一家創(chuàng)業(yè)公司在成立之初，股權(quán)結(jié)構(gòu)中可能既有創(chuàng)始人，也有顧問、早期員工及投資人等，除了創(chuàng)始人以以外的持股人，可能也會(huì)在資源方面對(duì)公司做出很大貢獻(xiàn)。根據(jù)這部分人在創(chuàng)業(yè)企業(yè)中的作用，我們不妨稱為特殊類型的合伙人，這些人職全職合伙人是有區(qū)則的，在引人這些合伙人時(shí)也需要懼重考忠，因?yàn)椋?a href="http://zhenzhush.com">濟(jì)南股權(quán)合伙公司提醒，從法律角度看，引進(jìn)他們很容易，但如果合作不愉快要請(qǐng)他們離開，而事先對(duì)相關(guān)安排考慮又不周全的，可能就會(huì)產(chǎn)生問題。

At the beginning of a startup, the equity structure may include both the founder, consultants, early employees, and investors. In addition to the founder, shareholders may also make significant contributions to the company in terms of resources. Based on the role of these individuals in entrepreneurial enterprises, we may refer to them as special types of partners. These individuals hold full-time positions as partners, and when recruiting these partners, we also need to be afraid of being loyal. Jinan Equity Partnership reminds us that from a legal perspective, it is easy to attract them, but if the cooperation is not pleasant, we should ask them to leave, and if the relevant arrangements are not fully considered in advance, it may cause problems.

顧問

adviser

創(chuàng)業(yè)初期，企業(yè)擁有的資源就是股權(quán)，而面臨的困難卻是多方面的，為了能夠讓公司順利起步并得到進(jìn)一步的發(fā)展，通常會(huì)考慮借助各方面的資源。

In the early stages of entrepreneurship, the resources owned by a company are equity, but the difficulties faced are multifaceted. In order to enable the company to start smoothly and achieve further development, it is usually considered to use various resources.

如果顧問只是單純地提供資源渠道，打通人脈關(guān)系，并不全情投人創(chuàng)業(yè)過程的話，則要區(qū)分這種資源渠道對(duì)創(chuàng)業(yè)企業(yè)的影響力，決定如何對(duì)顧問進(jìn)行利益安排，以及判斷是否適合做合伙人。評(píng)估影響力可以分為兩個(gè)層次：

If a consultant only provides resource channels to establish connections and does not fully participate in the entrepreneurial process, it is necessary to distinguish the influence of these resource channels on the entrepreneurial enterprise, decide how to arrange the interests of the consultant, and determine whether it is suitable to be a partner. The evaluation of influence can be divided into two levels:

①如果資源渠道對(duì)創(chuàng)業(yè)企業(yè)而言有決定性的作用，決定著創(chuàng)業(yè)企業(yè)能否開張，那么合伙人身份問題、股份問題、待遇問題就完全取決于雙方的協(xié)商沒有什么價(jià)值評(píng)估模型在這種情況下是適用的;畢竟，公司如果不開張，合伙人身份及股權(quán)也就沒有價(jià)值。

① If resource channels play a decisive role in determining whether a startup can open, then the issues of partner identity, shareholding, and treatment depend entirely on the negotiation between both parties. There is no value evaluation model applicable in this situation; After all, if a company does not open, its partner status and equity will have no value.

②如果資源渠道對(duì)創(chuàng)業(yè)企業(yè)而言只是具有增量性的作用，企業(yè)的生死存亡并不取決于這些資源的話，建議在給顧問許諾股權(quán)時(shí)要慎重。

② If resource channels only have an incremental effect on entrepreneurial enterprises, and the survival of the enterprise does not depend on these resources, it is recommended to be cautious when promising equity to consultants.

主要原因是，這些資源能否為企業(yè)帶來價(jià)值及帶來多大價(jià)值具有不確定性，并且在股權(quán)架構(gòu)上也需要為公司后續(xù)融資的股權(quán)稀釋預(yù)留空間，提前過多地許諾股權(quán)可能會(huì)在后續(xù)融資稀釋時(shí)對(duì)控制權(quán)的變動(dòng)有影響。

The main reason is that there is uncertainty about whether these resources can bring value to the enterprise and how much value they can bring, and there is also a need to reserve space for the dilution of equity in the company's subsequent financing in the equity structure. Promising too much equity in advance may have an impact on changes in control during subsequent financing dilution.

所以，如果不是必須給股權(quán)，也可以考慮以計(jì)提工資的形式給予許諾，將來在某個(gè)時(shí)點(diǎn)(比如A輪融資時(shí))可以按照約定的價(jià)格轉(zhuǎn)換為公司股權(quán);或者也可以由雙方協(xié)商一個(gè)條件，在實(shí)現(xiàn)資源價(jià)值時(shí)由創(chuàng)始大股東轉(zhuǎn)讓--定比例的股份給顧問作為回報(bào)，并約定違約金條款，防止對(duì)方反悔。

So, if it is not necessary to give equity, it can also be considered to give a promise in the form of salary provision, which can be converted into company equity at the agreed price at a certain point in the future (such as during the A-round financing); Alternatively, both parties can negotiate a condition where the founding shareholder transfers a certain proportion of the shares to the consultant in return for realizing the value of the resource, and agree on a penalty clause to prevent the other party from reneging.

當(dāng)然，很多情況下，資源渠道對(duì)于公司的作用到底是決定性的還是增量性的，可能也不太容易區(qū)分，這時(shí)候，更多的是由創(chuàng)始合伙人結(jié)合公司實(shí)際情況做出判斷。一個(gè)基本常識(shí)是，只有全體同共同努力使公司成功了股權(quán)才會(huì)有價(jià)值，否則都是水中月、鏡中花。

Of course, in many cases, it may not be easy to distinguish whether the role of resource channels in a company is decisive or incremental. In this case, it is more up to the founding partners to make judgments based on the actual situation of the company. A basic common sense is that only when everyone works together to make the company successful can equity be valuable, otherwise it is all a moonshine in the water and a flower in the mirror.

創(chuàng)業(yè)者的愛人

Entrepreneurs' Lovers

關(guān)于創(chuàng)業(yè)者的愛人是否適合當(dāng)合伙人，并沒有統(tǒng)一的答案。一般來說，愛人是一種非常特殊的合伙人，他/她經(jīng)過婚姻的選擇，彼此相當(dāng)了解和熟悉，雙方之間的信任成本低，法律上都有規(guī)定夫妻之間可以不經(jīng)書面授權(quán)而對(duì)日常家事相互有代理權(quán)，足見這是一種高度密切的契約關(guān)系。然而，如果合伙做企業(yè)，需要考量的因素就遠(yuǎn)遠(yuǎn)不是日常家事這么簡單的關(guān)系了，各種財(cái)務(wù)問題、業(yè)務(wù)問題、人事問題、對(duì)外公關(guān)問題等會(huì)讓雙方之間在很多方面面臨新的考驗(yàn)。

There is no unified answer as to whether the lover of an entrepreneur is suitable for being a partner. Generally speaking, a lover is a very special type of partner who, through the choice of marriage, has a good understanding and familiarity with each other. The cost of trust between the two parties is low, and there are legal provisions that allow couples to have agency rights for daily household affairs without written authorization, indicating a highly close contractual relationship. However, if a partnership is established, the factors that need to be considered are far from simple relationships such as daily household chores. Various financial, business, personnel, and external public relations issues will face new challenges in many aspects between the two parties.

兼職人員

Part time personnel

創(chuàng)業(yè)過程中，由于成本控制因素、人才儲(chǔ)備短缺等多方面的原因，可能需要一些技術(shù)大咖、牛人等對(duì)企業(yè)具價(jià)值而企業(yè)又無力支付雇傭成本的人作為兼職人員為公司提供服務(wù)支持。這種類型的人員，可能會(huì)在短期內(nèi)為企業(yè)集中提供些支持，但無法長期全情投入到創(chuàng)業(yè)公司，與其他創(chuàng)業(yè)人員共同承擔(dān)創(chuàng)業(yè)風(fēng)險(xiǎn)。因此，考慮這種類型的人做合伙人時(shí)，需要慎之又慎。處理的方法可以分為兩種：

In the process of entrepreneurship, due to various factors such as cost control and shortage of talent reserves, it may be necessary for some technical experts, professional experts, and others who are valuable to the enterprise but cannot afford employment costs to serve as part-time personnel to provide service support to the company. This type of person may provide some support for the concentration of enterprises in the short term, but cannot fully invest in the startup company in the long term and share the entrepreneurial risks with other entrepreneurs. Therefore, when considering this type of person as a partner, it is necessary to be both cautious and cautious. The processing methods can be divided into two types:

①當(dāng)下可以為公司帶來價(jià)值，未來不確定是否可以加盟公司的，不適合向其釋放股權(quán)做合伙人，給予工資報(bào)酬將是一個(gè)簡單可行的選擇。

① Currently, it can bring value to the company, but in the future, it is uncertain whether one can join the company. It is not suitable to release equity as a partner, and providing salary compensation will be a simple and feasible choice.

②當(dāng)下可以為公司帶來價(jià)值，未來確定可以加盟公司的，可以向其釋放股權(quán)做合伙人，釋放股權(quán)的比例可以由雙方協(xié)商。穩(wěn)妥起見，在確定加盟公司之前，可以向其支付工資，在實(shí)際加盟公司時(shí)按照雙方約定的價(jià)格將工資轉(zhuǎn)為公司股權(quán);同時(shí)，如果工資還不足以反映其價(jià)值的，還可以考慮授子公司期權(quán)，并按照雙方約定的時(shí)間、價(jià)格行權(quán)。

② At present, it can bring value to the company. If it is confirmed that one can join the company in the future, they can be released with equity as partners, and the proportion of equity released can be negotiated by both parties. To be cautious, before determining the franchise company, salary can be paid to it, and the salary can be converted into company equity at the agreed price when actually joining the company; At the same time, if the salary is not sufficient to reflect its value, it can also be considered to grant options to subsidiaries and exercise them at the time and price agreed upon by both parties.

天使投資人

Angel investors

天使投資是一種參與性投資，也被稱為增值型投資。投資后，天使投資人往往積極參與被投企業(yè)戰(zhàn)略決策和戰(zhàn)略設(shè)計(jì)，為被投企業(yè)提供咨詢服務(wù)，幫助被投企業(yè)招聘管理人員，協(xié)助公關(guān)，設(shè)計(jì)退出渠道和組織企業(yè)退出等。然而，不同的天使投資人對(duì)于投資后管理的態(tài)度不同，一些天使投資人會(huì)積極參與投資后管理，而另一些天使投資人則不然。

Angel investment is a participatory investment, also known as value-added investment. After investing, angel investors often actively participate in the strategic decision-making and design of the invested enterprise, provide consulting services for the invested enterprise, assist in recruiting management personnel, assist in public relations, design exit channels, and organize the enterprise's exit. However, different angel investors have different attitudes towards post investment management. Some angel investors actively participate in post investment management, while others do not.

所以創(chuàng)始人在初選擇天使投資人時(shí)，應(yīng)當(dāng)從長遠(yuǎn)角度明確自己的需求，是只解決資金問題還是側(cè)重長線價(jià)值投資人的引人，并據(jù)此四配合適的天使投資人類型。從股權(quán)架構(gòu)上來看，投資人只要完成投資，就會(huì)成為法律意義上的合作伙伴，并享有《公司法》及公司章程賦予的各項(xiàng)權(quán)利，創(chuàng)始股東就要做好與之長期共事的準(zhǔn)備。如果投資人的風(fēng)格類型與創(chuàng)始股東團(tuán)隊(duì)有很大的磨合成本，也會(huì)給公司后續(xù)的發(fā)展帶來新的問題。

So when founders first choose angel investors, they should clarify their needs from a long-term perspective, whether to only solve financial problems or focus on attracting long-term value investors, and accordingly allocate appropriate types of angel investors. From the perspective of equity structure, as long as investors complete their investments, they will become legal partners and enjoy various rights granted by the Company Law and articles of association. The founding shareholders must be prepared to work with them for a long time. If there is a significant cost of aligning the investor's style with the founding shareholder team, it will also bring new problems to the company's subsequent development.

所以，對(duì)于是否選擇天使投資人以及選擇何種類型的天使投資人，應(yīng)當(dāng)結(jié)合創(chuàng)業(yè)公司的需求做出預(yù)先判斷。更多相關(guān)股權(quán)合伙事項(xiàng)就來我們網(wǎng)站http://zhenzhush.com咨詢吧！

Therefore, for whether to choose angel investors and what type of angel investors to choose, a pre judgment should be made based on the needs of the startup company. For more related equity partnership matters, please visit our website http://zhenzhush.com Consult!