Equity guides that answer
the question first.
Every guide opens with the answer, then shows the math, the deadlines, and the trade-offs. Written for founders and finance leads, checked against primary sources.
October 4, 2026 · 9 min read
Claude Cap Table Connector Setup: Connect Capable Safely
Connecting Claude to a live cap table takes one URL and one sign-in, but the part that protects you is verification. This guide walks through adding Capable's remote MCP server in Claude, then checking the three things that decide whether an answer is trustworthy: which company the connector is scoped to, what denominator the ownership percentage uses, and whether every write is still a proposal waiting on an authorized admin. It includes a setup decision table, an exact verification checklist, a read-versus-write matrix, troubleshooting, limits, and a short safe prompt sequence you can paste into a fresh conversation.
safe · 4 min read
Multiple post-money SAFEs: a two-stage dilution worksheet
Two cap-only post-money SAFEs totaling $1.75 million at a $10 million cap imply a conditional 17.5% as-converted stake. If cap prices control and new investors receive 20%, that stake becomes 14%. This worksheet shows both stages and the signed terms that can change them.
October 1, 2026
Pulley · 5 min read
Pulley is shutting down: what to do before December 8, 2026
Download your Pulley records now. Opting in to Carta by November 30, 2026, opens a transition discussion; signing starts the new agreement and first-year pricing. Pulley services end December 8 and limited data access ends January 31, 2027. Keep independent exports, compare written terms, and verify your new records before relying on them.
Updated October 1, 2026
Tax · 4 min read
83(b) election guide: deadline, how to file, and when it makes sense
An 83(b) election tells the IRS you want to be taxed on restricted stock when you receive it, rather than each time it vests. You must file it within 30 days of the stock being transferred to you, with no extensions. For founders buying shares at fair market value, the tax owed at filing is usually zero, and filing avoids ordinary income tax on the stock's growth as it vests. Since July 2025 you can file online with IRS Form 15620.
September 16, 2026
Carta · 3 min read
Carta pricing explained: what startups actually pay in 2026
Carta does not publish prices; you get a quote based on your stakeholder count, plan tier and add-ons. Vendr's data on 406 Carta purchases puts the median contract at $15,450 a year, with a range of about $2,900 to $55,500. Very small companies can start on a free Launch tier, but costs rise with each tier as you hire. For comparison, Capable publishes flat prices of $1,200 or $3,500 a year with unlimited stakeholders.
September 16, 2026
Carta · 3 min read
Carta vs Capable: price, features, migration and data ownership
Capable is the better fit for most seed to Series B startups: it publishes its prices ($1,200 or $3,500 a year), includes unlimited stakeholders, offers monthly billing, lets you cancel in the app, and has an AI connector that can propose changes for approval. Carta is the better fit if you need an SEC-registered transfer agent, fund administration, or late-stage services, and accept quote-based pricing with a median contract of $15,450 a year according to Vendr.
September 16, 2026
Pulley · 4 min read
How to migrate from Pulley, step by step
Migrating from Pulley takes five steps: export the cap table workbook and the Stakeholders report, download the data room, upload the two exports to your new provider, reconcile the fully diluted totals against Pulley's Ownership tab, then invite stakeholders. On Capable the import itself takes about ten minutes, and we will do the whole migration for free within 24 hours if you send us the files.
September 16, 2026
Options · 4 min read
ISO vs NSO: the differences in tax, eligibility and limits
ISOs (incentive stock options) can go only to employees and can qualify for long-term capital gains tax on the entire gain if the holder keeps the shares for two years from grant and one year from exercise, though the spread at exercise can trigger alternative minimum tax. NSOs (non-qualified stock options) can go to anyone, including contractors, advisors and directors, and the spread at exercise is taxed as ordinary income. Any ISOs that first become exercisable above $100,000 of value in a calendar year are treated as NSOs.
September 16, 2026
Equity basics · 3 min read
Option pool sizing: how big should your pool be?
Size your option pool from a hiring plan, not a rule of thumb: add up the grants you expect to make before your next round, then add a buffer for refreshes and surprises. Many seed and Series A companies land between 10% and 20% fully diluted. Negotiate where the pool sits, because a pool created in the pre-money valuation is paid for entirely by existing holders and lowers your effective valuation.
September 16, 2026
Fundraising · 3 min read
SAFE vs convertible note: differences, math and which to use
A SAFE and a convertible note both give an investor the right to shares in a future priced round, usually at a valuation cap or discount. The difference is that a convertible note is debt, with an interest rate and a maturity date, while a SAFE is not debt and has neither. Most US pre-seed and seed rounds now use Y Combinator's post-money SAFE because it is simpler and makes dilution easy to calculate; notes remain common when investors want debt protections.
September 16, 2026
Pulley · 4 min read
The best Pulley alternatives in 2026, compared
The best Pulley alternative for most seed to Series B companies is Capable: it matches Pulley's prices ($1,200 and $3,500 a year), removes stakeholder caps, imports a Pulley export self-serve, and holds the price for as long as you stay. Carta suits companies that want a transfer agent and a large vendor and accept quote-based pricing after year one. Mantle and Cake Equity are credible lower-cost options, and Eqvista is the cheapest to start.
September 16, 2026
409A · 4 min read
What is a 409A valuation? A founder's guide
A 409A valuation is an independent appraisal of the fair market value of a private company's common stock. You need one before granting stock options, because options priced below fair market value can trigger immediate income tax plus an extra 20% federal tax for the employee under Section 409A of the tax code. A valuation from a qualified independent appraiser is presumed reasonable for up to 12 months, or until a material event such as a priced round.
September 16, 2026
Equity basics · 3 min read
What is a cap table? Definition, example and how to read one
A cap table (capitalization table) is the record of who owns a company: every share, option, SAFE, note and warrant, who holds it, and on what terms. Its most important number is fully diluted ownership, which counts every share that exists or could exist from options, the unissued option pool and convertible securities. Investors, lawyers, auditors and acquirers all rely on it, so it has to match the signed documents exactly.
September 16, 2026
Pulley · 3 min read
Pulley vs Carta in 2026: what changes when Pulley customers move
Pulley vs Carta is no longer a choice between two live products: Pulley shuts down on December 8, 2026 and names Carta as its exclusive transition partner. Carta honours Pulley pricing for year one, credits unused prepaid balances and accepts Pulley's 409A, but has no monthly billing and prices year two on its own quotes. The third option is Capable, which charges Pulley's prices, removes stakeholder caps and holds the price while you stay subscribed.
Updated September 16, 2026
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