{"id":11994,"date":"2020-06-17T06:43:24","date_gmt":"2020-06-17T06:43:24","guid":{"rendered":"https:\/\/hedman.legal\/?post_type=articles_posttype&#038;p=11994"},"modified":"2024-02-22T19:48:33","modified_gmt":"2024-02-22T19:48:33","slug":"liquidation-preference-ehk-eelisoigus-likvideerimisjaotisele-kuhu-kadus-ukssarviku-20-miljonit","status":"publish","type":"articles_posttype","link":"https:\/\/hedman.legal\/et\/artiklid\/liquidation-preference-ehk-eelisoigus-likvideerimisjaotisele-kuhu-kadus-ukssarviku-20-miljonit\/","title":{"rendered":"Liquidation preference ehk eelis\u00f5igus likvideerimisjaotisele: kuhu kadus \u00dckssarviku 20 miljonit?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Sisukord<\/p>\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:\/\/hedman.legal\/et\/artiklid\/liquidation-preference-ehk-eelisoigus-likvideerimisjaotisele-kuhu-kadus-ukssarviku-20-miljonit\/#Miks_on_liquidation_preference_vajalik\" >Miks on&nbsp;liquidation preference&nbsp;vajalik?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/hedman.legal\/et\/artiklid\/liquidation-preference-ehk-eelisoigus-likvideerimisjaotisele-kuhu-kadus-ukssarviku-20-miljonit\/#Kuidas_liquidation_preference_toimib\" >Kuidas&nbsp;liquidation preference&nbsp;toimib?<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"has-text-align-justify\"><strong>V\u00e4rske startup-kom\u00f6\u00f6dia \u201e\u00dckssarvik\u201c valguses tekib k\u00fcsimus, mida t\u00e4hendab&nbsp;<em>liquidation preference<\/em>&nbsp;ehk eelis\u00f5igus&nbsp;likvideerimisjaotisele?<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-justify\"><em>Liquidation preference<\/em>&nbsp;t\u00e4hendab investori \u00f5igust saada oma startupi paigutatud raha tagasi eelisj\u00e4rjekorras teiste osanike, eelk\u00f5ige asutajate ja t\u00f6\u00f6tajatest osanike suhtes.<\/p>\n\n\n\n<p class=\"has-text-align-justify\">Teatud juhtudel v\u00f5ib eelis\u00f5igus olla s\u00e4testatud ka teiste investorite suhtes. P\u00f5him\u00f5tteliselt m\u00e4\u00e4rab&nbsp;<em>liquidation preference<\/em>, kellele \u00fchingu m\u00fc\u00fcgi, <a href=\"https:\/\/hedman.legal\/et\/artiklid\/ettevotte-likvideerimine\/\" target=\"_blank\" aria-label=\"likvideerimise (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">likvideerimise<\/a> v\u00f5i kogu vara v\u00f5\u00f5randamise korral k\u00f5igepealt makstakse.<\/p>\n\n\n\n<p class=\"has-text-align-justify\"><a href=\"https:\/\/hedman.legal\/et\/artiklid\/ettevotte-muuk-kuidas-jouda-esialgsest-huvist-eduka-lepingu-solmimiseni\/\" target=\"_blank\" aria-label=\"\u00dchingu m\u00fc\u00fcki (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">\u00dchingu m\u00fc\u00fcki<\/a>, likvideerimist v\u00f5i kogu vara v\u00f5\u00f5randamist nimetatakse lepingutes likviidsusjuhtumiks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Miks_on_liquidation_preference_vajalik\"><\/span>Miks on&nbsp;<em>liquidation preference<\/em>&nbsp;vajalik?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-text-align-justify\"><em>Liquidation preference<\/em>&nbsp;on kaitseks investorile. Kui liquidation preference kokkulepe puudub, siis jaotatakse likviidsusjuhtumi korral saadav tulu proportsionaalselt osaluste suurusega \u00fchingus.<\/p>\n\n\n\n<p class=\"has-text-align-justify\">Kuna investorite osalusprotsendid \u00fchingus on pigem tagasihoidlikud, siis v\u00f5ib proportsionaalse jaotuse tulemusena investor saada tagasi v\u00e4hem raha, kui ta algselt \u00fchingusse paigutas.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kuidas_liquidation_preference_toimib\"><\/span>Kuidas&nbsp;<em>liquidation preference<\/em>&nbsp;toimib?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-text-align-justify\"><em>Liquidation preference<\/em>&nbsp;on osanikevaheline kokkulepe, mis v\u00e4ljendub osanike lepingus ja p\u00f5hikirjas.<\/p>\n\n\n\n<p class=\"has-text-align-justify\"><em>Liquidation preference<\/em>&nbsp;s\u00e4tetatakse eelk\u00f5ige kordaja kaudu ning see v\u00e4ljendab, mitmekordselt tuleb eelisj\u00e4rjekorras investeeringusumma investorile tagasi maksta.<\/p>\n\n\n\n<p class=\"has-text-align-justify\">Tavap\u00e4rane ja k\u00f5ige asutajas\u00f5bralikum on kordaja 1x \u2013 sellisel juhul tuleb eelisj\u00e4rjekorras maksta \u00fchekordne investeeringusumma ja seda \u00fcletavas osas jaotise jaotamisel kehtivad vastavalt lepingus kokku lepitud p\u00f5him\u00f5tted.<\/p>\n\n\n\n<p class=\"has-text-align-justify\">Samas ei ole ebatavaline mitmekordistamine ning investorile investeeringusumma mitmekordne tagasimaksmine eelisj\u00e4rjekorras.<\/p>\n\n\n\n<p class=\"has-text-align-justify\">Kui s\u00e4testatud on mitmekordne kordaja, v\u00f5ib juhtuda nii, et asutajatele j\u00e4\u00e4b ainult tegemise r\u00f5\u00f5m ning mingisugust rahalist kasu oma t\u00f6\u00f6st ja vaevast nad ei saagi, sest investorile on k\u00f5ik saadu \u00e4ra makstud.<\/p>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-red-color\">Illustreeriv n\u00e4ide, kuidas riskikapitali investori eelis\u00f5igus likiveerimisjaotisele&nbsp;<em>(vc liquidation preference)<\/em>&nbsp;toimib:<\/span><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-justify\">Investor investeeris 5 miljonit eurot, likviidsusjuhtumi korral saadi 20 miljonit eurot, liquidation preference\u2019i s\u00e4testatud ei ole ning asutajatele kuulub 90% ja investorile 10%. Sellisel juhul kuulub investorile jaotisest 2 miljonit eurot ning asutajatele 18 miljonit. Asutajad on r\u00f5\u00f5msad, investor ilmselt mitte.<\/p>\n\n\n\n<p class=\"has-text-align-justify\">Kui samas stsenaariumis oleks s\u00e4testatud&nbsp;<em>liquidation pereference<\/em>&nbsp;1x, oleks investor saanud 5 miljonit ja asutajad 15 miljonit.<\/p>\n\n\n\n<p class=\"has-text-align-justify\">Kuid kui&nbsp;<em>liquidation preference<\/em>&nbsp;oleks olnud 4x, oleks investorile kuulunud 20 miljonit ning asutajatele j\u00e4\u00e4vad t\u00fchjad pihud.<\/p>\n","protected":false},"featured_media":17161,"template":"","article_categories":[124],"class_list":["post-11994","articles_posttype","type-articles_posttype","status-publish","has-post-thumbnail","hentry","article_categories-startupid-investeeringute-kaasamine"],"acf":[],"_links":{"self":[{"href":"https:\/\/hedman.legal\/et\/wp-json\/wp\/v2\/articles_posttype\/11994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedman.legal\/et\/wp-json\/wp\/v2\/articles_posttype"}],"about":[{"href":"https:\/\/hedman.legal\/et\/wp-json\/wp\/v2\/types\/articles_posttype"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hedman.legal\/et\/wp-json\/wp\/v2\/media\/17161"}],"wp:attachment":[{"href":"https:\/\/hedman.legal\/et\/wp-json\/wp\/v2\/media?parent=11994"}],"wp:term":[{"taxonomy":"article_categories","embeddable":true,"href":"https:\/\/hedman.legal\/et\/wp-json\/wp\/v2\/article_categories?post=11994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}