{"id":61168,"date":"2023-12-08T20:24:56","date_gmt":"2023-12-08T11:24:56","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61168"},"modified":"2024-03-30T13:59:57","modified_gmt":"2024-03-30T04:59:57","slug":"venturebusiness-investment-contract","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract","title":{"rendered":"Co je pot\u0159eba pro investi\u010dn\u00ed smlouvu p\u0159i investov\u00e1n\u00ed do startupu? Vysv\u011btlen\u00ed klauzule o p\u0159ednostn\u00ed dividend\u011b"},"content":{"rendered":"\n<p>V Japonsku se za\u010d\u00edn\u00e1 objevovat st\u00e1le v\u00edce startup\u016f a podnikatelsk\u00fdch spole\u010dnost\u00ed. P\u0159i zakl\u00e1d\u00e1n\u00ed podniku existuj\u00ed r\u016fzn\u00e9 metody, od zah\u00e1jen\u00ed vlastn\u00edmi prost\u0159edky a\u017e po shroma\u017e\u010fov\u00e1n\u00ed kapit\u00e1lu od rizikov\u00fdch kapit\u00e1lov\u00fdch spole\u010dnost\u00ed a investor\u016f. Jak\u00fd je tedy investi\u010dn\u00ed smlouva, kter\u00e1 je uzav\u0159ena mezi investorem a spole\u010dnost\u00ed p\u0159i investov\u00e1n\u00ed?<\/p>\n\n\n\n<p>Pro investory je d\u016fle\u017eit\u00e9 co nejv\u00edce sn\u00ed\u017eit rizika spojen\u00e1 s investicemi, a &#8220;klauzule o preferen\u010dn\u00edm dividend\u011b&#8221; v investi\u010dn\u00ed smlouv\u011b je d\u016fle\u017eitou klauzul\u00ed pro sn\u00ed\u017een\u00ed rizika.<\/p>\n\n\n\n<p>V tomto \u010dl\u00e1nku vysv\u011btl\u00edme &#8220;klauzuli o preferen\u010dn\u00edm dividend\u011b&#8221; v investi\u010dn\u00ed smlouv\u011b srozumiteln\u00fdm zp\u016fsobem.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Co_je_investicni_smlouva\" title=\"Co je investi\u010dn\u00ed smlouva\">Co je investi\u010dn\u00ed smlouva<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Ucel_preferencniho_prava_na_dividendu_v_investicni_smlouve\" title=\"\u00da\u010del preferen\u010dn\u00edho pr\u00e1va na dividendu v investi\u010dn\u00ed smlouv\u011b\">\u00da\u010del preferen\u010dn\u00edho pr\u00e1va na dividendu v investi\u010dn\u00ed smlouv\u011b<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Druhy_prednostnich_dividendovych_prav_v_investicnich_smlouvach\" title=\"Druhy p\u0159ednostn\u00edch dividendov\u00fdch pr\u00e1v v investi\u010dn\u00edch smlouv\u00e1ch\">Druhy p\u0159ednostn\u00edch dividendov\u00fdch pr\u00e1v v investi\u010dn\u00edch smlouv\u00e1ch<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Co_jsou_participacni_a_neparticipacni_prava\" title=\"Co jsou participa\u010dn\u00ed a neparticipa\u010dn\u00ed pr\u00e1va?\">Co jsou participa\u010dn\u00ed a neparticipa\u010dn\u00ed pr\u00e1va?<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Participacni_prava\" title=\"Participa\u010dn\u00ed pr\u00e1va\">Participa\u010dn\u00ed pr\u00e1va<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Neparticipacni_prava\" title=\"Neparticipa\u010dn\u00ed pr\u00e1va\">Neparticipa\u010dn\u00ed pr\u00e1va<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Co_jsou_kumulativni_a_nekumulativni_prava\" title=\"Co jsou kumulativn\u00ed a nekumulativn\u00ed pr\u00e1va?\">Co jsou kumulativn\u00ed a nekumulativn\u00ed pr\u00e1va?<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Kumulativni_prava\" title=\"Kumulativn\u00ed pr\u00e1va\">Kumulativn\u00ed pr\u00e1va<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Nekumulativni_prava\" title=\"Nekumulativn\u00ed pr\u00e1va\">Nekumulativn\u00ed pr\u00e1va<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Kombinace_%E2%80%9Cprednostniho_prava_na_distribuci_zbytkoveho_majetku%E2%80%9D_a_%E2%80%9Cklauzule_o_fiktivni_likvidaci%E2%80%9D\" title=\"Kombinace &#8220;p\u0159ednostn\u00edho pr\u00e1va na distribuci zbytkov\u00e9ho majetku&#8221; a &#8220;klauzule o fiktivn\u00ed likvidaci&#8221;\">Kombinace &#8220;p\u0159ednostn\u00edho pr\u00e1va na distribuci zbytkov\u00e9ho majetku&#8221; a &#8220;klauzule o fiktivn\u00ed likvidaci&#8221;<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Priklad_ustanoveni_o_preferencnim_dividende_v_investicni_smlouve\" title=\"P\u0159\u00edklad ustanoven\u00ed o preferen\u010dn\u00edm dividend\u011b v investi\u010dn\u00ed smlouv\u011b\">P\u0159\u00edklad ustanoven\u00ed o preferen\u010dn\u00edm dividend\u011b v investi\u010dn\u00ed smlouv\u011b<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Priklad_ustanoveni_pro_pripad_neucasti\" title=\"P\u0159\u00edklad ustanoven\u00ed pro p\u0159\u00edpad ne\u00fa\u010dasti\">P\u0159\u00edklad ustanoven\u00ed pro p\u0159\u00edpad ne\u00fa\u010dasti<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Priklad_ustanoveni_pro_nekumulativni_typ\" title=\"P\u0159\u00edklad ustanoven\u00ed pro nekumulativn\u00ed typ\">P\u0159\u00edklad ustanoven\u00ed pro nekumulativn\u00ed typ<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Shrnuti\" title=\"Shrnut\u00ed\">Shrnut\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venturebusiness-investment-contract\/#Predstaveni_opatreni_nasi_kancelare\" title=\"P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e\">P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_investicni_smlouva\"><\/span>Co je investi\u010dn\u00ed smlouva<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2022\/05\/venturebusiness-investment-contract4.jpg\" alt=\"\" class=\"wp-image-44542\" \/><\/figure><\/div>\n\n\n<p>Investi\u010dn\u00ed smlouva je uzav\u00edr\u00e1na, kdy\u017e investo\u0159i, jako jsou nap\u0159\u00edklad venture kapit\u00e1lov\u00e9 fondy, investuj\u00ed do startup\u016f nebo podnik\u016f. Nicm\u00e9n\u011b, nen\u00ed speci\u00e1ln\u011b stanovena v z\u00e1kon\u011b.<\/p>\n\n\n\n<p>Av\u0161ak, u podnik\u016f s nestabiln\u00edm \u0159\u00edzen\u00edm, jako jsou nap\u0159\u00edklad startupy, existuje riziko poklesu akci\u00ed po investici nebo dokonce bankrotu. Proto je b\u011b\u017en\u00e9, \u017ee investo\u0159i uzav\u00edraj\u00ed investi\u010dn\u00ed smlouvy, aby co nejv\u00edce sn\u00ed\u017eili tato rizika.<\/p>\n\n\n\n<p>Hlavn\u00ed body, kter\u00e9 jsou stanoveny v investi\u010dn\u00ed smlouv\u011b, jsou n\u00e1sleduj\u00edc\u00ed \u010dty\u0159i:<\/p>\n\n\n\n<ul>\n<li>Z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se akci\u00ed (typ, po\u010det, cena, podm\u00ednky platby atd.)<\/li>\n\n\n\n<li>Z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se investi\u010dn\u00edch podm\u00ednek<\/li>\n\n\n\n<li>Z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se odstoupen\u00ed od investice<\/li>\n\n\n\n<li>Z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se exitu (n\u00e1vrat investi\u010dn\u00edch prost\u0159edk\u016f a zisku prost\u0159ednictv\u00edm IPO nebo M&amp;A)<\/li>\n<\/ul>\n\n\n\n<p>Akcie se obecn\u011b d\u011bl\u00ed na &#8216;b\u011b\u017en\u00e9 akcie&#8217; a &#8216;preferen\u010dn\u00ed akcie&#8217;. Akcie s preferen\u010dn\u00edm pr\u00e1vem na dividendu, kter\u00e9 jsou t\u00e9matem tohoto \u010dl\u00e1nku, jsou tak\u00e9 jedn\u00edm z typ\u016f preferen\u010dn\u00edch akci\u00ed.<\/p>\n\n\n\n<p>Preferen\u010dn\u00ed pr\u00e1vo na dividendu je pr\u00e1vo p\u0159ijmout dividendu p\u0159ed b\u011b\u017en\u00fdmi akcion\u00e1\u0159i nebo p\u0159ijmout vy\u0161\u0161\u00ed dividendu. Vyd\u00e1n\u00ed preferen\u010dn\u00edch akci\u00ed s pr\u00e1vem na dividendu vy\u017eaduje svol\u00e1n\u00ed valn\u00e9 hromady a schv\u00e1len\u00ed zm\u011bny stanov, co\u017e je \u010dasov\u011b n\u00e1ro\u010dn\u00e9 a komplikovan\u00e9.<\/p>\n\n\n\n<p>Proto je \u010dasto pou\u017e\u00edv\u00e1n zp\u016fsob, kdy se preferen\u010dn\u00ed pr\u00e1vo na dividendu stanov\u00ed v investi\u010dn\u00ed smlouv\u011b bez vyd\u00e1n\u00ed preferen\u010dn\u00edch akci\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ucel_preferencniho_prava_na_dividendu_v_investicni_smlouve\"><\/span>\u00da\u010del preferen\u010dn\u00edho pr\u00e1va na dividendu v investi\u010dn\u00ed smlouv\u011b<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Startupy a podniky, kter\u00e9 se sna\u017e\u00ed o ve\u0159ejn\u00e9 nab\u00eddky akci\u00ed, obvykle reinvestuj\u00ed sv\u00e9 zisky zp\u011bt do podnik\u00e1n\u00ed m\u00edsto toho, aby je rozd\u011blovali akcion\u00e1\u0159\u016fm.<\/p>\n\n\n\n<p>Investo\u0159i tak\u00e9 obvykle neinvestuj\u00ed s o\u010dek\u00e1v\u00e1n\u00edm dividend, ale s c\u00edlem z\u00edskat velk\u00fd n\u00e1vrat prost\u0159ednictv\u00edm exitu, jako je IPO. Z t\u011bchto d\u016fvod\u016f nemus\u00ed b\u00fdt pot\u0159eba preferen\u010dn\u00edho pr\u00e1va na dividendu tak velk\u00e1.<\/p>\n\n\n\n<p>Kde tedy le\u017e\u00ed \u00fa\u010del stanoven\u00ed preferen\u010dn\u00edho pr\u00e1va na dividendu v investi\u010dn\u00ed smlouv\u011b?<\/p>\n\n\n\n<p>\u00da\u010del se li\u0161\u00ed mezi investory a podniky, kter\u00e9 p\u0159ij\u00edmaj\u00ed investice. Hlavn\u00edm \u00fa\u010delem startup\u016f a podnik\u016f je dos\u00e1hnout rovnov\u00e1hy mezi z\u00edsk\u00e1v\u00e1n\u00edm kapit\u00e1lu a stabiln\u00edm \u0159\u00edzen\u00edm t\u00edm, \u017ee stanov\u00ed n\u00e1sleduj\u00edc\u00ed podm\u00ednky spolu s preferen\u010dn\u00edm pr\u00e1vem na dividendu:<\/p>\n\n\n\n<ul>\n<li>Omezen\u00ed p\u0159evodu akci\u00ed<br>Akcie nemohou b\u00fdt p\u0159evedeny bez souhlasu spole\u010dnosti, co\u017e zabra\u0148uje p\u0159evodu akci\u00ed na ne\u017e\u00e1douc\u00ed t\u0159et\u00ed strany.<\/li>\n\n\n\n<li>Omezen\u00ed hlasovac\u00edch pr\u00e1v<br>Omezen\u00edm hlasovac\u00edch pr\u00e1v na valn\u00e9 hromad\u011b je mo\u017en\u00e9 omezit zapojen\u00ed akcion\u00e1\u0159\u016f do \u0159\u00edzen\u00ed a umo\u017enit nez\u00e1visl\u00e9 \u0159\u00edzen\u00ed.<\/li>\n\n\n\n<li>Vy\u0161\u0161\u00ed prodejn\u00ed cena ne\u017e u b\u011b\u017en\u00fdch akci\u00ed<br>Po\u010det akci\u00ed vyd\u00e1van\u00fdch v\u016f\u010di investovan\u00e9 \u010d\u00e1stce je men\u0161\u00ed, co\u017e omezuje sn\u00ed\u017een\u00ed pod\u00edlu zakladatel\u016f na akci\u00edch.<\/li>\n<\/ul>\n\n\n\n<p>Na druh\u00e9 stran\u011b, hlavn\u00edm \u00fa\u010delem investor\u016f je sn\u00ed\u017eit riziko investic do nestabiln\u00edch startup\u016f a podnik\u016f a z\u00edskat co nejv\u00edce dividend p\u0159i exitech, jako je IPO nebo M&amp;A.<\/p>\n\n\n\n<p>Zejm\u00e9na u venture kapit\u00e1lov\u00fdch fond\u016f, kter\u00e9 provozuj\u00ed investi\u010dn\u00ed podnik\u00e1n\u00ed s kapit\u00e1lem shrom\u00e1\u017ed\u011bn\u00fdm od finan\u010dn\u00edch instituc\u00ed a podnik\u016f, je nezbytn\u00e9 z\u00edskat co nejv\u00fdhodn\u011bj\u0161\u00ed podm\u00ednky v investi\u010dn\u00ed smlouv\u011b.<\/p>\n\n\n\n<p>Pokud chcete v\u011bd\u011bt v\u00edce o klauzuli o odkupu akci\u00ed v investi\u010dn\u00ed smlouv\u011b, pod\u00edvejte se na n\u00e1sleduj\u00edc\u00ed \u010dl\u00e1nek, kde je to podrobn\u011b pops\u00e1no.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/investment-stock-purchase-clause\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/investment-stock-purchase-clause[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Druhy_prednostnich_dividendovych_prav_v_investicnich_smlouvach\"><\/span>Druhy p\u0159ednostn\u00edch dividendov\u00fdch pr\u00e1v v investi\u010dn\u00edch smlouv\u00e1ch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2022\/05\/venturebusiness-investment-contract3.jpg\" alt=\"\" class=\"wp-image-44541\" \/><\/figure><\/div>\n\n\n<p>Nen\u00ed stanoven\u00fd form\u00e1t pro ur\u010den\u00ed p\u0159ednostn\u00edch dividendov\u00fdch pr\u00e1v, ale lze je obecn\u011b rozd\u011blit do \u010dty\u0159 kategori\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_jsou_participacni_a_neparticipacni_prava\"><\/span>Co jsou participa\u010dn\u00ed a neparticipa\u010dn\u00ed pr\u00e1va?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Participa\u010dn\u00ed a neparticipa\u010dn\u00ed pr\u00e1va se li\u0161\u00ed podle toho, zda m\u016f\u017ee akcion\u00e1\u0159 s p\u0159ednostn\u00edm dividendov\u00fdm pr\u00e1vem obdr\u017eet b\u011b\u017en\u00e9 dividendy po vyplacen\u00ed p\u0159ednostn\u00edch dividend.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Participacni_prava\"><\/span>Participa\u010dn\u00ed pr\u00e1va<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Akcion\u00e1\u0159i s p\u0159ednostn\u00edm dividendov\u00fdm pr\u00e1vem (p\u0159ednostn\u00ed akcion\u00e1\u0159i) mohou po vyplacen\u00ed stanoven\u00fdch p\u0159ednostn\u00edch dividend obdr\u017eet dal\u0161\u00ed dividendy spole\u010dn\u011b s akcion\u00e1\u0159i s b\u011b\u017en\u00fdmi akciemi (b\u011b\u017en\u00ed akcion\u00e1\u0159i), pokud z\u016fstane zisk, kter\u00fd lze vyplatit jako dividendy. Tento typ je \u010dasto preferov\u00e1n investory, proto\u017ee nab\u00edz\u00ed mnoho v\u00fdhod.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Neparticipacni_prava\"><\/span>Neparticipa\u010dn\u00ed pr\u00e1va<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Po vyplacen\u00ed stanoven\u00fdch p\u0159ednostn\u00edch dividend p\u0159ednostn\u00edm akcion\u00e1\u0159\u016fm, tito akcion\u00e1\u0159i neobdr\u017e\u00ed \u017e\u00e1dn\u00e9 dal\u0161\u00ed dividendy, i kdy\u017e z\u016fstane zisk, kter\u00fd lze vyplatit jako dividendy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_jsou_kumulativni_a_nekumulativni_prava\"><\/span>Co jsou kumulativn\u00ed a nekumulativn\u00ed pr\u00e1va?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Kumulativn\u00ed a nekumulativn\u00ed pr\u00e1va se li\u0161\u00ed podle toho, zda lze p\u0159en\u00e9st nedostatek v p\u0159\u00edpad\u011b, \u017ee nebyla vyplacena cel\u00e1 \u010d\u00e1stka p\u0159ednostn\u00edch dividend p\u0159ednostn\u00edm akcion\u00e1\u0159\u016fm.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kumulativni_prava\"><\/span>Kumulativn\u00ed pr\u00e1va<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Pokud v ur\u010dit\u00e9m obchodn\u00edm roce nedos\u00e1hne dividendov\u00e1 \u010d\u00e1stka pro p\u0159ednostn\u00ed akcion\u00e1\u0159e stanoven\u00e9 \u010d\u00e1stky, nedostatek se p\u0159enese a p\u0159i\u010dte k dividend\u00e1m v n\u00e1sleduj\u00edc\u00edm letech. Toto m\u016f\u017ee b\u00fdt z\u00e1t\u011b\u017e\u00ed pro startupy a venture spole\u010dnosti, kter\u00e9 nevypl\u00e1cej\u00ed dividendy, ale pro investory to p\u0159edstavuje v\u00fdhodu.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nekumulativni_prava\"><\/span>Nekumulativn\u00ed pr\u00e1va<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Pokud v ur\u010dit\u00e9m obchodn\u00edm roce nedos\u00e1hne dividendov\u00e1 \u010d\u00e1stka pro p\u0159ednostn\u00ed akcion\u00e1\u0159e stanoven\u00e9 \u010d\u00e1stky, nedostatek se nep\u0159enese do n\u00e1sleduj\u00edc\u00edch let.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kombinace_%E2%80%9Cprednostniho_prava_na_distribuci_zbytkoveho_majetku%E2%80%9D_a_%E2%80%9Cklauzule_o_fiktivni_likvidaci%E2%80%9D\"><\/span>Kombinace &#8220;p\u0159ednostn\u00edho pr\u00e1va na distribuci zbytkov\u00e9ho majetku&#8221; a &#8220;klauzule o fiktivn\u00ed likvidaci&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Podobn\u00fdm pr\u00e1vem k p\u0159ednostn\u00edm dividendov\u00fdm pr\u00e1v\u016fm je &#8220;p\u0159ednostn\u00ed pr\u00e1vo na distribuci zbytkov\u00e9ho majetku&#8221;. Toto pr\u00e1vo je \u010dasto stanoveno p\u0159i uzav\u00edr\u00e1n\u00ed investi\u010dn\u00edch smluv v USA a dal\u0161\u00edch zem\u00edch, ale je d\u016fle\u017eit\u00e9 ho nespl\u00e9st s p\u0159ednostn\u00edm dividendov\u00fdm pr\u00e1vem. Jednodu\u0161e vysv\u011btleno, p\u0159ednostn\u00ed pr\u00e1vo na distribuci zbytkov\u00e9ho majetku je pr\u00e1vo, kter\u00e9 umo\u017e\u0148uje p\u0159ednostn\u00edm akcion\u00e1\u0159\u016fm obdr\u017eet ur\u010ditou \u010d\u00e1stku z distribuce zbytkov\u00e9ho majetku p\u0159i likvidaci spole\u010dnosti p\u0159ed b\u011b\u017en\u00fdmi akcion\u00e1\u0159i.<\/p>\n\n\n\n<p>Av\u0161ak, pokud je investovan\u00e1 spole\u010dnost p\u0159evedena prost\u0159ednictv\u00edm M&amp;A m\u00edsto likvidace, \u010d\u00e1stka vyplacen\u00e1 p\u0159ednostn\u00edm akcion\u00e1\u0159\u016fm se stanov\u00ed podle po\u010dtu dr\u017een\u00fdch akci\u00ed bez ohledu na typ akci\u00ed, co\u017e m\u016f\u017ee zp\u016fsobit ztr\u00e1tu investor\u016fm, kte\u0159\u00ed zakoupili p\u0159ednostn\u00ed akcie za vysokou cenu.<\/p>\n\n\n\n<p>Proto se v akcion\u00e1\u0159sk\u00fdch smlouv\u00e1ch \u010dasto stanovuje &#8220;klauzule o fiktivn\u00ed likvidaci&#8221;, kter\u00e1 pova\u017euje p\u0159evod investovan\u00e9 spole\u010dnosti za likvidaci. D\u00edky tomu se na p\u0159ednostn\u00ed akcion\u00e1\u0159e vztahuje &#8220;p\u0159ednostn\u00ed pr\u00e1vo na distribuci zbytkov\u00e9ho majetku&#8221; a distribu\u010dn\u00ed \u010d\u00e1stka se pova\u017euje za zbytkov\u00fd majetek, co\u017e umo\u017e\u0148uje p\u0159ednostn\u00edm akcion\u00e1\u0159\u016fm obdr\u017eet vy\u0161\u0161\u00ed \u010d\u00e1stku.<\/p>\n\n\n\n<p>Pokud se chcete dozv\u011bd\u011bt v\u00edce o klauzuli o fiktivn\u00ed likvidaci v investi\u010dn\u00edch smlouv\u00e1ch, pod\u00edvejte se na n\u00e1sleduj\u00edc\u00ed \u010dl\u00e1nek, kter\u00fd dopl\u0148uje tento \u010dl\u00e1nek.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/investment-contract-liquidation-provision\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/investment-contract-liquidation-provision[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Priklad_ustanoveni_o_preferencnim_dividende_v_investicni_smlouve\"><\/span>P\u0159\u00edklad ustanoven\u00ed o preferen\u010dn\u00edm dividend\u011b v investi\u010dn\u00ed smlouv\u011b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>P\u0159edstav\u00edme konkr\u00e9tn\u00ed ustanoven\u00ed o preferen\u010dn\u00edm dividend\u011b, kter\u00e9 zve\u0159ej\u0148uje Japonsk\u00e1 agentura pro mal\u00e9 a st\u0159edn\u00ed podniky (Japanese Small and Medium Enterprise Agency) ve sv\u00e9m vzorov\u00e9m textu akciov\u00e9 investi\u010dn\u00ed smlouvy.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u010cl\u00e1nek 5.7 (Preferen\u010dn\u00ed dividendy)<\/p>\n\n\n\n<p>1. Emitent se zavazuje, \u017ee po uplynut\u00ed t\u0159\u00ed let od data t\u00e9to platby provede preferen\u010dn\u00ed dividendy na akcie typu A jednou za obchodn\u00ed rok v souladu s pr\u00e1vn\u00edmi p\u0159edpisy a t\u011bmito podm\u00ednkami emise akci\u00ed, a to v r\u00e1mci dostupn\u00e9 \u010d\u00e1stky pro distribuci.<\/p>\n\n\n\n<p>2. Emitent se zavazuje, \u017ee po uplynut\u00ed t\u0159\u00ed let od data t\u00e9to platby se bude sna\u017eit v r\u00e1mci obchodn\u011b p\u0159ijateln\u00fdch hranic zajistit dostupnou \u010d\u00e1stku pro distribuci tak, aby mohl investor\u016fm vyplatit dividendu ve v\u00fd\u0161i 5% ro\u010dn\u011b v souladu s pr\u00e1vn\u00edmi p\u0159edpisy a t\u011bmito podm\u00ednkami emise akci\u00ed.<br>(Zdroj: <a href=\"https:\/\/www.chusho.meti.go.jp\/kinyu\/shikinguri\/equityfinance\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">Japonsk\u00e1 agentura pro mal\u00e9 a st\u0159edn\u00ed podniky &#8211; Vzorov\u00e1 investi\u010dn\u00ed smlouva, Dokument 5: Akciov\u00e1 investi\u010dn\u00ed smlouva[ja]<\/a>)<\/p>\n<\/blockquote>\n\n\n\n<p>Kl\u00ed\u010dov\u00e9 body tohoto ustanoven\u00ed jsou n\u00e1sleduj\u00edc\u00ed:<\/p>\n\n\n\n<ul>\n<li>Podle japonsk\u00e9ho obchodn\u00edho z\u00e1kon\u00edku (Japanese Company Law) nen\u00ed emitent povinen distribuovat p\u0159ebyte\u010dn\u00e9 pen\u011b\u017en\u00ed prost\u0159edky, ale tato smlouva ukl\u00e1d\u00e1 emitentovi povinnost vyplatit preferen\u010dn\u00ed dividendy investor\u016fm.<\/li>\n\n\n\n<li>Podle japonsk\u00e9ho obchodn\u00edho z\u00e1kon\u00edku (Japanese Company Law) m\u016f\u017ee b\u00fdt distribuce p\u0159ebyte\u010dn\u00fdch pen\u011b\u017en\u00edch prost\u0159edk\u016f provedena pouze v r\u00e1mci dostupn\u00e9 \u010d\u00e1stky pro distribuci, ale tato smlouva ukl\u00e1d\u00e1 emitentovi povinnost se sna\u017eit zajistit dostupnou \u010d\u00e1stku pro distribuci.<\/li>\n<\/ul>\n\n\n\n<p>Pokud chcete sn\u00ed\u017eit z\u00e1t\u011b\u017e emitenta, m\u016f\u017eete tak\u00e9 stanovit, \u017ee preferen\u010dn\u00ed dividendy budou vypl\u00e1ceny pouze v r\u00e1mci dostupn\u00e9 \u010d\u00e1stky pro distribuci, kter\u00e1 p\u0159esahuje ur\u010ditou \u010d\u00e1stku.<\/p>\n\n\n\n<p>Pokud druh\u00fd odstavec ukl\u00e1d\u00e1 emitentovi nejen povinnost se sna\u017eit, ale tak\u00e9 povinnost vyplatit preferen\u010dn\u00ed dividendy, je t\u0159eba stanovit rozd\u00edl mezi \u00fa\u010dastnick\u00fdmi a ne\u00fa\u010dastnick\u00fdmi akciemi a mezi kumulativn\u00edmi a nekumulativn\u00edmi akciemi.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Priklad_ustanoveni_pro_pripad_neucasti\"><\/span>P\u0159\u00edklad ustanoven\u00ed pro p\u0159\u00edpad ne\u00fa\u010dasti<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Preferen\u010dn\u00edm akcion\u00e1\u0159\u016fm typu A nebude vyplacena \u017e\u00e1dn\u00e1 dal\u0161\u00ed dividenda z p\u0159ebyte\u010dn\u00fdch pen\u011b\u017en\u00edch prost\u0159edk\u016f nad r\u00e1mec preferen\u010dn\u00ed dividendy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Priklad_ustanoveni_pro_nekumulativni_typ\"><\/span>P\u0159\u00edklad ustanoven\u00ed pro nekumulativn\u00ed typ<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pokud preferen\u010dn\u00ed dividenda pro preferen\u010dn\u00ed akcion\u00e1\u0159e typu A v dan\u00e9m obchodn\u00edm roce nedos\u00e1hne 5% ro\u010dn\u011b, nebude se nedostatek hromadit do n\u00e1sleduj\u00edc\u00edch obchodn\u00edch let.<\/p>\n\n\n\n<p>Obvykle se toto ustanoven\u00ed stanovuje spole\u010dn\u011b s v\u00fd\u0161e uveden\u00fdmi &#8220;Omezen\u00edmi p\u0159evoditelnosti akci\u00ed preferen\u010dn\u00edch akcion\u00e1\u0159\u016f&#8221; a &#8220;Omezen\u00edmi hlasovac\u00edch pr\u00e1v preferen\u010dn\u00edch akcion\u00e1\u0159\u016f&#8221;.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti\"><\/span>Shrnut\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2022\/05\/venturebusiness-investment-contract1.jpg\" alt=\"\" class=\"wp-image-44540\" \/><\/figure><\/div>\n\n\n<p>V na\u0161em vzorov\u00e9m \u010dl\u00e1nku jsme se zab\u00fdvali pouze akciemi typu A s p\u0159ednostn\u00edm pr\u00e1vem, ale u startup\u016f a podnik\u016f typu venture je b\u011b\u017en\u00e9, \u017ee prov\u00e1d\u011bj\u00ed n\u011bkolik kol financov\u00e1n\u00ed a vyd\u00e1vaj\u00ed nov\u00e9 p\u0159ednostn\u00ed akcie. V takov\u00e9m p\u0159\u00edpad\u011b je t\u0159eba stanovit po\u0159ad\u00ed p\u0159ednostn\u00edch dividend v smlouv\u011b mezi akcion\u00e1\u0159i s p\u0159ednostn\u00edmi akciemi.<\/p>\n\n\n\n<p>P\u0159i vyd\u00e1v\u00e1n\u00ed p\u0159ednostn\u00edch akci\u00ed je t\u0159eba zv\u00e1\u017eit \u0159adu faktor\u016f p\u0159i sestavov\u00e1n\u00ed investi\u010dn\u00edch smluv a smluv mezi akcion\u00e1\u0159i. Doporu\u010dujeme, abyste se p\u0159edt\u00edm poradili s pr\u00e1vn\u00edkem, kter\u00fd m\u00e1 bohat\u00e9 odborn\u00e9 znalosti a zku\u0161enosti, m\u00edsto toho, abyste se rozhodovali sami.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Predstaveni_opatreni_nasi_kancelare\"><\/span>P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Pr\u00e1vn\u00ed kancel\u00e1\u0159 Monolis je pr\u00e1vn\u00ed kancel\u00e1\u0159 s vysokou odbornost\u00ed v oblasti IT, zejm\u00e9na internetu a pr\u00e1va. P\u0159i investov\u00e1n\u00ed do startup\u016f a podnik\u016f typu venture je b\u011b\u017en\u00e9 vytv\u00e1\u0159en\u00ed investi\u010dn\u00edch smluv. Na\u0161e kancel\u00e1\u0159 se zab\u00fdv\u00e1 vytv\u00e1\u0159en\u00edm a reviz\u00ed smluv pro r\u016fzn\u00e9 p\u0159\u00edpady, od spole\u010dnost\u00ed k\u00f3tovan\u00fdch na Tokyo Stock Exchange Prime (TSE Prime) a\u017e po podniky typu venture. Pokud m\u00e1te pot\u00ed\u017ee se smlouvami, pros\u00edm, pod\u00edvejte se na n\u00e1sleduj\u00edc\u00ed \u010dl\u00e1nek.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/contractcreation\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/contractcreation[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>V Japonsku se za\u010d\u00edn\u00e1 objevovat st\u00e1le v\u00edce startup\u016f a podnikatelsk\u00fdch spole\u010dnost\u00ed. P\u0159i zakl\u00e1d\u00e1n\u00ed podniku existuj\u00ed r\u016fzn\u00e9 metody, od zah\u00e1jen\u00ed vlastn\u00edmi prost\u0159edky a\u017e po shroma\u017e\u010fov\u00e1n\u00ed kapit\u00e1lu od rizikov\u00fd [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":64076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,28],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61168"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=61168"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61168\/revisions"}],"predecessor-version":[{"id":64077,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61168\/revisions\/64077"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/64076"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}