지주회사(홀딩스)와 지배회사의 차이

[석수]

https://m.blog.naver.com/araace/221823244784

지주회사(홀딩스, Holdings company)의 근거법률, 요건, 규제, 형태, 수입원, 장단점, 설립과정 요약 (

https://contents.premium.naver.com/khan/noon/contents/211205232159061Vw

홀딩스, 지주회사? 왜 만드나요?

지배회사, 지주회사(홀딩스)의 차이와 경영상 유리한 점은?


지배회사

‘지배회사’는 경제적인 관점에서 분류되며 같은 카테고리에 내자회사, 다국적회사, 외국인투자기업, 계열회사, 계열회사, 지주회사 등이 포진해 있습니다. 주로 관련하는 법규는 대표적으로 주식회사의 외부감사에 관한 법률 즉, 외감법을 비롯해 공정거래법, 기업회계기준 등입니다.

지배회사와 종속회사는 명칭에서 알 수 있듯 상호 지배 혹은 종속관계에 따라 두 개로 나뉘며 그 여부는 국제회계기준을 따릅니다.

A라는 회사가 B라는 회사에 대해 일정 지분을 보유함에 따라 B 기업의 영업, 재무정책의 결정권을 가질 때 우리는 지배회사라고 부를 수 있습니다. 이처럼 지배회사로 간주할 수 있는 여러 사항은 외감법 시행령이 명시해 놓았습니다.

지주회사

다음으로 ‘지주회사’는 주식을 소유함으로써 국내 회사의 사업내용을 지배하는 것을 주된 사업으로 삼는 회사를 일컬으며 공정거래법에 따라 분류됩니다. ‘OO홀딩스’라는 이름을 보신 적 있을 텐데요.

홀딩스(Holding Company)는 지주회사와 같은 의미로 이해하시면 됩니다. 참고로 지주회사를 설립 혹은 전환을 하는 자는 공정거래위원회에 신고를 진행해야 합니다. 대표적인 국내 기업으로는 SK주식회사, 롯데지주, 인터파크홀딩스 등이 있습니다.



[지주회사의 종류 및 기본 개념]

▶ 순수지주회사(일반지주회사): 지분 및 주식 보유로 수익을 창출. 자회사의 사업 내용을 지배하며 주로 기획과 감사 기능을 수행함. 따로 자체적인 사업을 하지 않는다는 것이 특징.

▶ 사업지주회사(혼합지주회사): 별도의 사업분야를 가지면서 계열사를 지배하는 형태. 자회사의 주식 혹은 지분관리도 진행.




모회사-지배회사, 자회사-종속회사 그리고 계열사

상법상 다른 회사에서 발행한 주식 중 총수의 100분의 50(50%)을 초과하는 주식을 가진 회사로 설명하는 ‘모회사’는 앞에서 설명한 지배회사의 한 형태로 볼 수 있습니다. 모회사의 개념을 알기 위해서는 자회사에 대한 이해도 뒤따라야 합니다.
‘자회사’는 상법상 타 회사의 발행주식 중 총수의 100분의 50을 넘는 주식을 가진 모회사의 다른 회사를 가리킵니다. 공정거래법의 관점으로 설명하자면 지주회사에 의해 사업 내용을 지배받는 국내 회사로 정의됩니다. 모회사가 지배회사와 연계한다면 자회사는 종속회사와 함께 엮을 수 있습니다.
자회사와 비슷한 개념인 ‘계열사’는 모회사에 뿌리를 두었다는 공통점이 존재합니다. 다만 서로를 지배하는 관계가 아니면서 모기업으로부터 시작된 기업들을 계열사라고 총칭할 수 있습니다. 지주회사는 계열사의 주식을 보유함으로써 수월한 지배가 가능합니다.



지주회사 설립 및 전환, 신중하게 진행해야

일반 기업에겐 없는 이점과 까다로운 규제

지주회사는 자산총액이 5천억 원 이상(2017년 7월 이전까지는 1천억 원 이상)이라는 조건을 충족해야 하는데요. 지배하는 자회사의 업종이 금융업이냐 제조업이냐 혹은 주식(지분)이냐에 따라 금융지주회사, 제조지주회사, 신주지주회사로 다시 한번 구분할 수 있습니다.
국내 기업들이 2010년대 후반에 들어서며 지주회사로 전환하는 사례가 다수 포착되었는데요.
2017년의 경우 한시로 적용되었던 일몰법인 ‘지주회사 설립 시 현물출자를 할 때 양도소득세 무기한 연장 혜택’의 수혜를 받을 수 있었기 때문에 기업들이 더욱 빠르게 움직인 바 있습니다.



지주회사에서 얻을 수 있는 장점

지주회사 설립의 좋은 점은 세제혜택인 ‘배당 입금 불산입’입니다. 자회사로부터 받은 배당에 대한 세금을 따로 납부하지 않아도 된다는 내용인데요.
똑같이 다수의 계열사를 보유했어도 지주회사 여부에 따라 이중과세를 면할 수 있습니다. 지주회사는 상장사 20%, 비상장사 10%의 지분만 확보되면 배당 입금에 있어 이중과세로부터 자유롭습니다.
아울러 새로운 사업에 실패할 경우에 지주회사는 자회사 처분을 통해 회복이 가능하므로 비교적 리스크가 낮다고도 할 수 있습니다. 여러 자회사를 경영할 때 지주회사의 지분율을 관리하는 방법으로 지배주주의 지배력이 증대되기에 경영상의 효율도 높은 편입니다.

지주회사 전환 및 운영 시 주의할 점

하지만 반드시 고려해야 할 점은 지주회사로의 전환 시 상당한 비용이 투입되어야 한다는 부분인데요. 2019년에는 16개의 비지주회사 기업집단 중 지주회사으로 전환할 때 지분 확보에만 30조 9천억 원이 필요했다는 보고가 있었습니다.

뿐만 아니라 지주회사는 자회사를 제외한 다른 국내 계열사 주식을 소유할 수 없고, 자본총액의 2배를 넘는 부채액 보유가 불가하며 타계열 국내 기업의 주식을 당년 회사 발행 주식총수의 100분의 5를 초과해 가질 수 없는 등의 까다로운 규제도 함께합니다.




1. 홀딩스(Holdings) 의 뜻

Holding Company 의 뜻을 찾아보면, 자회사의 지분을 가진 회사 즉, 모기업 또는 지주회사라는 뜻을 가지고 있습니다. 다른 말로는 limited liability company (LLC) 라고도 불립니다.
 
- Holding Company 는 재화를 생산, 판매, 서비스 제공을 하지 않으며, 지분 소유를 통해 자회사를 지배합니다.
- Holding Company 는 회사 정책, 해외 부문 관리 결정 등은 가능하나, 일상적인 운영에 관해서는 관여할 수 없습니다.
 
 

2. 미국 내에 홀딩스로 유명한 회사는 어디가 있나요?


미국 주식에서 유명한 회사라면 워렌 버핏이 있는 버크셔 해서웨이(berkshire hathaway)가 있습니다. 여러 자회사의 지분을 가지고 있으면서 모기업으로서 지배력을 행사하고 있습니다.
 
대표적인 홀딩스 기업으로는
- Bank of America (BAC)
- JP Morgan Chase (JPM)
- berkshire hathaway (BRK-A, BRK-B)
 
가 있습니다.
 
 

3. 홀딩스 기업은 어떤 이점이 있나요?

홀딩스 기업은 자회사의 손실로부터 보호받습니다. 예를 들어, 홀딩스 기업의 자회사가 파산했다고 합시다. 파산할 경우 지분 가치 하락에 의한 자본 손실은 발생합니다. 그러나 자회사 채권자들이 자회사가 파산했다고 해서 홀딩스 회사에 채권 상환 요구는 법적으로 불가능합니다. 모기업을 전략적으로 보호하기 위한 법적 장치를 마련했다고 생각하시면 됩니다.
 
 
좀 더 자세한 내용은 아래 글을 참조하여 주시길 바랍니다.
 
내용 출처: Holding Company Definition (investopedia.com)


https://www.investopedia.com/terms/h/holdingcompany.asp


Holding Company: What It Is, Advantages and Disadvantages

By AMY FONTINELLE

 

Updated July 29, 2023

Reviewed by 

THOMAS BROCK

Fact checked by 

AMANDA BELLUCCO-CHATHAM



What Is a Holding Company?

A holding company is a business entity—usually a corporation or limited liability company (LLC). Typically, a holding company doesn’t manufacture anything, sell any products or services, or conduct any other business operations. Rather, holding companies hold the controlling stock in other companies.

Although a holding company owns the assets of other companies, it often maintains only oversight capacities. So while it may oversee the company's management decisions, it does not actively participate in running a business's day-to-day operations of these subsidiaries.

A holding company is also sometimes called an "umbrella" or parent company.

KEY TAKEAWAYS

A holding company is a type of financial organization that owns a controlling interest in other companies, which are called subsidiaries.

The parent corporation can control the subsidiary's policies and oversee management decisions but doesn't run day-to-day operations.

Holding companies are protected from losses accrued by subsidiaries—so if a subsidiary goes bankrupt, its creditors can't go after the holding company.



Investopedia / Paige McLaughlin

Understanding Holding Companies

A holding company typically exists for the sole purpose of controlling other companies. Holding companies may also own property, such as real estate, patents, trademarks, stocks, and other assets.

This structure serves to limit the financial and legal liability exposure of the holding company (and of its various subsidiaries). It may also depress a corporation's overall tax liability by strategically basing certain parts of its business in jurisdictions that have lower tax rates.

Businesses that are completely owned by a holding company are referred to as "wholly-owned subsidiaries." Although a holding company can hire and fire managers of the companies it owns, those managers are ultimately responsible for their own operations.

Advantages and Disadvantages of a Holding Company

Advantages

Holding companies enjoy the benefit of protection from losses. If a subsidiary company goes bankrupt, the holding company may experience a capital loss and a decline in net worth. However, the bankrupt company’s creditors cannot legally pursue the holding company for remuneration.

Consequently, as an asset protection strategy, a parent corporation might structure itself as a holding company, while creating subsidiaries for each of its business lines. For example, one subsidiary may own the parent corporation's brand name and trademarks, while another subsidiary may own its real estate.

Holding companies are also relatively easy to create or change. This makes it easy to take advantage of geographical differences in taxation regimes: If a certain jurisdiction has high business taxes, the holding company can simply relocate to a more business-friendly environment while continuing operations in the original location.

 
If a holding company is set up correctly, the debt liability of one subsidiary won't impact any others; if one subsidiary were to declare bankruptcy, it would not impact the others.

Holding companies support their subsidiaries by using their resources to lower the cost of operating capital. Using a downstream guarantee, the parent company can make a pledge on a loan on behalf of the subsidiary.

Disadvantages

There are some disadvantages to owning subsidiaries through a holding company. For investors and creditors, it may be difficult to find an accurate picture of the overall financial health of the holding company. It is also possible for unethical directors to hide their losses by moving debt among their subsidiaries.

Holding companies can also exploit their subsidiaries, by forcing them to appoint chosen directors or forcing the subsidiaries to buy products from one another at higher-than-market prices. They may also force subsidiaries to sell products to one another at below-market prices.

In some cases, holding companies can even force their subsidiaries to lay off a large section of the workforce or plunder their acquisitions for saleable assets. Known as vulture capitalism, these strategies can have the effect of inflating the holding company's overall numbers at the expense of the subsidiary.

Pros

Holding companies protect the parent company from losses by subsidiaries.

Holding companies can provide cheaper operating capital to their subsidiaries.

Parent companies can take advantage of regional taxation laws by moving the holding company and subsidiaries to different jurisdictions.

Cons

Holding companies can come with reduced transparency, making it harder for investors and creditors to assess the health of the enterprise.

Parent companies can abuse their subsidiaries by forcing them to trade with one another at non-market prices.

Parent companies can also force their subsidiaries to appoint chosen directors or change their policies.

Types of Holding Companies

Holding companies fall into different categories, depending on their business operations. Some only exist to hold a single subsidiary, while others may be engaged in other business operations. The different types of holding companies are explained below:

Pure Holding Companies: A pure holding company is one that only exists as a vehicle for ownership of other firms. These companies do not participate in any other type of business.

Mixed Holding Company: A mixed holding company is one that has its own business operations, in addition to managing its subsidiaries. Another word for this is a holding-operating company.

Immediate: An immediate holding company is a company that owns other companies, but is itself owned by another entity. In short, these are holding companies that are owned by another holding company.

Intermediate: Similar to an immediate holding company, these are holding companies that are also subsidiaries of a larger corporation.

How Holding Companies Make Money

Large holding companies may have several income streams, depending on the companies in their portfolio. The most straightforward way to make money is through equity in their subsidiaries: Holding companies can benefit from dividends in the subsidiary's share price, as well as by selling equity in companies that gain value.

In addition, holding companies can also profit from synergies between their subsidiaries. Rather than have separate IT, human resources, or administration teams for each company, a holding company can centralize these services and then sell them to the subsidiaries. Holding companies can also centralize equipment or other assets for lease by all of their companies.

Example of a Holding Company

An example of a well-known holding company is Berkshire Hathaway, which owns assets in more than one hundred public and private companies, including Dairy Queen, Clayton Homes, Duracell, GEICO, Fruit of the Loom, RC Wiley Home Furnishings and Marmon Group.

Berkshire likewise boasts minor holdings in The Coca-Cola Company, Goldman Sachs, IBM, American Express, Apple, Delta Airlines, and Kinder Morgan.

What Is the Purpose of a Holding Company?

A holding company is a financial vehicle for owning and controlling other assets, such as real estate, stocks, or companies. Using a holding company creates legal separation between the assets and the owners, and reduces the liability for the owners if one of the holdings encounters financial trouble.

How Do You Create a Holding Company?

To create a holding company, you simply need to file the articles of incorporation in the state or jurisdiction where you want to register the company. You will also need to identify the business agents managing the holding and operating companies. This can be complicated, so for companies with larger holdings it is worth engaging a lawyer.

What Is a Personal Holding Company?

A personal holding company is a company where 50% of the ownership stake is controlled by five or fewer individuals, and at least 60% of the company's income comes from passive sources.1

The Bottom Line

A holding company is a type of business entity that has a single purpose—owning other companies. Some holding companies are large conglomerates, with arms in many different industries; others only exist to manage a single subsidiary. Holding companies can help protect their owners from losses, or they can also be used to reduce tax burdens.

SPONSORED

Smart people invest in Smart Portfolios

Looking to start investing but not sure how to build a portfolio? Explore eToro’s unique ready-made, fully allocated Smart Portfolios. Choose from a variety of thematic portfolios and start your investing journey today, with no management fees.
AFSL 491139.Capital at risk. See PDS and TMD

ARTICLE SOURCES

Related Terms

Subsidiary Company: Definition, Examples, Pros & Cons

A subsidiary is a company that is more than 50% owned by another company. The owner is usually referred to as the parent company or holding company.

 more

Minority IPO: What It is, How It Works, Example

A minority IPO, also known as a partial IPO, is a type of initial public offering (IPO) in which a parent company partially divests itself of one of its subsidiaries.

 more

What Is a Wholly-Owned Subsidiary? Definition and Examples

A wholly-owned subsidiary is a company whose common stock is 100% owned by the parent company. 

more

Chain Banking: Overview, Pros and Cons, Example

Chain banking is a form of bank governance that occurs when a small group of people control at least three banks that are independently chartered.

 more

What Is a C Corp?

A C corporation is a company whose owners or shareholders are taxed separately from the corporation itself, and whose profits are taxed on both a business and a personal level.

 more

Double Gearing

Double gearing is the practice of two separate entities using shared capital that may seem to mitigate risk but does not document actual risk exposure.

 more

Related Articles



Subsidiary Company: Definition, Examples, Pros & Cons



Minority IPO: What It is, How It Works, Example



What Is a Wholly-Owned Subsidiary? Definition and Examples



Chain Banking: Overview, Pros and Cons, Example



What Is a C Corp?



Subsidiary vs. Sister Company: What's the Difference?