白家柱律师事务所

Tony Pak (commercial lawyer)

股东协议常见问题系列问答之七

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这个是我们的股东协议常见问题系列问答第七组了。请注意这里只是为了起到普及法律常识的目的。读者不要以此做为法律意见。

The following is for educational purposes only.  Do not treat it as or rely on it as legal advice or a legal opinion. If you want to share this post, please make sure you share everything including this disclaimer.

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问题#15:根据我的股东协议书的特定条款,我可以强制另一个股东退出,这时我是否需要按照“公平的市场价” 来付款?

(If I want terms in my SHA to force another shareholder out, am I required to pay fair market value?)

回答:对于“公平市场价”这个条款的如何定义和估值,方法是不同的。

常见的是,如果需要售出的股份比例低于公司的50%, 在估值时,针对少数股东的”minority discount”折扣率将被采用。在这种方法中,每股少数股东持有股份的估值将低于多数股东持有股份的估值。因此,如果不在股东协议书里定义如何计算公平市场估值,那么,如果股东协议书里有强制出售条款时,少数股东可能会处于非常不利的地位。

最重要的是,确定“公平的市场价”可能需要一个估值过程,对许多公司和股东来说,估值过程可能非常昂贵且难以承受。

The problem with the term “fair market value” is that there are different definitions and valuation methods.

One common method involves a minority discount for any shares being sold that represent less than 50% of the company.  In this method, the per share value of the shares owned by a minority shareholder would be less than the per share value of the shares owned by the majority shareholder. Without a SHA to specify what “fair market value” means, then a minority shareholder may be at a significant disadvantage if there are any forced sale provisions.

Most importantly, determining fair market value may require a valuation process which can be very expensive and unaffordable for many companies and shareholders.

题#16:除了”公平的市场价”方法外,还有什么推荐的估值方法吗?

(Are there any suggested valuation methods other than fair market value?)

答:许多股东协议包含允许股东自愿离职的条款。通常,这些条款可能要求其他股东或公司自己购买股东的股份。如果你在这些情况下使用“公平的市场价” 方法,你可能会对公司的财务造成很大的压力。对于许多新公司,股东可以选择一些替代的估值方法。比如在每年年初设定股票的价值,又或者在 “公平市场价” 上设好折扣率,或者只允许在离开公司时拿回原始投资的回报。这必须根据股东自己的财务状况和公司的前景来做出的决定。

Many shareholder agreements contain a provision that allows a shareholder to voluntarily leave.  Often, these terms may require the other shareholders or the company itself to buy the shareholder’s interest.  If you use fair market value in these situations, you may cause a big strain on the company’s finances.  For many new corporations, shareholders may choose an alternate valuation method for people who are leaving such as by setting the value at the beginning of each year or requiring a discount on fair market value or only allowing the return of initial investment.  This is a decision that shareholders would have to make by evaluating their own financial circumstances and the company’s outlook.

问题#17:在去见律师之前,我需要特别准备什么?

(What do I need to specifically prepare before seeing a lawyer?)

回答:你需要对股东协议的基本条款做出决定。在你和其他股东之间的关系破裂时,你需要有的计划。你需要知道每个股东在公司里的作用。你还需要考虑到如果将来各个股东的健康或家庭情况有改变时,这些变化将如何影响公司。。。。

You need to make a decision about the essential elements of your agreement.  You need to have an idea about how you plan on resolving breakdowns in the relationship between you and the other shareholders.   You need to have an idea about how each shareholder would be contributing to the Corporation.  You also need to consider changes to the health or family circumstances of shareholders and how such changes will affect the Corporation…..

By: Pak Law (商业律师—白家柱律师事务所) practises in corporate and commercial law.

我们事务所位于多伦多和万锦市交界处.

Our practice includes mergers and acquistions, commercial real estate, commercial leasing, franchises, share transfers and shareholder agreements.

Read our 5-star reviews on Google.

www.paklawoffice.ca

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