{"id":62558,"date":"2024-02-19T14:27:48","date_gmt":"2024-02-19T05:27:48","guid":{"rendered":"https:\/\/monolith.law\/ro\/?p=62558"},"modified":"2024-03-03T23:15:53","modified_gmt":"2024-03-03T14:15:53","slug":"venturebusiness-investment-contract","status":"publish","type":"post","link":"https:\/\/monolith.law\/ro\/general-corporate\/venturebusiness-investment-contract","title":{"rendered":"Ce este contractul de investi\u021bii necesar atunci c\u00e2nd investe\u0219ti \u00eentr-o \u00eentreprindere de tip start-up? Explicarea clauzei de distribu\u021bie preferen\u021bial\u0103"},"content":{"rendered":"\n<p>\u0218i \u00een Japonia, au \u00eenceput s\u0103 apar\u0103 tot mai multe startup-uri \u0219i companii de tip venture. \u00cen ceea ce prive\u0219te \u00eenfiin\u021barea unei afaceri, exist\u0103 diverse metode, de la lansarea cu fonduri proprii p\u00e2n\u0103 la colectarea de fonduri de la capitaluri de risc \u0219i investitori. Dar ce este de fapt un contract de investi\u021bii, care este \u00eencheiat \u00eentre investitori \u0219i companii?<\/p>\n\n\n\n<p>Pentru investitori, este important s\u0103 reduc\u0103 c\u00e2t mai mult riscul asociat cu investi\u021bia, iar &#8220;clauza de distribu\u021bie preferen\u021bial\u0103&#8221; din contractul de investi\u021bii este o clauz\u0103 important\u0103 pentru reducerea riscului.<\/p>\n\n\n\n<p>Prin urmare, \u00een acest articol vom explica \u00een mod clar despre &#8220;clauza de distribu\u021bie preferen\u021bial\u0103&#8221; \u00een contractul de investi\u021bii.<\/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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Ce_este_un_contract_de_investitii\" title=\"Ce este un contract de investi\u021bii\">Ce este un contract de investi\u021bii<\/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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Scopul_clauzei_de_dividend_preferential_in_contractul_de_investitii\" title=\"Scopul clauzei de dividend preferen\u021bial \u00een contractul de investi\u021bii\">Scopul clauzei de dividend preferen\u021bial \u00een contractul de investi\u021bii<\/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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Tipuri_de_drepturi_de_distributie_preferentiala_in_contractele_de_investitii\" title=\"Tipuri de drepturi de distribu\u021bie preferen\u021bial\u0103 \u00een contractele de investi\u021bii\">Tipuri de drepturi de distribu\u021bie preferen\u021bial\u0103 \u00een contractele de investi\u021bii<\/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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Ce_inseamna_participativ_non-participativ\" title=\"Ce \u00eenseamn\u0103 participativ \/ non-participativ\">Ce \u00eenseamn\u0103 participativ \/ non-participativ<\/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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Participativ\" title=\"Participativ\">Participativ<\/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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Non-participativ\" title=\"Non-participativ\">Non-participativ<\/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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Ce_inseamna_cumulativ_non-cumulativ\" title=\"Ce \u00eenseamn\u0103 cumulativ \/ non-cumulativ\">Ce \u00eenseamn\u0103 cumulativ \/ non-cumulativ<\/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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Cumulativ\" title=\"Cumulativ\">Cumulativ<\/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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Non-cumulativ\" title=\"Non-cumulativ\">Non-cumulativ<\/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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Combinarea_%E2%80%9Cdreptului_de_distributie_preferentiala_a_bunurilor_reziduale%E2%80%9D_cu_%E2%80%9Cclauza_de_lichidare_presupusa%E2%80%9D\" title=\"Combinarea &#8220;dreptului de distribu\u021bie preferen\u021bial\u0103 a bunurilor reziduale&#8221; cu &#8220;clauza de lichidare presupus\u0103&#8221;\">Combinarea &#8220;dreptului de distribu\u021bie preferen\u021bial\u0103 a bunurilor reziduale&#8221; cu &#8220;clauza de lichidare presupus\u0103&#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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Exemplu_de_clauza_de_distributie_preferentiala_in_contractele_de_investitii\" title=\"Exemplu de clauz\u0103 de distribu\u021bie preferen\u021bial\u0103 \u00een contractele de investi\u021bii\">Exemplu de clauz\u0103 de distribu\u021bie preferen\u021bial\u0103 \u00een contractele de investi\u021bii<\/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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Exemplu_de_clauza_in_cazul_non-participarii\" title=\"Exemplu de clauz\u0103 \u00een cazul non-particip\u0103rii\">Exemplu de clauz\u0103 \u00een cazul non-particip\u0103rii<\/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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Exemplu_de_clauza_in_cazul_non-acumularii\" title=\"Exemplu de clauz\u0103 \u00een cazul non-acumul\u0103rii\">Exemplu de clauz\u0103 \u00een cazul non-acumul\u0103rii<\/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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Rezumat\" title=\"Rezumat\">Rezumat<\/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\/ro\/general-corporate\/venturebusiness-investment-contract\/#Orientari_privind_masurile_luate_de_biroul_nostru\" title=\"Orient\u0103ri privind m\u0103surile luate de biroul nostru\">Orient\u0103ri privind m\u0103surile luate de biroul nostru<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ce_este_un_contract_de_investitii\"><\/span>Ce este un contract de investi\u021bii<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>Contractul de investi\u021bii este \u00eencheiat atunci c\u00e2nd investitori precum capitalul de risc investesc \u00een startup-uri sau companii de tip venture, dar nu este reglementat \u00een mod special de lege.<\/p>\n\n\n\n<p>\u00cens\u0103, pentru companiile de tip venture, care au o gestionare instabil\u0103, exist\u0103 riscuri precum sc\u0103derea pre\u021bului ac\u021biunilor dup\u0103 investi\u021bie sau chiar falimentul, a\u0219a c\u0103 investitorii \u00eencheie \u00een mod obi\u0219nuit contracte de investi\u021bii pentru a reduce c\u00e2t mai mult aceste riscuri.<\/p>\n\n\n\n<p>Principalele elemente stabilite \u00een contractul de investi\u021bii cu privire la con\u021binutul investi\u021biei sunt urm\u0103toarele patru:<\/p>\n\n\n\n<ul>\n<li>Aspecte legate de ac\u021biuni (tip, num\u0103r, pre\u021b, condi\u021bii de plat\u0103 etc.)<\/li>\n\n\n\n<li>Aspecte legate de condi\u021biile de investi\u021bie<\/li>\n\n\n\n<li>Aspecte legate de retragerea investi\u021biei<\/li>\n\n\n\n<li>Aspecte legate de exit (recuperarea investi\u021biilor \u0219i ob\u021binerea profitului prin IPO sau M&amp;A)<\/li>\n<\/ul>\n\n\n\n<p>Tipurile de ac\u021biuni pot fi \u00eemp\u0103r\u021bite \u00een mod grosier \u00een \u201eac\u021biuni obi\u0219nuite\u201d \u0219i \u201eac\u021biuni de tip special\u201d. Ac\u021biunile cu drept de dividend preferen\u021bial, care sunt tema acestui articol, sunt de asemenea un tip de ac\u021biuni speciale.<\/p>\n\n\n\n<p>Dreptul de dividend preferen\u021bial este dreptul de a primi dividende \u00eenaintea ac\u021bionarilor obi\u0219nui\u021bi sau de a primi dividende mai mari, dar pentru a emite ac\u021biuni cu drept de dividend preferen\u021bial, este necesar s\u0103 se convoace adunarea general\u0103 a ac\u021bionarilor \u0219i s\u0103 se voteze modificarea statutului, ceea ce necesit\u0103 mult timp \u0219i proceduri complicate.<\/p>\n\n\n\n<p>Prin urmare, pentru a stabili mai u\u0219or dreptul de dividend preferen\u021bial, se utilizeaz\u0103 adesea metoda de a stabili o clauz\u0103 de dividend preferen\u021bial (clauza de dividend preferen\u021bial) \u00een contractul de investi\u021bii, f\u0103r\u0103 a emite ac\u021biuni de tip special.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Scopul_clauzei_de_dividend_preferential_in_contractul_de_investitii\"><\/span>Scopul clauzei de dividend preferen\u021bial \u00een contractul de investi\u021bii<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Startup-urile \u0219i companiile de tip venture care vizeaz\u0103 listarea la burs\u0103 rareori distribuie dividende ac\u021bionarilor chiar dac\u0103 ob\u021bin profit, ci le folosesc \u00een mod obi\u0219nuit ca fonduri pentru afaceri.<\/p>\n\n\n\n<p>Investitorii nu se a\u0219teapt\u0103 neap\u0103rat la dividende, ci investesc cu scopul de a ob\u021bine un randament mare prin exit, cum ar fi IPO. Av\u00e2nd \u00een vedere aceste puncte, se poate spune c\u0103 necesitatea unei clauze de dividend preferen\u021bial nu este at\u00e2t de mare.<\/p>\n\n\n\n<p>Atunci, care este scopul stabilirii unei clauze de dividend preferen\u021bial \u00een contractul de investi\u021bii?<\/p>\n\n\n\n<p>Acest scop difer\u0103 \u00een func\u021bie de investitor \u0219i de compania care prime\u0219te investi\u021bia. Principalul scop al startup-urilor \u0219i companiilor de tip venture este de a echilibra str\u00e2ngerea de fonduri \u0219i gestionarea stabil\u0103 prin stabilirea urm\u0103toarelor condi\u021bii \u00eempreun\u0103 cu dreptul de dividend preferen\u021bial:<\/p>\n\n\n\n<ul>\n<li>Restric\u021bii privind transferul de ac\u021biuni<br>Transferul de ac\u021biuni nu poate fi efectuat f\u0103r\u0103 aprobarea companiei, prevenind astfel transferul de ac\u021biuni c\u0103tre ter\u021be p\u0103r\u021bi nedorite de companie<\/li>\n\n\n\n<li>Restric\u021bii privind dreptul de vot<br>Limitarea dreptului de vot la adunarea general\u0103 a ac\u021bionarilor permite o gestionare autonom\u0103 prin suprimarea implic\u0103rii ac\u021bionarilor \u00een gestionare.<\/li>\n\n\n\n<li>Un pre\u021b de v\u00e2nzare mai mare dec\u00e2t ac\u021biunile obi\u0219nuite<br>Num\u0103rul de ac\u021biuni emise \u00een raport cu suma investit\u0103 este mai mic, ceea ce reduce sc\u0103derea procentului de ac\u021biuni de\u021binute de fondatori.<\/li>\n<\/ul>\n\n\n\n<p>Pe de alt\u0103 parte, principalul scop al investitorilor este de a reduce riscul de investi\u021bii \u00een startup-uri \u0219i companii de tip venture instabile \u0219i de a ob\u021bine c\u00e2t mai multe dividende posibile la exit, cum ar fi IPO sau M&amp;A.<\/p>\n\n\n\n<p>\u00cen special, pentru capitalul de risc, care conduce afaceri de investi\u021bii cu fonduri colectate de la institu\u021bii financiare \u0219i companii, ob\u021binerea celor mai favorabile condi\u021bii posibile \u00een contractul de investi\u021bii este esen\u021bial\u0103.<\/p>\n\n\n\n<p>Pentru cei care doresc s\u0103 afle mai multe despre clauza de cump\u0103rare a ac\u021biunilor \u00een contractul de investi\u021bii, v\u0103 rug\u0103m s\u0103 consulta\u021bi articolul de mai jos \u00eempreun\u0103 cu acest articol.<\/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=\"Tipuri_de_drepturi_de_distributie_preferentiala_in_contractele_de_investitii\"><\/span>Tipuri de drepturi de distribu\u021bie preferen\u021bial\u0103 \u00een contractele de investi\u021bii<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>Nu exist\u0103 un format standard pentru stabilirea drepturilor de distribu\u021bie preferen\u021bial\u0103, dar acestea pot fi organizate \u00een patru tipuri principale.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ce_inseamna_participativ_non-participativ\"><\/span>Ce \u00eenseamn\u0103 participativ \/ non-participativ<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Drepturile de distribu\u021bie preferen\u021bial\u0103 sunt diferen\u021biate \u00een participative \u0219i non-participative, \u00een func\u021bie de dac\u0103 ac\u021bionarul cu drepturi de distribu\u021bie preferen\u021bial\u0103 poate beneficia de distribu\u021bia obi\u0219nuit\u0103 care are loc dup\u0103 plata distribu\u021biei preferen\u021biale.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Participativ\"><\/span>Participativ<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Dup\u0103 ce se pl\u0103te\u0219te suma de distribu\u021bie preferen\u021bial\u0103 stabilit\u0103 ac\u021bionarului cu drepturi de distribu\u021bie preferen\u021bial\u0103 (ac\u021bionar preferen\u021bial), dac\u0103 mai r\u0103m\u00e2n profituri distribuibile, ac\u021bionarul preferen\u021bial poate primi din nou o distribu\u021bie \u00eempreun\u0103 cu ac\u021bionarul cu ac\u021biuni obi\u0219nuite (ac\u021bionar obi\u0219nuit). Acest lucru este avantajos pentru investitori, astfel c\u0103 se alege adesea op\u021biunea participativ\u0103.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Non-participativ\"><\/span>Non-participativ<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Chiar dac\u0103 mai r\u0103m\u00e2n profituri distribuibile dup\u0103 plata sumei de distribu\u021bie preferen\u021bial\u0103 stabilit\u0103 ac\u021bionarului preferen\u021bial, acesta nu va primi o distribu\u021bie suplimentar\u0103.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ce_inseamna_cumulativ_non-cumulativ\"><\/span>Ce \u00eenseamn\u0103 cumulativ \/ non-cumulativ<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Drepturile de distribu\u021bie preferen\u021bial\u0103 sunt diferen\u021biate \u00een cumulativ \u0219i non-cumulativ, \u00een func\u021bie de dac\u0103 suma nepl\u0103tit\u0103 poate fi transferat\u0103 \u00een cazul \u00een care suma total\u0103 a distribu\u021biei preferen\u021biale nu a fost pl\u0103tit\u0103 ac\u021bionarului preferen\u021bial.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cumulativ\"><\/span>Cumulativ<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Dac\u0103 suma de distribu\u021bie c\u0103tre ac\u021bionarul preferen\u021bial nu atinge suma stabilit\u0103 \u00eentr-un anumit an fiscal, suma insuficient\u0103 va fi ad\u0103ugat\u0103 la distribu\u021bia din anii urm\u0103tori. Acest lucru poate fi o povar\u0103 pentru startup-uri \u0219i companii de tip venture care nu efectueaz\u0103 distribu\u021bii, dar este avantajos pentru investitori.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Non-cumulativ\"><\/span>Non-cumulativ<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Dac\u0103 suma de distribu\u021bie c\u0103tre ac\u021bionarul preferen\u021bial nu atinge suma stabilit\u0103 \u00eentr-un anumit an fiscal, suma insuficient\u0103 nu va fi transferat\u0103 \u00een anii urm\u0103tori.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Combinarea_%E2%80%9Cdreptului_de_distributie_preferentiala_a_bunurilor_reziduale%E2%80%9D_cu_%E2%80%9Cclauza_de_lichidare_presupusa%E2%80%9D\"><\/span>Combinarea &#8220;dreptului de distribu\u021bie preferen\u021bial\u0103 a bunurilor reziduale&#8221; cu &#8220;clauza de lichidare presupus\u0103&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Exist\u0103 un drept preferen\u021bial similar cu dreptul de distribu\u021bie preferen\u021bial\u0103, numit &#8220;dreptul de distribu\u021bie preferen\u021bial\u0103 a bunurilor reziduale&#8221;. Acesta este adesea stabilit atunci c\u00e2nd se \u00eencheie contracte de investi\u021bii \u00een Statele Unite \u0219i \u00een alte \u021b\u0103ri, dar vom explica pe scurt pentru a nu-l confunda cu dreptul de distribu\u021bie preferen\u021bial\u0103.<\/p>\n\n\n\n<p>Dreptul de distribu\u021bie preferen\u021bial\u0103 a bunurilor reziduale este dreptul ac\u021bionarului preferen\u021bial de a primi o sum\u0103 de distribu\u021bie fix\u0103 \u00eenaintea ac\u021bionarului obi\u0219nuit atunci c\u00e2nd se distribuie bunurile reziduale ale companiei \u00een timpul lichid\u0103rii.<\/p>\n\n\n\n<p>\u00cens\u0103, \u00een cazul \u00een care compania \u00een care s-a investit este transferat\u0103 prin M&amp;A, nu prin lichidare, suma pl\u0103tit\u0103 ac\u021bionarului preferen\u021bial va fi propor\u021bional\u0103 cu num\u0103rul de ac\u021biuni de\u021binute, indiferent de tipul de ac\u021biuni, iar investitorii care au cump\u0103rat ac\u021biuni preferen\u021biale la un pre\u021b ridicat vor suferi pierderi.<\/p>\n\n\n\n<p>Prin urmare, dac\u0103 se stabile\u0219te o &#8220;clauz\u0103 de lichidare presupus\u0103&#8221; \u00een contractul dintre ac\u021bionari, \u00een cazul \u00een care compania \u00een care s-a investit este transferat\u0103, se va considera c\u0103 a fost lichidat\u0103. \u00cen acest caz, &#8220;dreptul de distribu\u021bie preferen\u021bial\u0103 a bunurilor reziduale&#8221; men\u021bionat mai sus se aplic\u0103 ac\u021bionarului preferen\u021bial, iar suma de transfer este considerat\u0103 bunuri reziduale \u0219i distribuit\u0103, permi\u021b\u00e2ndu-i s\u0103 primeasc\u0103 o sum\u0103 mai mare.<\/p>\n\n\n\n<p>Pentru cei care doresc s\u0103 afle mai multe despre clauza de lichidare presupus\u0103 \u00een contractele de investi\u021bii, v\u0103 rug\u0103m s\u0103 consulta\u021bi articolul de mai jos, \u00eempreun\u0103 cu acest articol.<\/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=\"Exemplu_de_clauza_de_distributie_preferentiala_in_contractele_de_investitii\"><\/span>Exemplu de clauz\u0103 de distribu\u021bie preferen\u021bial\u0103 \u00een contractele de investi\u021bii<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V\u0103 prezent\u0103m un exemplu concret de clauz\u0103 de distribu\u021bie preferen\u021bial\u0103, publicat de Agen\u021bia pentru \u00centreprinderi Mici \u0219i Mijlocii din Japonia, \u00een cadrul unui contract de investi\u021bii \u00een ac\u021biuni.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Articolul 5.7 (Distribu\u021bie preferen\u021bial\u0103)<\/p>\n\n\n\n<p>1. Compania emitent\u0103 va efectua, o dat\u0103 pe an, o distribu\u021bie preferen\u021bial\u0103 pentru ac\u021biunile de tip A, \u00een conformitate cu legile \u0219i prospectul de emitere a ac\u021biunilor, pentru investitori, dup\u0103 ce au trecut trei ani de la data pl\u0103\u021bii ini\u021biale, \u00een limita sumei distribuibile.<\/p>\n\n\n\n<p>2. Dup\u0103 ce au trecut trei ani de la data pl\u0103\u021bii ini\u021biale, compania emitent\u0103 va face eforturi rezonabile din punct de vedere comercial pentru a asigura o sum\u0103 distribuibil\u0103, astfel \u00eenc\u00e2t s\u0103 poat\u0103 efectua o distribu\u021bie de 5% pe an pentru investitori, \u00een conformitate cu legile \u0219i prospectul de emitere a ac\u021biunilor.<br>(Sursa: <a href=\"https:\/\/www.chusho.meti.go.jp\/kinyu\/shikinguri\/equityfinance\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">Agen\u021bia pentru \u00centreprinderi Mici \u0219i Mijlocii din Japonia &#8211; Model de contract de investi\u021bii &#8211; Documentul 5: Contract de subscrip\u021bie de ac\u021biuni[ja]<\/a>)<\/p>\n<\/blockquote>\n\n\n\n<p>Aspectele cheie ale acestei clauze sunt urm\u0103toarele:<\/p>\n\n\n\n<ul>\n<li>Conform legii societ\u0103\u021bilor din Japonia, compania emitent\u0103 nu are obliga\u021bia de a distribui excedentul de fonduri, dar aceast\u0103 clauz\u0103 oblig\u0103 compania emitent\u0103 s\u0103 efectueze o distribu\u021bie preferen\u021bial\u0103 c\u0103tre investitori.<\/li>\n\n\n\n<li>Conform legii societ\u0103\u021bilor din Japonia, distribu\u021bia excedentului de fonduri poate fi efectuat\u0103 doar \u00een limita sumei distribuibile, dar aceast\u0103 clauz\u0103 impune companiei emitente o obliga\u021bie de a face eforturi pentru a asigura o sum\u0103 distribuibil\u0103.<\/li>\n<\/ul>\n\n\n\n<p>De asemenea, este posibil s\u0103 se stabileasc\u0103 c\u0103 distribu\u021bia preferen\u021bial\u0103 se va efectua doar \u00een limita unei anumite sume distribuibile, pentru a reduce sarcina companiei emitente.<\/p>\n\n\n\n<p>\u00cen plus, dac\u0103 se impune companiei emitente nu doar o obliga\u021bie de efort, ci \u0219i o obliga\u021bie de distribu\u021bie preferen\u021bial\u0103 \u00een alineatul 2, este necesar s\u0103 se stabileasc\u0103 distinc\u021bia \u00eentre participare\/non-participare \u0219i acumulare\/non-acumulare.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Exemplu_de_clauza_in_cazul_non-participarii\"><\/span>Exemplu de clauz\u0103 \u00een cazul non-particip\u0103rii<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Se nu se va efectua o distribu\u021bie a excedentului de fonduri c\u0103tre ac\u021bionarii de ac\u021biuni de tip A, care dep\u0103\u0219e\u0219te distribu\u021bia preferen\u021bial\u0103.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Exemplu_de_clauza_in_cazul_non-acumularii\"><\/span>Exemplu de clauz\u0103 \u00een cazul non-acumul\u0103rii<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Dac\u0103 \u00eentr-un an de afaceri, distribu\u021bia preferen\u021bial\u0103 c\u0103tre ac\u021bionarii de ac\u021biuni de tip A nu ajunge la 5% pe an, deficitul nu se va acumula \u00een anii de afaceri urm\u0103tori.<\/p>\n\n\n\n<p>De obicei, aceast\u0103 clauz\u0103 este stabilit\u0103 \u00een combina\u021bie cu &#8220;Restric\u021biile privind transferul de ac\u021biuni ale ac\u021bionarilor preferen\u021biali&#8221; \u0219i &#8220;Restric\u021biile privind drepturile de vot ale ac\u021bionarilor preferen\u021biali&#8221; men\u021bionate anterior.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rezumat\"><\/span>Rezumat<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>\u00cen exemplul de clauz\u0103 prezentat, se reglementeaz\u0103 doar ac\u021biunile preferen\u021biale de tip A, dar \u00een cazul startup-urilor \u0219i al companiilor de tip venture, nu este neobi\u0219nuit s\u0103 se emit\u0103 noi ac\u021biuni preferen\u021biale, deoarece acestea efectueaz\u0103 mai multe runde de str\u00e2ngere de fonduri. \u00cen acest caz, este necesar s\u0103 se stabileasc\u0103 ordinea de prioritate a dividendelor preferen\u021biale \u00een contractul dintre ac\u021bionarii preferen\u021biali.<\/p>\n\n\n\n<p>C\u00e2nd se emit astfel de ac\u021biuni preferen\u021biale, este necesar s\u0103 se ia \u00een considerare diferite aspecte \u00een elaborarea contractului de investi\u021bii \u0219i a contractului dintre ac\u021bionari, a\u0219a c\u0103 v\u0103 recomand\u0103m s\u0103 consulta\u021bi un avocat cu cuno\u0219tin\u021be \u0219i experien\u021b\u0103 bogat\u0103 \u00eenainte de a lua o decizie pe cont propriu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Orientari_privind_masurile_luate_de_biroul_nostru\"><\/span>Orient\u0103ri privind m\u0103surile luate de biroul nostru<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Biroul nostru de avocatur\u0103 Monolis este specializat \u00een IT, \u00een special \u00een aspectele legale ale internetului. \u00cen cazul investi\u021biilor \u00een startup-uri \u0219i companii de tip venture, este obi\u0219nuit\u0103 crearea unui contract de investi\u021bii. Biroul nostru se ocup\u0103 cu crearea \u0219i revizuirea contractelor pentru o varietate de cazuri, de la companiile listate pe Tokyo Stock Exchange Prime p\u00e2n\u0103 la companiile de tip venture. Dac\u0103 ave\u021bi probleme cu contractul, v\u0103 rug\u0103m s\u0103 consulta\u021bi articolul de mai jos.<\/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>\u0218i \u00een Japonia, au \u00eenceput s\u0103 apar\u0103 tot mai multe startup-uri \u0219i companii de tip venture. \u00cen ceea ce prive\u0219te \u00eenfiin\u021barea unei afaceri, exist\u0103 diverse metode, de la lansarea cu fonduri proprii p\u00e2n\u0103 la  [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":65293,"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\/ro\/wp-json\/wp\/v2\/posts\/62558"}],"collection":[{"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/comments?post=62558"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/posts\/62558\/revisions"}],"predecessor-version":[{"id":65294,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/posts\/62558\/revisions\/65294"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/media\/65293"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/media?parent=62558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/categories?post=62558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/tags?post=62558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}