公司制和有限合伙制私募股权基金税收差异分析及建议-豆柴文库

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公司制和有限合伙制私募股权基金税收差异分析及建议
Abstract
Theprivateequityindustryhasbeenadrivingforceintheglobaleconomy,helpingtoraisecapitalforcompaniesandcreatejobs.Thetwomostpopularlegalstructuresforprivateequityfundsarethecompanyandthelimitedpartnership(LP).However,thetaximplicationsofeachstructurearedifferentandshouldbecarefullyconsideredbeforedecidingonthelegalstructureforaprivateequityfund.ThispaperprovidesanoverviewofthetaxdifferencesbetweencompanyandLPstructuresforprivateequityfundsandprovidesguidanceonwhichlegalstructureisbestsuitedforagiveninvestmentstrategy.
Introduction
Aprivateequityfundisatypeofinvestmentfundthatraisescapitalfromprivateinvestorsandusesittoinvestinprivatecompanies.Privateequityfirmsgenerallyaimtopurchaseundervaluedcompanies,improvetheiroperationsandfinancialperformance,andultimatelysellthemataprofit.Thelegalstructureofaprivateequityfundcansignificantlyaffectthetaximplicationsofthefundanditsinvestors.Thetwomostcommonlegalstructuresforprivateequityfundsarethecompanyandthelimitedpartnership(LP).Thispaperwillexaminethetaxdifferencesbetweenthesetwostructuresandprovideguidanceonwhichstructureisbestsuitedforagiveninvestmentstrategy.
CompanyStructure
Underthecompanystructure,theprivateequityfundissetupasacorporation,whichisaseparatelegalentityfromitsinvestors.Thecorporationisrunbyaboardofdirectorsandofficers,andtheinvestorsownsharesinthecorporation.Profitsaretaxedatthecorporatelevel,andtheremainingprofitisdistributedtoinvestorsasdividends,whicharetaxedattheindividuallevel.
Themainadvantagesofusingacompanystructurearesimplicityandflexibility.Corporationstructuresarerelativelyeasytosetup,andtheyofferflexibilityintermsofownershipandmanagementstructure.Also,sinceprofitsaretaxedatthecorporatelevel,investorsmayavoidpayingtaxesontheincomegeneratedbythefunduntiltheyreceiveadividend.
However,onedisadvantageofthecompanystructureisthatprofitsaretaxedtwice:onceatthecorporatelevelandagainasdividendstoinvestors.Thisdoubletaxationcansignificantlyreducetheoverallreturnoninvestmentf