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Cap Table
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Dilution Analysis by Round
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How This Cap Table Calculator Works
This calculator provides a comprehensive capitalization table builder for startups, enabling founders and investors to model equity distribution, track dilution across funding rounds, and visualize ownership stakes. The methodology reflects standard practices used by venture capital firms and startup attorneys.
Founder Equity Calculations
Founders typically receive common stock at incorporation, usually at par value ($0.0001 or $0.001 per share). The calculator tracks founder shares from the founding round and calculates their ownership percentage on both an issued shares basis and fully diluted basis (including the option pool).
When modeling founder equity, consider vesting schedules. Most founders agree to 4-year vesting with a 1-year cliff, meaning 25% vests after one year and the remainder vests monthly. While this calculator shows ownership, remember that unvested shares may be subject to repurchase if a founder departs.
Investor Share Calculations
For priced equity rounds (Series Seed, A, B, etc.), investors receive shares based on their investment amount divided by the price per share. The price per share is determined by the pre-money valuation divided by the total shares outstanding before the round.
For SAFEs and convertible notes, the calculator models conversion at the valuation cap. If the actual priced round valuation is lower than the cap, the SAFE holder receives additional shares reflecting their discount. Most SAFEs today use post-money valuation caps, meaning the conversion percentage is known upfront.
Option Pool Mechanics
The employee stock option pool is typically created pre-money, meaning founders bear the dilution rather than new investors. The calculator allows you to set the pool as a percentage of fully diluted shares or as a specific number of shares.
When setting pool size, the formula used is: Pool Shares = (Target % / (100% - Target %)) x Current Shares Outstanding. This ensures the pool represents exactly the target percentage of the post-pool fully diluted shares.
Dilution Analysis
Each funding round dilutes existing shareholders proportionally. The calculator tracks each stakeholder's ownership across rounds, showing both the percentage ownership and the dilution impact. Dilution is not inherently negative - if company valuation increases faster than dilution, each shareholder's stake becomes more valuable despite representing a smaller percentage.
Data Accuracy
This calculator provides modeling estimates for planning purposes. Actual cap tables should be maintained by your corporate attorney using proper equity management software. Always verify calculations with your legal and financial advisors before making decisions based on these projections.
When to Use This Cap Table Calculator
Founding a New Startup
When incorporating, use this calculator to model the initial equity split between co-founders. Consider each founder's contributions (idea, capital, full-time commitment, expertise) and future expected contributions. Most successful startups avoid 50/50 splits in favor of clear majority ownership, but every situation is different.
Model different scenarios: What if you reserve 10% for a future co-founder? What if one founder contributes cash for 5% additional equity? These calculations help structure the right arrangement before you incorporate.
Planning a Fundraising Round
Before meeting with investors, use this calculator to understand how different term sheet scenarios affect your ownership. Model multiple scenarios: What if you raise $2M at an $8M pre-money? What about $3M at $12M pre-money? How much dilution can you accept while maintaining founder control?
Investors will run these same calculations. Understanding the math helps you negotiate effectively and avoid surprises at the closing table.
Negotiating Term Sheets
When you receive a term sheet, use this calculator to model the exact impact on your ownership. Pay attention to option pool requirements - investors often require expanding the pool pre-money, which effectively lowers your valuation. A "$10M pre-money" with a 20% option pool increase isn't the same as a clean $10M pre-money valuation.
Setting Up Employee Option Pools
The calculator helps you determine the right option pool size based on your hiring plans. Seed-stage startups typically need 10-15% for early employees, while Series A companies often expand to 15-20%. Model how different pool sizes affect founder ownership and plan accordingly.
Evaluating SAFE or Convertible Note Terms
SAFEs and convertible notes with valuation caps create potential dilution that isn't reflected in your current cap table until conversion. Use this calculator to model conversion scenarios and understand the true cost of convertible financing. Compare raising on a SAFE at a $6M cap versus a priced seed round at $6M pre-money.
Preparing for Due Diligence
Investors will scrutinize your cap table during due diligence. Use this calculator to ensure your understanding matches your legal documents. Any discrepancies between your model and your attorney's cap table should be resolved before the due diligence process begins.
Planning Exit Scenarios
Model what different exit valuations mean for each stakeholder. Remember that liquidation preferences mean preferred shareholders get paid before common stockholders. An acquisition at 1x the last round valuation may return very little to common shareholders if investors have participating preferred stock.
Key Cap Table Concepts
Authorized vs. Issued Shares
Authorized shares are the maximum number of shares a company can issue as stated in its certificate of incorporation. Issued (or outstanding) shares are those actually distributed to shareholders. A typical Delaware C-Corp authorizes 10 million shares but may only issue 5-7 million initially, leaving room for the option pool and future rounds.
Fully Diluted Capitalization
Fully diluted capitalization counts all shares that could be outstanding if every convertible security was exercised or converted. This includes: issued common stock, issued preferred stock (on an as-converted basis), outstanding stock options, unissued option pool shares, and any SAFEs or convertible notes. Investors price rounds based on fully diluted capitalization.
Pre-Money vs. Post-Money Valuation
Pre-money valuation is the company's value before receiving new investment. Post-money valuation is pre-money plus the new investment. If a company raises $2M at a $10M pre-money valuation, the post-money valuation is $12M, and new investors own $2M / $12M = 16.67% of the company.
Price Per Share
The price per share in a priced round equals the pre-money valuation divided by fully diluted shares outstanding. If a company has 10M fully diluted shares and raises at $10M pre-money, the price is $1.00 per share. New investors investing $2M would receive 2M new shares.
Common Stock
Common stock is the basic form of equity, typically held by founders and employees. Common stockholders have voting rights and receive distributions after all other obligations are satisfied. In an acquisition, common shareholders are paid last, after debt holders and preferred stockholders.
Preferred Stock
Preferred stock, held by investors, comes with special rights negotiated in the term sheet. Standard rights include: liquidation preference (typically 1x), anti-dilution protection, pro-rata rights, information rights, and protective provisions. Preferred stock converts to common in IPOs or qualified acquisitions.
Liquidation Preference
Liquidation preference determines the payout order in a sale or liquidation. "1x non-participating" preferred means investors get their money back first, then all remaining proceeds go to common stockholders. "1x participating" preferred means investors get their money back, then share pro-rata in remaining proceeds - effectively double-dipping.
SAFE (Simple Agreement for Future Equity)
A SAFE is a financing instrument created by Y Combinator that converts to preferred stock in a future priced round. SAFEs typically have a valuation cap and/or discount. Post-money SAFEs (standard since 2018) calculate the investor's ownership based on the cap amount, providing clarity on dilution at the time of investment.
Convertible Notes
Convertible notes are debt instruments that convert to equity. Unlike SAFEs, they have maturity dates, interest rates, and may trigger repayment obligations if not converted. The accrued interest increases the conversion amount. Notes are less founder-friendly than SAFEs but may be required by certain investors.
Anti-Dilution Protection
Anti-dilution provisions protect investors if the company raises at a lower valuation (a "down round"). Weighted-average anti-dilution adjusts the conversion price based on the amount raised and the price difference. Full-ratchet anti-dilution (less common) adjusts to the exact lower price, significantly diluting founders.
Pro-Rata Rights
Pro-rata rights give investors the right (not obligation) to maintain their ownership percentage in future rounds by purchasing additional shares. A major investor owning 15% would have the right to purchase 15% of any new round to maintain their stake.
Common Cap Table Mistakes to Avoid
Ignoring the Option Pool Shuffle
Many founders don't realize that investors require expanding the option pool pre-money, which dilutes founders more than the stated valuation suggests. A term sheet showing "$10M pre-money" with a requirement to create or expand a 20% option pool means your effective pre-money valuation is closer to $8M. Always calculate the true valuation by subtracting the pool value from the stated pre-money.
50/50 Founder Splits
Equal equity splits between co-founders often cause problems down the road. When disagreements arise, there's no tiebreaker. Investors prefer seeing a clear lead founder with majority control. Consider a 51/49 or 60/40 split based on contributions, commitment, and roles. It's easier to negotiate this at founding than to restructure later.
Not Implementing Vesting
All founder equity should be subject to vesting, even for the CEO. Without vesting, a co-founder who leaves after six months still owns their full equity stake. Standard 4-year vesting with a 1-year cliff protects the company and remaining founders. Many investors won't invest without founder vesting in place.
Giving Away Too Much Equity Early
Early-stage founders sometimes give away significant equity to advisors, early employees, or small investors without understanding the long-term dilution impact. A 5% advisor grant at founding might seem reasonable, but after several funding rounds, you may regret the dilution. Use vesting and ensure any equity grants are commensurate with value provided.
Promising Equity Without Documentation
Verbal equity promises or email agreements can create legal nightmares. Every equity grant should be properly documented with board approval, a stock purchase agreement (for shares) or option agreement (for options), and the recipient's signature. Undocumented promises may still be enforceable and can derail future financing.
Misunderstanding SAFE Dilution
SAFEs don't appear on your cap table until conversion, leading founders to underestimate their dilution. If you've raised $500K on SAFEs with a $5M post-money cap, you've already committed 10% of your company - that dilution is real even if not yet reflected in issued shares. Track all outstanding SAFEs and model conversion scenarios.
Not Understanding Liquidation Preferences
A cap table showing you own 30% doesn't mean you'll receive 30% of an exit. Preferred shareholders with 1x liquidation preference get paid first. In a modest exit at or near the last round valuation, common shareholders may receive very little. Model exit scenarios with different multiples to understand true outcomes.
Overcomplicating the Cap Table
Multiple share classes, complex voting arrangements, and unusual terms make your cap table harder to manage and can scare away future investors. Keep things simple, especially early on. Use standard terms from reputable sources like Y Combinator's Series Seed documents or NVCA model documents.
Not Maintaining Accurate Records
Cap table discrepancies discovered during due diligence can delay or kill deals. Maintain accurate records from day one using proper equity management software. Reconcile your records with your attorney's records quarterly. Every share issuance, option grant, and transfer should be properly documented.
Ignoring 409A Valuations
Stock options must be granted at fair market value to avoid tax penalties. A 409A valuation establishes this fair market value for common stock. Granting options without a current 409A, or at prices below the 409A value, can create significant tax liability for employees. Get a 409A before issuing options and update it after each material event.
Equity Distribution Strategies
Founder Equity Allocation
Allocate founder equity based on multiple factors: who originated the idea, who is contributing capital, who is working full-time, who has relevant expertise, and who will be CEO. The "Slicing Pie" dynamic equity model suggests tracking contributions in real-time and allocating equity proportionally at a future date. However, most founders prefer setting the split at incorporation with vesting to protect all parties.
Optimal Option Pool Sizing
Size your option pool based on your hiring plan between now and the next funding round. Create a hiring plan with equity ranges for each position. Early engineers might receive 0.5-2%, a VP of Engineering might receive 1-2%, and a CFO might receive 0.5-1%. Sum these amounts and add a buffer for unexpected hires. This bottoms-up approach is more defensible in negotiations than accepting arbitrary investor demands.
Equity Compensation Levels by Role
Standard equity grants for startup employees (as percentage of fully diluted shares): First engineering hires at seed stage: 1-2%. Early employees #5-10: 0.25-1%. Directors at Series A: 0.25-0.5%. VPs at Series A: 0.5-1%. C-suite executives at Series A: 1-2%. These ranges vary significantly based on stage, industry, and location. Use equity compensation surveys for your specific market.
Advisor Equity Guidelines
Standard advisor equity follows the FAST agreement framework: 0.25% for minor advisors meeting monthly with limited expertise. 0.5% for standard advisors with relevant expertise and strong network. 1% for major advisors with significant industry reputation or customer access. 2%+ only for former executives or investors providing substantial ongoing value. All advisor equity should vest over 2 years with no cliff.
Protecting Founder Control
Founders can maintain control even with minority ownership through several mechanisms: Dual-class stock structures with super-voting shares (like Facebook and Google). Board composition rights that ensure founder majority. Protective provisions requiring founder consent for major decisions. Voting agreements among founders to vote as a bloc. Consider these structures before you need them - they're harder to implement after raising institutional capital.
Managing Dilution Across Rounds
Plan your dilution budget before starting to fundraise. A typical path might be: Seed round (15-25% dilution), Series A (15-25% dilution), Series B (10-20% dilution), Later rounds (10-15% each). By IPO, founders often own 10-20% of the company. Work backward from your target to set expectations for each round. Accepting more dilution early usually means less dilution needed later if you hit milestones.
Secondary Transactions
Secondary sales allow founders and early employees to sell some shares before an exit. This can provide personal liquidity and reduce pressure to sell the company prematurely. However, secondaries can signal a lack of confidence to investors and may have tax implications. Structure secondaries carefully, usually alongside a primary round, with appropriate transfer restrictions and board approval.
Cap Table Cleanup
Before major financing rounds, clean up your cap table. Buy back equity from departed employees at the original purchase price (if allowed by your agreements). Cancel unexercised options from terminated employees. Eliminate fractional shares through a stock split or recapitalization. Remove inactive shareholders if possible. A clean, simple cap table is more attractive to investors.
Cap Table Resources
Related Calculators
Use our other startup calculators to complement your cap table planning:
- 409A Valuation Calculator - Estimate fair market value for option pricing
- Stock Option Calculator - Model option value scenarios for employees
- R&D Tax Credit Calculator - Calculate tax savings from development activities
- Vesting Schedule Calculator - Plan vesting terms for founders and employees
Legal Resources
Standard documents and templates for equity transactions:
- Y Combinator SAFE Documents - Industry-standard SAFE agreements
- Y Combinator Series Seed Documents - Standardized seed round documents
- NVCA Model Documents - Venture capital industry standard term sheets and agreements
- Clerky - Automated incorporation and equity documentation platform
Cap Table Management Tools
For ongoing cap table management beyond this calculator:
- Carta - Industry-leading equity management platform with 409A valuations
- Pulley - Modern cap table management for startups
- AngelList Stack - Free cap table and equity management tools
- Shareworks by Morgan Stanley - Enterprise equity compensation management
Educational Resources
Deepen your understanding of startup equity:
- Venture Deals by Brad Feld - Comprehensive guide to venture capital terms
- The Holloway Guide to Equity Compensation - Everything employees need to know about stock options
- First Round Review - Articles on startup equity and cap table management
- A16Z Guides - Andreessen Horowitz resources on startup finance
Professional Consultation
While this calculator provides planning estimates, important equity decisions should involve professionals:
- Startup Attorneys - For equity issuance, financing documents, and corporate governance
- 409A Valuation Firms - For defensible fair market value determinations
- Tax Advisors - For equity compensation tax planning and compliance
- CFO/Finance Professionals - For cap table management and investor reporting
I offer consultations on startup equity structures, founder agreements, and cap table planning for California startups. Schedule a meeting below to discuss your specific situation.
Frequently Asked Questions
Comprehensive answers to common cap table questions for founders and startup employees.
Cap Table Basics
A capitalization table (cap table) is a comprehensive record of a company's equity ownership structure. It tracks who owns what percentage of the company, including founders, investors, and employees with stock options. The cap table evolves with every equity transaction - founder grants, option grants, financing rounds, and conversions.
Cap tables are critical for several reasons: They determine each shareholder's economic and voting rights. They're scrutinized during due diligence for any financing or acquisition. They're required for accurate 409A valuations. They determine payout amounts in an exit. Maintaining an accurate cap table from day one prevents costly legal and financial issues later.
Common stock is the basic form of equity ownership, typically held by founders and employees. Common shareholders have voting rights and receive distributions only after all other obligations are paid. In most exits, common shareholders are last in line for payment.
Preferred stock, held by investors, includes special rights negotiated in term sheets: Liquidation preference (typically 1x, meaning investors get their money back before common shareholders receive anything). Anti-dilution protection. Information and inspection rights. Board seats and protective provisions. Preferred stock usually converts to common in an IPO or at the holder's election.
Fully diluted ownership calculates your percentage assuming all potential shares are issued. This includes: All issued common and preferred shares. All outstanding stock options (whether vested or unvested). All reserved but unissued option pool shares. All SAFEs, convertible notes, and warrants (assuming conversion).
Investors always think in fully diluted terms because it represents the true ownership picture. A founder with 50% of issued shares might only have 35% on a fully diluted basis after accounting for the option pool and outstanding SAFEs. Understanding your fully diluted ownership is essential for accurate financial planning.
Price per share in a priced round equals the pre-money valuation divided by fully diluted shares outstanding: Price = Pre-Money Valuation / Fully Diluted Shares.
For example: If a company has 10 million fully diluted shares and raises at a $10 million pre-money valuation, the price per share is $1.00. If investors are putting in $2 million, they receive 2 million new shares at $1.00 each. The post-money valuation is $12 million, and investors own 2M / 12M = 16.67%.
Founder Equity
There's no universal formula for founder splits, but consider these factors: Who originated the idea? Who is committing full-time? Who has relevant expertise? Who is contributing capital? Who will be CEO? Many startup advisors recommend avoiding 50/50 splits because they create governance challenges - consider 51/49 or 60/40 instead.
Some founders use frameworks like the Slicing Pie model to track contributions dynamically. Others negotiate the split upfront based on expected contributions. Whatever method you choose, document it legally, implement vesting, and have honest conversations early to prevent later disputes.
Founder vesting means founders earn their equity over time rather than receiving it all upfront. Standard terms are 4-year vesting with a 1-year cliff: After one year, 25% of shares vest. Then shares vest monthly (or quarterly) over the remaining 3 years.
Vesting protects the company and all founders. If a co-founder leaves after 6 months, they keep only vested shares, not their full allocation. Without vesting, departed founders retain their full stake while remaining founders do all the work. Most investors require founder vesting, and having it in place from incorporation signals good governance.
Founder ownership typically decreases with each round. A rough framework: Post-Seed: Founders retain 70-80%. Post-Series A: Founders retain 50-60%. Post-Series B: Founders retain 35-45%. At IPO: Founders typically own 10-25%.
These are broad ranges - actual ownership depends on how much you raise, at what valuations, and how much equity goes to employees. The goal isn't to minimize dilution but to maximize the value of your remaining stake. Owning 10% of a $1 billion company is far better than owning 60% of a $10 million company.
Funding Rounds & Dilution
Dilution occurs when new shares are issued, reducing existing shareholders' ownership percentage. If you own 50% of 10 million shares (5 million shares), and the company issues 2.5 million new shares to investors, you still own 5 million shares but now represent 40% of 12.5 million total shares. Your percentage has been diluted by 20% (from 50% to 40%).
Dilution isn't inherently bad. If the company's valuation increases more than the dilution, your stake becomes more valuable despite representing a smaller percentage. The key question is whether the capital raised will increase company value more than proportionally to the dilution taken.
Pre-money valuation is what the company is worth before receiving new investment. Post-money valuation equals pre-money plus the new investment amount. For example, a $10 million pre-money valuation with a $2 million investment results in a $12 million post-money valuation.
Investor ownership percentage is calculated as: Investment Amount / Post-Money Valuation. In this example, investors own $2M / $12M = 16.67%. Be careful to clarify which valuation is being discussed - the same deal can be described as "$10M pre-money" or "$12M post-money" with $2M raised.
The option pool shuffle is when investors require creating or expanding an option pool before (pre-money) rather than after (post-money) their investment. This means the dilution from the option pool comes entirely from existing shareholders, not from investors.
Example: A "$10M pre-money" term sheet that requires a 20% option pool means: Founders and existing shareholders absorb the 20% pool dilution first. Then investors buy in at the $10M valuation. The effective pre-money is really $8M (80% of $10M). Always calculate your true ownership and effective valuation when option pool requirements are involved.
SAFEs (Simple Agreements for Future Equity) represent committed future dilution even though they don't appear on your cap table until conversion. Post-money SAFEs (the current Y Combinator standard) are easier to track: A $500K SAFE with a $5M post-money cap represents exactly 10% of the company at conversion.
Pre-money SAFEs require more complex conversion calculations at the next priced round. Track all outstanding SAFEs and model conversion scenarios to understand your true fully diluted ownership. When raising a priced round, all SAFEs typically convert simultaneously, creating significant dilution that should be anticipated.
Option Pools & Employee Equity
Option pool sizes vary by stage: Seed stage: 10-15% is common. Series A: 15-20% is typical. Later stages: Pools may be 10-15% as hiring needs become more predictable.
The right pool size depends on your hiring plan between now and your next round. Build a bottoms-up model: List every hire you plan to make, assign equity ranges based on role and level, sum the amounts, and add a buffer. This approach is more defensible in negotiations than accepting arbitrary percentage demands from investors.
Early employee equity varies widely based on stage, role, and risk level. General ranges for pre-Series A startups: First few engineers: 0.5-2%. Employees #5-10: 0.25-1%. Directors/managers: 0.25-0.75%. VP-level hires: 0.5-1.5%.
After Series A, these ranges typically decrease by 50-70% as the company is de-risked. Use equity compensation surveys for your specific market and stage. Remember that equity grants should be competitive with market rates - if your salary is below market, equity should compensate for the difference.
Incentive Stock Options (ISOs) receive favorable tax treatment: No tax at grant or exercise (for regular tax; may trigger AMT). Long-term capital gains treatment if held 2 years from grant and 1 year from exercise. Only available to employees, with annual limits ($100K of value vesting per year).
Non-Qualified Stock Options (NSOs) have different tax treatment: No tax at grant. Ordinary income tax on the spread (FMV minus exercise price) at exercise. Capital gains on subsequent appreciation. Available to anyone (employees, contractors, advisors). No annual limits.
A 409A valuation is an independent assessment of a private company's common stock fair market value. It's named after IRS Section 409A, which requires stock options to be granted at fair market value to avoid tax penalties. The valuation creates a "safe harbor" - if properly conducted, the IRS will presume the value is correct.
You need a 409A before granting any options and must update it: After each priced financing round. After material events (major customer wins, pivots, key hires). At least every 12 months. Options granted below the 409A value can trigger significant tax penalties for recipients under Section 409A.
Exits & Liquidity
Liquidation preference determines payout priority in an exit. "1x non-participating preferred" (most common) means investors get their money back first, then remaining proceeds are split among common shareholders. If investors put in $5M and the company sells for $10M, investors get $5M, and common shareholders split the remaining $5M.
"1x participating preferred" is more investor-friendly: Investors get their money back, then also share pro-rata in remaining proceeds. In the same scenario, investors get $5M plus their percentage of the remaining $5M. Participating preferred significantly reduces common shareholder returns in modest exits.
In an IPO, all preferred stock typically converts to common stock, eliminating the separate share classes. This happens because: Public markets trade a single class of common stock. Liquidation preferences become irrelevant when there's public market liquidity. The conversion ratio is usually 1:1, but anti-dilution adjustments may result in different ratios.
Some companies maintain dual-class structures (Class A and Class B common) post-IPO to preserve founder voting control, but these are separate from the preferred/common distinction in private companies.
Secondary sales of private company shares are possible but face several restrictions: Most startup shares have a Right of First Refusal (ROFR), allowing the company to buy shares before any outside sale. Board approval is typically required. Securities law compliance is necessary (private placement exemptions). Investors may have co-sale rights. Your stock agreement may have other transfer restrictions.
Secondary transactions are most common in late-stage companies (Series C and beyond) where there's a clear path to IPO. Platforms like EquityZen, Forge, and Nasdaq Private Market facilitate secondary transactions. Discuss any planned secondary sale with your company's legal counsel first.
Legal & Compliance
Proper equity issuance requires several documents: Board approval (unanimous written consent or board meeting minutes). Stock Purchase Agreement (for stock) or Option Agreement (for options). Stock certificate or book entry. 83(b) election (if applicable, filed within 30 days). Cap table update. State and federal securities compliance.
For option grants, you also need: An adopted equity incentive plan (with stockholder approval). Current 409A valuation. Grant notice specifying vesting terms. Exercise agreement template. Use a startup attorney or equity management platform to ensure proper documentation.
An 83(b) election is a tax filing that allows recipients of restricted stock to pay taxes on the stock's current value rather than waiting until it vests. For founders receiving stock at incorporation, this typically means paying pennies in tax on stock worth almost nothing, then paying only capital gains on all future appreciation.
Without an 83(b) election, you'd pay ordinary income tax as shares vest, based on their value at vesting - potentially a huge tax bill. The election must be filed with the IRS within 30 days of receiving restricted stock. Missing this deadline is irreversible. Founders should always file 83(b) elections when receiving unvested stock.
Best practices for cap table maintenance: Use proper cap table software (Carta, Pulley, AngelList Stack) rather than spreadsheets. Reconcile with your attorney's records quarterly. Document every transaction with proper board approval and agreements. Keep records of all stock certificates, option grants, and exercises. Track convertible securities (SAFEs, notes) separately until conversion.
Common cap table errors to avoid: Forgetting to record option exercises. Not updating for forfeitures and cancellations. Miscounting the option pool (reserved vs. granted vs. available). Not tracking convertible securities. Using outdated share counts in new documents. Maintain detailed transaction history and audit regularly.
Schedule a Consultation
Need guidance on cap table structure, founder agreements, equity compensation, or preparing for fundraising? I offer consultations for California startups on corporate and securities matters.