由于合伙初期的激情、信任與憧憬，合伙人之間常常經(jīng)過粗略商討，就切好股權(quán)比例。

Due to the passion, trust, and longing in the early stages of the partnership, partners often negotiate roughly to determine the equity ratio.

然而，隨著后期企業(yè)發(fā)展，商業(yè)模式出現(xiàn)重大變化、合伙人能力不匹配或主動離開等事件發(fā)生時，創(chuàng)始人才發(fā)現(xiàn)，當(dāng)初輕率確定的股權(quán)比例往往已埋下禍根。

However, as the company develops in the later stages, significant changes in business models, mismatched partner capabilities, or voluntary departures occur, founders often realize that the hastily determined equity ratio has already planted the seeds of trouble.

股權(quán)是股東的權(quán)利。如何分配股權(quán)，意味著公司綁定什么樣的股東、整合什么樣的資源。若股東的能力、資源完全不能支撐公司成長，帶來的負(fù)面影響不言而喻。

Equity is the right of shareholders. How to allocate equity means what kind of shareholders the company binds to and what kind of resources it integrates. If the ability and resources of shareholders cannot support the growth of the company, the negative impact is self-evident.

因此，股權(quán)合伙是件非常慎重的事。分配股權(quán)之前，創(chuàng)始人一定要從企業(yè)長遠(yuǎn)利益出發(fā)設(shè)計股權(quán)，以實現(xiàn)吸引合伙人的同時，又留足股權(quán)調(diào)整空間、最大程度降低風(fēng)險。

Therefore, equity partnership is a very cautious matter. Before distributing equity, the founder must design equity based on the long-term interests of the enterprise, in order to attract partners while leaving enough room for equity adjustment and minimizing risks.

01｜出資與股權(quán)比例

01 | Proportion of Contribution and Equity

出資與股權(quán)比例是合伙股東之間最基本的約定，奠定了合伙人股東間最初的權(quán)利分配。

The ratio of capital contribution to equity is the most basic agreement between partnership shareholders, laying the foundation for the initial distribution of rights among them.

出資方面的約定通常包括出資金額、出資方式、出資期限等。

The agreement on capital contribution usually includes the amount, method, and deadline of capital contribution.

出資方式不限于資金。

The method of capital contribution is not limited to funds.

根據(jù)出資，合伙人共同約定股權(quán)比例。股權(quán)比例不一定與出資金額呈正比，比如，相比全身心投入企業(yè)經(jīng)營的合伙人，僅提供資源的合伙人獲得股權(quán)需要付出更多溢價。

According to the capital contribution, the partners jointly agree on the equity ratio. The equity ratio may not necessarily be proportional to the amount of capital invested. For example, compared to partners who are fully committed to the operation of the enterprise, partners who only provide resources need to pay a higher premium to obtain equity.

02｜是預(yù)留股權(quán)池

02 | is a reserved equity pool

股權(quán)是整合資源的重要手段。隨著企業(yè)發(fā)展，企業(yè)勢必要進(jìn)一步整合核心人才等關(guān)鍵資源。

Equity is an important means of integrating resources. With the development of enterprises, it is necessary for them to further integrate key resources such as core talents.

所以，企業(yè)要預(yù)留至少10%的股權(quán)池，這部分股權(quán)初期可由創(chuàng)始人代持。

So, companies need to reserve at least 10% of their equity pool, which can be initially held by the founder.

03｜動態(tài)調(diào)整

03 | Dynamic Adjustment

出資與股權(quán)比例、鎖定與分期成熟機(jī)制的約定，很大程度基于合伙人最初對企業(yè)發(fā)展方向的構(gòu)想。

The agreement on the proportion of capital and equity, as well as the mature mechanism of lock up and installment, is largely based on the initial vision of the partners for the development direction of the enterprise.

但是，計劃趕不上變化，尤其對于創(chuàng)業(yè)期的公司，隨業(yè)務(wù)發(fā)展，商業(yè)模式、發(fā)展戰(zhàn)略、合伙人分工等都可能發(fā)生重大調(diào)整。

However, plans cannot keep up with changes, especially for start-up companies where significant adjustments may occur in business models, development strategies, and partner division of labor as the business develops.

此時如果仍然維持最初的股權(quán)設(shè)定，企業(yè)成長必然會受到影響。

If the initial equity setting is still maintained at this time, the growth of the enterprise will inevitably be affected.

為了降低這種風(fēng)險，合伙人之間需要事先約定動態(tài)股權(quán)調(diào)整機(jī)制，即股權(quán)隨公司發(fā)展、合伙人貢獻(xiàn)動態(tài)調(diào)整的機(jī)制。

In order to reduce this risk, partners need to agree in advance on a dynamic equity adjustment mechanism, which means that equity is dynamically adjusted as the company develops and partners contribute.

04｜退出與回購

04 | Exit and Repurchase

隨著企業(yè)發(fā)展，合伙人成員通常會隨之變化，期間，原來的合伙人通過各種方式退出公司。

As the enterprise develops, the members of the partners usually change accordingly, during which the original partners withdraw from the company through various means.

合伙人退出公司的方式主要有四種：

There are four main ways for partners to withdraw from a company:

一是上市后退出，二是并購?fù)顺?，三是清算退出，四是除上述情況外的中途退出。

One is exit after listing, two is exit through mergers and acquisitions, three is exit through liquidation, and four is exit midway except for the above situations.

對于第四種情況，為保證企業(yè)股權(quán)分配給長期服務(wù)企業(yè)的合伙人，有必要事先約定。

For the fourth scenario, it is necessary to agree in advance to ensure that the equity of the enterprise is distributed to the partners of the long-term service enterprise.

合伙人離開時的回購機(jī)制。具體為四種情況：

Repurchase mechanism when partners leave. Specifically, there are four situations:

一是合伙人主動離職。

One is that the partner voluntarily resigns.

二是因跟不上企業(yè)發(fā)展而被動離職，如合伙人個人能力不能匹配企業(yè)需求。

The second reason is passive resignation due to inability to keep up with the development of the enterprise, such as partners whose personal abilities cannot match the needs of the enterprise.

三是因客觀原因?qū)е潞匣锶瞬荒芾^續(xù)工作，如退休、傷殘、工傷、死亡、喪失勞動能力等。

The third reason is that the partner is unable to continue working due to objective reasons, such as retirement, disability, work-related injury, death, loss of labor ability, etc.

四是因重大過錯而被動離職，如失職、瀆職、泄露商業(yè)機(jī)密、違反競爭禁止、刑事處罰等。

The fourth is passive resignation due to major faults, such as dereliction of duty, dereliction of duty, disclosure of trade secrets, violation of competition prohibitions, criminal penalties, etc.

對于不同情況，合伙人之間可約定不同的回購價格，以體現(xiàn)差異。

For different situations, partners can agree on different repurchase prices to reflect differences.

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