基金合伙协议核心条款之收益分配与亏损分担条款

基金经过投资、退出运作后，会产生利润或亏损。如何分配利润和承担亏损事关各投资人的切身利益，因而收益分配与亏损分担条款往往是合伙协议的核心条款之一。这一条款会对合伙协议的收益和亏损在普通合伙人及有限合伙人之间如何进行分配（如分配顺序、分成方式）进行规定。以下为部分基金合伙协议中的双语条款示例，供参考：

示例一（英译汉）：

Allocation and Profits and Losses.

利润分配和损失承担。

(a)“Capital Account” means, with respect to any Partner, the Capital Account the Partnership shall maintain for such Partner in accordance with the following provisions:

“资本账户”就任何合伙人而而言，指合伙企业根据以下规定为该合伙人维持的资本账户：

(i)Each Partner’s Capital Account shall be increased by the amount of such Partner’s Capital Contributions, any income or gain allocated to such Partner pursuant to this paragraph 4.05, and the amount of any Partnership liabilities assumed by such Partner or secured by any Partnership assets distributed to such Partner.

各合伙人的资本账户应增加以下金额：该合伙人的出资额、根据本第4.05款的规定分配给该合伙人的任何收入或收益以及该合伙人承担的任何合伙企业债务之金额或由分派给该合伙人的任何合伙企业资产担保的合伙企业债务之金额。

(ii)Each Partner’s Capital Account shall be decreased by the amount of cash and the gross Fair Value of any other Partnership property distributed or transferred to such Partner pursuant to any provision of this Agreement, any expenses or losses allocated to such Partner pursuant to this paragraph 4.05 and the amount of any liabilities of such Partner assumed by the Partnership.

各合伙人的资本账户应减去以下金额：根据本协议的任何规定分派给或转让给该合伙人的现金金额及任何其他合伙企业财产的公允价值总额，根据本第4.05款的规定分配给该合伙人的任何费用或损失以及合伙企业承担的该合伙人的任何债务之金额。

(iii)In the event any Partner’s Interest (or portion thereof) is Transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of such Partner to the extent such Capital Account relates to the Transferred Interest (or portion thereof).

任何合伙人根据本协议的条款转让其权益（或部分权益）的，受让人应承继该合伙人与该等被转让权益（或部分权益）有关的该等资本账户。

(b)For U.S. income tax purposes, all items of income, gain, loss and deduction shall be allocated among the Partners so as to conform, in the judgment of the General Partner, as nearly as practicable with the related and expected distributions pursuant to Article Four. The General Partner is authorized: (i) to interpret and apply the tax allocation provisions hereof as providing for a “qualified income offset,”, “minimum gain chargeback,” and such other allocation principles as may be required or appropriate under Section 704 of the Code and applicable Treasury Regulations; (ii) to determine the tax allocation of specific items of income, gain, loss, deduction and credit of the Partnership; and (iii) to vary any and all of the foregoing tax allocation provisions to the extent necessary to comply with Section 704 of the Code and applicable Treasury Regulations.

就缴纳美国所得税而言，所有收入、收益、损失和扣减项应在合伙人之间进行分配，以（根据普通合伙人的判断）尽可能地符合第四条规定的相关及预期分派。普通合伙人获授权，可：（i）解释和适用本协议中有关规定“合格收入抵消”、“最低收益退款”的税费分配条款以及法典第704条和适用财政政策项下要求或适用的其他分配原则；（ii）确定合伙企业有关特定收入、收益、损失、扣减和抵免项的税费分配；及（iii）在必要的范围内变更任何及所有前述税费分配规定，以遵守《法典》第704条及适用财政政策的规定。

(c)All elections, decisions and other matters concerning the allocation of profits, gains and losses among the Partnerships, and accounting procedures, not specifically and expressly provide for by the terms of this Agreement, shall be determined by the General Partner in good faith. Such determination made in good faith by the General Partner shall, absent manifest error, be final and conclusive as to all Partners.

本协议条款未专门及明确规定的有关在合伙人之间分配利润、利益和损失以及会计流程的所有选择、决定和其他事项，应由普通合伙人善意决定。普通合伙人作出的该等善意决定在没有明显错误的情况下，对于所有合伙人而言，应具有终局性和决定性。

示例二（汉译英）：

第十一条收益分配与亏损分担/Article 11 Income Distribution and Loss Sharing

11.1可分配收入/Distributable Income

11.1.1项目投资产生的收入为可分配收入，包括但不限于因项目投资产生的股息、红利、被投资公司预分配现金、转让对被投资公司投资的转让所得、被投资公司清算所得或其他基于项目投资取得的收入，但需扣除合伙企业就该等收入应缴纳的税费（如有）。为避免歧义，在进行现金收益的分配时，应扣除预计费用。可分配收入不包含现金管理收入及非投资性收入。

The Distributable Income refers to the income generating from the project investments, including but not limited to dividends, bonus, pre-distributed cash of the invested companies, income from the transfer of the investment in the invested companies, income from the liquidation of the invested companies or other incomes based on the project investments, provided that tax (if any) payable by the Partnership on such incomes shall be deducted. For the avoidance of ambiguity, the expected expenses shall be deducted when the cash income is distributed. The Distributable Income excludes the Cash Management income and non-investment income.

11.1.2对于使用可变利益实体结构的项目或通过境外直接投资方式将境内持股外翻至境外持股的项目，合伙企业为最终实现股权投资目的，须将境内获得的阶段性回款用于同一项目的公司架构重组的，可不进行分配。合伙企业未能实现境外直接持股的，境内退回资金不得进行再投资。

For the projects that use the variable interest entity structure or the projects that turn over the domestic shareholding to the overseas shareholding by means of overseas direct investment, if in order to achieve the ultimate purpose of equity investment, the Partnership needs to use the periodical payment received in China for the restructuring of the corporate structure of the same project, the Partnership may refrain from distribution thereof. If the Partnership fails to realize overseas direct shareholding, the returned funds in China shall not be reinvested.

11.1.3除非本协议另有约定，合伙企业合伙期限内取得的可分配收入不得用于再投资。

Unless otherwise agreed by the Agreement, the Distributable Income obtained during the Term of the Partnership shall not be reinvested.

11.2收益分配原则/Principles of Income Distribution

11.2.1合伙企业的可分配收入分配采取整体“先回本后分利”和项目“即退即分”原则，合伙企业应当在收到每笔退出款项之日起30天内启动分配程序。合伙企业的可分配收入应在全体合伙人之间按下述原则及顺序进行分配，并且在前一顺序未得到足额分配的情形下，不得进行后一顺序的分配：

The Distributable Incomes of the Partnership shall be distributed on the basis of the overall principle of "return of investment cost before sharing profit" and the principle of "distribution on exit" from the projects. The Partnership shall start the distribution process within 30 days after receiving each exit payment. The Distributable Incomes of the Partnership shall be distributed among all the Partners in accordance with the following principles and order, and they shall not be distributed in the latter order if the former order is not fully distributed:

1、整体核算、分配，按有限合伙人、普通合伙人的顺序返还成本，再进行分利

Overall accounting and distribution, with the investment costs returned to the Limited Partners and then to the General Partner, and then used for profit distribution

（1）有限合伙人投资成本返还：可分配收入按有限合伙人的实缴出资比例分配给所有有限合伙人，直至全体有限合伙人收回其全部实缴出资；

Return of investment costs to the Limited Partners: the Distributable Incomes shall be distributed to all Limited Partners in accordance with the Limited Partners' Ratios of the Paid-in Capital Contributions until all Limited Partners recover their Paid-in Capital Contributions;

（2）普通合伙人投资成本返还：如有剩余，再向普通合伙人进行分配，直至普通合伙人按实缴出资比例收回其全部实缴出资；

Return of investment cost to the General Partner: if there is any surplus, it will be distributed to the General Partner until the General Partner recovers all its Paid-in Capital Contribution according to its Ratio of the Paid-in Capital Contribution; and

（3）收益分成：如有剩余，其中(1)百分之【中文数字】（【对应阿拉伯数字】%）按分配时的实缴出资比例分配给有限合伙人，(2)百分之【中文数字】（【对应阿拉伯数字】%）分配给普通合伙人。

Income sharing: if there is any surplus, [amount in words] percent ([in corresponding Arabic number]%) thereof shall be distributed to the Limited Partners according to their Ratios of Paid-in Capital Contributions at the time of distribution and [amount in words] percent ([in corresponding Arabic number]%) thereof shall be distributed to the General Partner.

2、其他/Other Provisions

11.2.2在合伙企业清算完毕之前，执行事务合伙人应尽其合理努力将合伙企业的投资变现、避免以非现金方式进行分配。

Until the liquidation of the Partnership is completed, the Managing Partner shall use its reasonable efforts to realize the investments of the Partnership and avoid any non-cash distribution.

11.3非投资收入的分配/Distribution of Non-investment Incomes

11.3.1因有限合伙人逾期缴付出资而向合伙企业支付的罚息、违约金，计为合伙企业的非投资收入，应采取“即退即分”原则，在全体守约合伙人之间根据其实缴出资额自到账之日起90日内按比例分配。

Default interests and liquidated damages paid by the Limited Partners to the Partnership for overdue payment of capital contributions shall be counted as the non-investment income of the Partnership, which shall adopt the principle of "being distributed upon receipt thereof" and be distributed to the Non-Defaulting Partners in accordance with their Ratios of the Paid-in Capital Contributions within 90 days after its receipt.

11.3.2后续有限合伙人根据本协议第4.7条支付的补偿金在该次后续募集之前的合伙人之间按其在后续募集之前的实缴出资比例分配。

The compensations paid by the Subsequent Limited Partners under Clause 4.7 of the Agreement will be distributed among the Partners prior to the Subsequent Fundraising in accordance with their Ratios of Paid-in Capital Contributions prior to the Subsequent Fundraising.

11.4特殊分配/Special Distribution

11.4.1投资期过后，剩余未投资的实缴本金除备付合伙企业可以预期的债务和其他义务、至存续期限届满所需支付的合伙企业费用、投资期内已经执行事务合伙人董事会（经投资咨询委员会建议后）批准或合伙企业已经签署有法律约束效力协议项下的投资外，应当按照实缴出资比例分回。

After the Investment Period, the remaining uninvested Paid-in Capital Contribution, apart from the part being reserved for the expected liabilities and other obligations of the Partnership, the Partnership Expenses payable upon the expiration of the Term and the investments approved by the board of the Managing Partner (after consultation with the Investment Advisory Committee) or for which the Partnership has signed a legally binding agreement during the Investment Period, shall be refunded in accordance with their Ratios of the Paid-in Capital Contributions.

11.4.2合伙企业清算出现亏损时，应首先由普通合伙人在合伙企业中的出资承担，不足部分再由其他合伙人按出资比例承担，AAA承担亏损金额以其出资额为上限。

Any loss in the liquidation of the Partnership shall be first assumed by the General Partner's capital contribution to the Partnership, and the deficiency shall be assumed by other Partners in proportion to their capital contributions. The Angel FOF shall be liable for such loss subject to the upper limit of its capital contribution.

11.5所得税/Income Tax

11.5.1 根据适用法律之规定，合伙企业的合伙人应各自依法缴纳所得税；若适用法律规定合伙企业有义务就其向各合伙人支付的任何款项代扣代缴所得税或其他税收，则合伙企业在依法代扣代缴后将余额支付给有关合伙人。

The Partners of the Partnership shall pay their respective income taxes according to the Applicable Laws. If the Partnership is obligated by the Applicable Laws to withhold income taxes or other taxes on any payments made by the Partnership to each Partner, the Partnership will pay the balance to the relevant Partner after withholding the tax in accordance with the law.

来源：译问