxes, and individual shareholders who receive profits must pay an additional 20% personal income tax. Therefore, the final comprehensive tax burden is: 25%+(1-25%) x 20%=40%.

　　个人股东以有限合伙企业作为持股平台持股目标公司，若有限合伙企业 为创业投资公司，进行股权转让时，个人股东按照个人所得税税率缴纳 20% 的税额，有限合伙企业无须缴纳企业所得税。若有限合伙企业为非创业投资公 司，需要按照生产经营所得缴纳 5% ～ 35% 的超额累进税，少数地区固定缴纳 20% 的税额。

　　Individual shareholders use a limited partnership enterprise as a holding platform to hold shares in the target company. If the limited partnership enterprise is a venture capital company, when transferring equity, individual shareholders shall pay a tax rate of 20% according to the personal income tax rate, and the limited partnership enterprise is not required to pay corporate income tax. If a limited partnership enterprise is a non venture capital company, it is required to pay a progressive tax of 5% to 35% on excess income from production and operation, with a fixed tax of 20% in some regions.

　　（2）股息红利分红税负低。依照相关税法，居民企业投资其他居民企业 所获股息等权益性投资收益为免税收入，无须缴税。但是当居民企业将这些股息红利分配给个人股东时，个人股东需要缴纳 20% 的个人所得税。

　　(2) Dividends and bonuses have a low tax burden. According to relevant tax laws, the equity investment income obtained by resident enterprises from investing in other resident enterprises, such as dividends, is tax-free income and does not need to be taxed. But when resident enterprises distribute these dividends to individual shareholders, individual shareholders are required to pay a 20% personal income tax.

　　以有限合伙企业作为持股平台，当个人股东获取股息红利时，也需要承 担最终利润 20% 的税负。因为合伙企业对外投资获得的股息红利不属于合伙 企业的收入，而是有限合伙企业中合伙个人的财产所得，按照相关税法中个人获取利息、股息、红利所得计税的规定，最终税负为所获利润的 20%。

　　Using a limited partnership enterprise as a shareholding platform, individual shareholders who receive dividends also need to bear a tax burden of 20% on the final profits. Because the dividends and bonuses obtained from external investments by a partnership enterprise do not belong to the income of the partnership enterprise, but rather to the property income of individual partners in a limited partnership enterprise, according to the relevant tax laws on individual income from interest, dividends, and bonuses, the final tax burden is 20% of the profits obtained.

　　2. 税收优惠政策我国实行分税制的税收管理制度，因此在国家相关机关允许后，部分地 区可实施一定的税收优惠政策，吸引外来投资人。而有限合伙企业通过合理利用税收优惠政策，能够在法律允许的范围内达到一定的节税效果。

　　2. Tax Preferential Policies: China implements a tax management system of separate taxation. Therefore, with the permission of relevant national authorities, some regions can implement certain tax preferential policies to attract foreign investors. And limited partnership enterprises can achieve certain tax savings within the scope permitted by law by making reasonable use of tax preferential policies.

　　嘉兴南湖区实施的个人所得税优惠政策中规定，利息、股息、红利所得 适用税率为 20% ，5 年内地方留存 70% 的税款，返还给缴税方 30% 的税款。

　　According to the personal income tax preferential policy implemented in Nanhu District, Jiaxing, the applicable tax rate for interest, dividends, and bonus income is 20%. Within 5 years, the local government retains 70% of the tax and returns 30% of the tax to the taxpayer.

　　而江西共青城对有限合伙企业执行 3% 的增值税税率，并且有税收返还政 策，返还后实际税率为 1.8%。附加税执行 0.36% 的税率，返还后实际税率为 0.12%。而合伙企业中的股东缴纳个人所得税的税率为 20%，次月返还 6.4%

　　Jiangxi Gongqing City implements a 3% value-added tax rate for limited partnership enterprises and has a tax rebate policy, with an actual tax rate of 1.8% after rebate. The additional tax is levied at a rate of 0.36%, and the actual tax rate after refund is 0.12%. The tax rate for individual income tax paid by shareholders in partnership enterprises is 20%, and 6.4% will be refunded the following month

　　江西省共青城产业园区有一家电子科技企业，其属于高新技术企业，拥 有员工 1 400 余人。据公司的财务负责人介绍，在税收优惠政策实施之前，每 个月公司要代缴员工税款和企业税款共计 11 万元左右，而在新的税收优惠政 策实施之后，每个月仅需缴纳税款 4.4 万余元。这次的税收制度优化通过调整 合伙企业税率和个人所得税税率，扩大较低档税率级距，极大减轻了员工的税 收负担，降低了公司的税收成本，也提高了公司对于未来发展的信心。

　　There is an electronic technology enterprise in Gongqingcheng Industrial Park, Jiangxi Province, which is a high-tech enterprise with more than 1400 employees. According to the company's financial manager, before the implementation of tax incentives, the company had to pay a total of about 110000 yuan in employee and corporate taxes every month. However, after the implementation of the new tax incentives, the company only needs to pay more than 44000 yuan in taxes every month. The optimization of the tax system this time has greatly reduced the tax burden on employees, lowered the company's tax costs, and increased the company's confidence in future development by adjusting the partnership enterprise tax rate and personal income tax rate, expanding the lower tax rate range.

　　4：案例分析：老乡鸡打造持股平台2022 年 5 月，安徽老乡鸡餐饮股份有限公司（以下简称“老乡鸡”）公 布了招股说明书的具体内容，准备在上海证券交易所上市。按照计划，老乡鸡 将发行新股6353 万股，募集资金 12 亿元，用于门店扩张、公司数据信息化 升级等工作。

　　4: Case analysis: Laoxiangji builds a shareholding platform. In May 2022, Anhui Laoxiangji Catering Co., Ltd. (hereinafter referred to as "Laoxiangji") announced the specific contents of its prospectus and prepared to go public on the Shanghai Stock Exchange. According to the plan, Laoxiangji will issue 63.53 million new shares and raise 1.2 billion yuan for store expansion, company data and information technology upgrading, and other related work.

　　经过近 20 年的发展， 老乡鸡从一家餐饮门店发展为即将上市的餐饮巨头， 老乡鸡成功的背后离不开稳定的股权架构的支持。老乡鸡的创始人束从轩并未 持有老乡鸡的股份，老乡鸡的实际控制人为其儿子束小龙。束小龙通过直接持 股、间接持股等方式牢牢把握对老乡鸡的控制权，避免了和家族成员之间的股 权之争。而这得益于老乡鸡有限合伙企业持股平台的设计。

　　After nearly 20 years of development, Laoxiangji has grown from a catering store to a soon to be listed catering giant. The success of Laoxiangji cannot be separated from the support of a stable equity structure. The founder of Laoxiangji, Shu Congxuan, does not hold any shares in Laoxiangji. The actual controller of Laoxiangji is his son, Shu Xiaolong. Shu Xiaolong firmly grasped the control over his fellow villagers' chickens through direct and indirect shareholding, avoiding equity disputes with family members. And this is thanks to the design of the shareholding platform of Laoxiangji Limited Partnership Enterprise.

　　持股平台指的是在主体公司之外，与被激励对象、投资人等共同搭建有 限合伙企业，然后以有限合伙企业持有主体公司股权，从而实现被激励对象、 投资人间接持有主体公司股权的目的。持股平台的搭建使得各方之间的股权权 属明晰，避免产生股权争议。

　　Shareholding platform refers to the establishment of a limited partnership enterprise with the incentivized parties, investors, etc. outside the main company, and then holding the equity of the main company through the limited partnership enterprise, thereby achieving the purpose of indirectly holding the equity of the main company between the incentivized parties and investors. The establishment of a shareholding platform clarifies the ownership of equity among all parties and avoids equity disputes.

　　谁更适合有限合伙股权架构

　　Who is more suitable for a limited partnership equity structure

　　有限合伙股权架构同自然人股权架构一样，对希望在短期内将股权变现 的投资人非常友好。同时，有限合伙股权架构对资金密集型公司的创始人和计 划对员工进行期权激励的公司创始人也十分适用，因为这两种公司创始人都希望在公司内实现“分钱不分权”。

　　The limited partnership equity structure, like the natural person equity structure, is very friendly to investors who hope to realize their equity in the short term. At the same time, the limited partnership equity structure is also very suitable for founders of capital intensive companies and founders of companies planning to provide employee option incentives, as both types of company founders hope to achieve "no division of power" within the company.

　　1：资金密集型公司的创始人资金密集型公司是指单位产品所需投资较多、员工岗位较少、技术设备 先进的公司。它与技术密集型公司较为接近，因为只有拥有大量资金的支持， 才能大力发展高新技术。资金密集型公司除了需要大量资金支持外，还需要技术水平较高的员工，资金密集型公司的全员劳动生产率较高。

　　1: The founder of a capital intensive company refers to a company that requires more investment per unit product, has fewer employee positions, and advanced technology and equipment. It is closer to technology intensive companies because only with significant financial support can it vigorously develop high-tech. Capital intensive companies not only require a large amount of financial support, but also require employees with high technical skills. The overall labor productivity of capital intensive companies is relatively high.

　　资金密集型公司的创始人通常拥有丰富的专业知识和很高的技术水平， 而且他们眼光独到，能够发现广阔的市场。但有才未必有财，他们往往无法凭 借自己的力量凑足公司发展所需的资金。因此，他们需要借助外界投资人的力量，而资金充裕的投资人就是他们最佳的合作对象。

　　The founders of capital intensive companies usually have rich professional knowledge and high technical level, and they have unique vision and can discover vast markets. But talent does not necessarily mean wealth, as they often cannot raise enough funds for the company's development on their own. Therefore, they need to leverage the power of external investors, and well funded investors are their best partners for cooperation.

　　在传统的公司制度中，出资最多的人就是公司的实际控制人。如果引入有限合伙股权架构：便于短期变现的外部投资人的出资高于创始人的出资，那么发现市场、掌握技术的创始人就 只会成为公司的技术骨干，而非实际领导者。而且很多投资人对于超出自己能 力范围的事物并没有能力管理，也无心维持一个新的创业公司运转，他们只想通过投资，让手中的钱生出更多的钱。

　　In the traditional corporate system, the person who contributes the most capital is the actual controller of the company. If a limited partnership equity structure is introduced, where external investors who facilitate short-term monetization contribute more than the founder, then the founder who discovers the market and masters the technology will only become the technical backbone of the company, rather than the actual leader. Moreover, many investors lack the ability to manage things beyond their capabilities and have no intention of maintaining the operation of a new startup company. They only want to generate more money from their investments.

　　有限合伙股权架构模式可有效解决这一问题。资金密集型公司的创始人 可以设立一家有限公司作为普通合伙人，而众多投资人则作为有限合伙人， 普通合伙人和有限合伙人共同设立有限合伙企业，由有限合伙企业持股目标公司。

　　The limited partnership equity structure model can effectively solve this problem. The founder of a capital intensive company can establish a limited company as a general partner, while numerous investors act as limited partners. The general partners and limited partners jointly establish a limited partnership enterprise, with the limited partnership enterprise holding shares in the target company.

　　创始人作为普通合伙人，可以以 1% 的出资份额控制 99% 的有限合伙人 的资金，实现控制权的集中，便于股东管理。当目标公司发展到后期，投资人 不想再继续持有目标公司的股权时，可以在有限合伙企业内部完成股权转让，流程简单快捷，不影响目标公司的经营和资金稳定性。

　　As a general partner, the founder can control 99% of the limited partners' funds with a 1% share of capital contribution, achieving centralized control and facilitating shareholder management. When the target company develops to a later stage and investors no longer want to hold equity in the target company, equity transfer can be completed within the limited partnership enterprise, with a simple and fast process that does not affect the target company's operation and financial stability.

　　2：希望在短期内将股权变现的投资人对于大部分希望在短期内将股权变现的投资人来说，他们关注的重点 问题有：这家公司是否值得投资？投资这家公司的风险大不大？要想利润最 大化，投资多少比较合适？这家公司的股权转让变现流程是否简单便捷？如果投资了这家公司，需要承担怎样的责任？杨春宝律师团队持续为您精选优质法律实务文章。

　　2: For most investors who hope to monetize their equity in the short term, their key concerns are whether the company is worth investing in? Is the risk of investing in this company significant? How much investment is appropriate to maximize profits? Is the equity transfer and realization process of this company simple and convenient? What responsibilities do I need to bear if I invest in this company? Yang Chunbao's legal team continues to select high-quality legal practice articles for you.

　　在公司创办初期，投资人会投入大量资金帮助公司度过艰难的初创期， 使公司正常运转。而在公司运营步入正轨之后，投资人希望在一个恰当的时间 点将所持股权变现，获取自己应得的利益。在股权变现时，投资人一般希望变 现的流程简单便捷，以便能够尽快获得自己应得的利益，否则，一旦市场发生变化，股权的价值也会发生变化。

　　In the early stages of a company's establishment, investors will invest a large amount of funds to help the company overcome the difficult start-up period and ensure its normal operation. After the company's operation is on track, investors hope to realize their equity holdings at an appropriate time and obtain the benefits they deserve. When realizing equity, investors generally hope that the process of realization is simple and convenient, so that they can quickly obtain the benefits they deserve. Otherwise, once the market changes, the value of equity will also change.

　　但是大部分投资人投资的领域极广，他们无法深入了解每一个行业、每 一个公司的实际状况。他们也无力管理每一个公司的各种事务，更不可能站 在专业角度为公司制定出切实可行的宏观战略，他们只想为值得投资的公司出资，然后拿到自己的应得利益。

　　But most investors invest in a wide range of fields, and they cannot have a deep understanding of the actual situation of every industry and every company. They are also unable to manage the various affairs of every company, let alone formulate practical and feasible macro strategies for the company from a professional perspective. They only want to invest in companies worth investing in and receive their rightful benefits.

　　而依照相关税法，在不同的股权架构模式中，股权转让变现和股息、红利会按照不同的税率收取税款。因此，如何在合法的范围内进行税收筹划，缴纳相对较少的税款，保证自身利益最大化，是投资人要考虑的重要问题。

　　According to relevant tax laws, in different equity structure models, the realization of equity transfer and dividends and bonuses will be subject to different tax rates. Therefore, how to conduct tax planning within a legal scope, pay relatively small taxes, and ensure maximum self-interest is an important issue that investors need to consider.

　　有限合伙股权架构能够解决投资人的问题，打消他们的顾虑，其原因主要有 3 点。

　　The limited partnership equity structure can solve investors' problems and dispel their concerns for three main reasons.

　　1. 变现流程清晰，没有后顾之忧如果有限合伙企业的有限合伙人想要将股权对外转让，就要按照合伙协 议的约定，提前 30 天通知其他合伙人。同样的，有限合伙人在对内转让股权时也要通知其他合伙人，在法律上确定流程合法性，避免后续纠纷。

　　1. The monetization process is clear and there are no worries. If a limited partner of a limited partnership wants to transfer their equity to the outside world, they must notify other partners 30 days in advance according to the provisions of the partnership agreement. Similarly, limited partners should also notify other partners when transferring equity internally, and legally determine the legality of the process to avoid subsequent disputes.

　　2. 权利责任分明，免去管理烦恼根据我国相关法律规定，有限合伙人对合伙企业债务只承担以认缴出资 额为限的有限责任。控制权和管理权都掌握在普通合伙人手中，投资人无须执 行企业事务，只需要对普通合伙人进行监督，并且投资人有权利查看相关财务报表，保障自身权益不受侵犯。

　　2. Clear rights and responsibilities, eliminating management troubles. According to relevant laws and regulations in China, limited partners only bear limited liability for the debts of the partnership enterprise up to the subscribed capital. Both control and management are in the hands of the general partners, and investors do not need to carry out corporate affairs. They only need to supervise the general partners, and investors have the right to view relevant financial statements to protect their own rights and interests from infringement.

　　3. 税收优惠政策，保障自身利益同有限责任制公司相比，有限合伙企业作为持股平台，可以享受较低税 率的税负。例如，以有限责任制公司作为持股平台，在获得股息、红利时，投 资人需要缴纳共计 40% 的税款，而以有限合伙企业作为持股平台，投资人仅需缴纳 20% 的个人所得税。

　　3. Tax preferential policies to protect their own interests. Compared with limited liability companies, limited partnership enterprises, as holding platforms, can enjoy lower tax burdens. For example, using a limited liability company as a holding platform, investors need to pay a total of 40% tax when receiving dividends and bonuses, while using a limited partnership enterprise as a holding platform, investors only need to pay 20% personal income tax.

　　3：计划让员工持股的公司 ??让员工持股不仅是公司对核心骨干的优待， 也是稳定员工心态、激励员工、提升其工作积极性，实现公司与员工共赢的重要手段。

　　3: Companies that plan to allow employees to hold shares are not only providing preferential treatment to core employees, but also an important means to stabilize employee mentality, motivate employees, enhance their work enthusiasm, and achieve a win-win situation between the company and employees.

　　公司在实践中不要盲目选择持股的方式，而要根据公司的实际情况和发 展需求选择合适的持股平台。如果公司持股人数少，且处于初创时期，可选择自然人直接持股；如果更看重多人持股的风险分散效果，可选择以有限责任公司作为持股平台；如果想实现“分钱不分权”，享受税收优惠，就可以选择有限合伙企业作为员工持股平台。而员工持股的方式通常有 3 种：硬性购买、赠予干股、期权激励。公司 为了使员工持股效果最优，通常会选用期权激励的方式让员工持股，给予员工在规定时间内以优惠价格购买一定数量股票的权利。

　　Companies should not blindly choose the method of holding shares in practice, but should choose a suitable holding platform based on the actual situation and development needs of the company. If the company has a small number of shareholders and is in the start-up stage, natural persons can choose to directly hold shares; If the risk diversification effect of multiple shareholding is more valued, a limited liability company can be chosen as the shareholding platform; If you want to achieve the principle of "sharing money without decentralization" and enjoy tax benefits, you can choose a limited partnership enterprise as an employee shareholding platform. There are usually three ways for employees to hold shares: mandatory purchase, gift of dry shares, and option incentives. In order to maximize the effectiveness of employee stock ownership, companies usually use option incentives to encourage employees to hold shares, giving them the right to purchase a certain number of stocks at a discounted price within a specified period of time.

　　例如，某家居公司自成立以来，效益一直很好。为了对公司内部的核心 骨干和兢兢业业的元老级员工进行奖励，公司决定给他们授予股权。该家居公 司的创始人担任普通合伙人，与被激励对象共同成立了一家有限合伙企业。随 后该家居公司以每股 1.5 元的价格向有限合伙企业发行 63.5 万股公司股份，由20 位被激励对象买下，持股比例共占 15.5%。

　　For example, a certain home furnishing company has had good profitability since its establishment. In order to reward the core backbone and diligent senior employees within the company, the company has decided to grant them equity. The founder of the home furnishing company served as a general partner and jointly established a limited partnership enterprise with the incentivized object. Subsequently, the home furnishing company issued 635000 shares of the company to the limited partnership enterprise at a price of 1.5 yuan per share, which were purchased by 20 incentivized individuals with a total shareholding ratio of 15.5%.

　　以有限合伙企业作为持股平台的优势在于尽管创始人的股权被稀释了， 但是由于他的身份是普通合伙人，投票权和决策权还是掌握在自己手中。期权 员工作为有限合伙人，享有股权的所有权和股息分红权，但没有投票权和决策 权。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，可谓一举两得。

　　The advantage of using a limited partnership enterprise as a shareholding platform is that although the founder's equity is diluted, his voting and decision-making rights are still in his own hands as a general partner. As limited partners, option employees enjoy ownership of equity and dividend rights, but do not have voting or decision-making rights. 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 stock, same rights" in companies, which can be said to be killing two birds with one stone.

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