有限合伙架構

　　Limited Partnership Structure

　　這種架構模型，股東并不直接持有核心公司股權，而是通過有限合伙間接持有。

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

　　創始人公司一般可以為家族企業，控股公司可以是創始人的作為對外投資的投資公司，以有限責任公司主體形式比較好。典型的案例如馬云的螞蟻金服。

　　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.

　　有限合伙企業的控股關鍵點就是普通合伙人身份，即GP。有限合伙人身份則可作為整合其他投資人身份及員工持股，即LP。GP出資很少，但可以通過合伙協議約定享有全部話語權；LP沒有話語權，但未來可以享有投資收益財產權。由上圖我們知道，馬云的控制權路徑為：馬云控制云鉑公司——云鉑公司控制君瀚、君澳公司——君瀚、君澳公司控股螞蟻金服，馬云輕松用1070萬資金就撬動起一個萬億市值的金融帝國。

　　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.

　　但我們細看發現，馬云并不直接是兩家合伙企業的GP身份，而是控股的云鉑公司為GP身份，這樣安排的原因有2點：

　　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、風險隔離。根據《合伙企業法》的規定，普通合伙人要對合伙企業債務承擔無限連帶責任，馬云中間設置了云鉑有限公司，則兩合伙企業的債務責任則由云鉑公司承擔，云鉑公司就像一道防火墻，隔離了馬云對兩合伙企業的連帶責任。

　　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、調整靈活。如果馬云直接成為有限合伙企業的GP，則不能再成為LP，如果通過云鉑公司做GP，則他個人還可以作為LP，這樣，他就可以行使GP的權力，也可以享受LP的投資收益權。如果未來需要更換GP，則在云鉑公司層面更換股東即可，不需要修改有限合伙企業的合伙協議。

　　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.

　　那為什么要在整個股權架構里設置眾多的有限合伙企業呢？那就是為了方便股權的進入和退出。股權一經工商登記便具有公示效力，但企業的經營發展的道路并非一成不變的。不排除會有新的合伙人加入和老的合伙人退出，新的入股價格和持股條件可能與舊的會有所不同，退出機制也可能有差異。但這些進入和退出，都是需要通過合伙協議加以約定規則的。不然，把所有股東都放在一個池子里，很容易出亂子的。所以，將股東分門別類放在不同的合伙公司里，不僅方便管理，還便于約定不同的進入和退出機制。

　　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.

　　有限合伙企業雖有四兩撥千斤的功效，但對于只想長期持股且沒有套現意圖的股東來說，并不是最佳的選擇。這種時候，就要考慮以下幾個要點了：

　　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、退出稅率。縱觀涉及合伙企業的相關財稅文件，可以看出，這些文件大部分都是程序法，關于實體法的甚少。由于立法的模糊性，就導致很多地方稅務局，在征管實踐中出現不一樣的執行口徑：

　　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

　　適用財產轉讓所得，征收20%的個人所得稅，如廣州、新疆。

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

　　適用生產經營所得，征收5%-35%的個人所得稅，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.

　　區分GP、LP身份，GP按生產經管所得征收5%-35%的個人所得稅，LP按財產轉讓所得征收20%的個人所得稅。如重慶。

　　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、持有期的分紅納稅。合伙企業獲得投資企業的股息分紅所得，繳納個人所得稅。如果持股平臺為有限公司，則免企業所得稅，未來再投資，以持股公司作為投資主體，則無需再納稅。如果股東分紅則需繳納個人所得稅。

　　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、不享受個人稅收優惠。個人取得上市公司的股息紅利所得，可以根據持股期限享受優惠稅率；中小高新企業轉增資本時，個人股東可以申請遞延納稅的優惠。在國家扶持的自由貿易區，人才享受優惠稅率，如海南自貿區。其余則均不享受個人稅收優惠。

　　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.

　　平時我們在了解稅務籌劃的時候，就會看到有很多咨詢公司推薦在什么什么地方注冊公司享受什么什么的稅收優惠，就是所謂的稅收洼地了。在實務中，也越來越多的企業選擇合伙企業作為持股平臺。從上述我們了解到，有限合伙企業對企業家控制企業說，著實很好用，但相對個人股東來說，并無太多的實惠。地方為了發展本地經濟，會制定一些相關的產業優惠政策，所以稅收洼地就產生了，如西藏山南、新疆霍爾果斯等地，會給予企業兩種稅收優惠：核定征收、財務返還。

　　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。這種征收方式相信大家都不陌生了，對于增值越高的業務，核定征收方式越能降稅負。核定征收應納稅所得額計算公式及稅率如下：

　　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:

　　應納所得稅額=應納稅所得額×適用稅率；

　　Taxable income tax=Taxable income x Applicable tax rate;

　　應納稅所得額=收入總額×應稅所得率，

　　Taxable income=Total income x Taxable income rate,

　　或=成本費用支出額/（1-應稅所得率）×應稅所得率。

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

　　財政返還。滿足在地方投資置業的條件，可按稅收地方所得的一定比例獲得返還獎勵，比例視不同地方政策確定。

　　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.

　　但不論是核定征收還是財政返還，這種地方性的福利政策都存在一定的執行風險。所以，當企業選擇稅收洼地注冊持股平臺時，要充分評估考量其穩定性及可行性，我們要思考以下幾個問題：

　　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）地方給予的稅收福利是否與現法規有相沖突？如果是相抵觸的，對于地方政府承諾的違法優惠，即使形成書面協議，也是沒有法律效力的，最后會面臨被稅務局追征的風險。

　　(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）洼地稅收籌劃不宜做長期規劃。因為這種政策本質是地方爭奪稅源，并不完全屬于國家鼓勵的行為。缺乏穩定性。國務院就曾在2014年發文，對該類行為給予清理和逐步規范。但比較適合有短期套現意圖并將承擔巨額稅款的企業。

　　(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.

　　有限合伙架構的適用情形

　　Applicable situations of limited partnership structure

　　1、錢權分離度極高的創始人股東。比如互聯網企業，屬于資金密集型企業，VC/PE會在發展過程中起到非常重要的作用。隨著資本不斷加入，創始人股東及其團隊的持股比例會慢慢地被稀釋得很低。為了控制權的需要，就會采取有限合伙企業的架構。我們來看看把有限合伙企業架構用到極致的綠地集團股權架構。

　　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、有短期套現圖的財務投資人。

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

　　3、員工持股平臺。方便股權激勵管理，提高企業決策效力，大股東能獲得更多的控制權。

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

　　本文由 濟南股權架構設計   友情奉獻.更多有關的知識請點擊  http://www.yunjingwu.com.cn/   真誠的態度.為您提供為全面的服務.更多有關的知識我們將會陸續向大家奉獻.敬請期待.

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