Frequently asked
questions.

No. There's one all-inclusive plan; every module and every export is included. You can toggle modules on or off, but that's your choice, not a paywall.

Open the app and start free. You can explore the seeded "Northwind Robotics" sample company immediately, then create your own company with the guided wizard or by uploading your existing documents for AI pre-fill.

The full product: every module enabled, sample company, imports, and portals. For plan specifics and billing for your team, contact us. Pricing is per company, and we'll keep it simple.

Yes. XLSX and JSON exports cover company details, share classes, shareholders, rounds, grants, and warrants; CSV exports the shareholder register; JSON restores that structured export; and Data Room documents download separately as a zip. We name the coverage precisely because exit rights should not depend on an ambiguous claim.

No. The native Windows app is included and runs on the same data as the web app.

Four paths. A guided wizard imports holder data from XLSX or CSV; JSON restore brings the structured Vquity backup back in; format-aware importers cover Carta and Pulley workbooks plus AngelList investor rosters, with deduplication; and the AI roster scan reads an uploaded shareholder document and pre-fills holder records for your review.

It reads a shareholder list you upload (a roster document, for example) and drafts holder entries from it. Nothing is saved automatically: every pre-filled record is presented for human review, and only what you confirm enters the cap table.

Every issuance, transfer, and repurchase, each as an entry tied to a holder and share class with its date. Transfers and repurchases run through dedicated flows, and database-level integrity rules keep holder balances in step with the entries, so totals can't silently drift the way they do in a balances-only spreadsheet.

Yes. Ownership is shown as-issued and fully diluted, with the option pool and outstanding instruments counted in the denominator. Warrants are recorded as first-class instruments alongside SAFEs and equity, so the fully diluted picture includes the instrument most often missed.

Any time: XLSX and JSON cover company details, share classes, shareholders, rounds, grants, and warrants; CSV covers the shareholder register; JSON restores that structured backup; and Data Room files download separately as a zip. There's no export paywall or support ticket.

It counts equity-grant activity into a rolling 12-month window. The US view marks Rule 701's USD 10 million enhanced-disclosure point but does not calculate the exemption's asset and outstanding-class tests. Other region profiles track activity in a relevant currency without claiming a statutory local threshold. In every market, confirm eligibility, disclosure, tax, and filing obligations with counsel.

No. Vquity counts, records, and alerts. It does not give legal advice or file with regulators. The counter exists so the conversation with your counsel happens well before a limit, with the numbers already assembled, rather than after an accidental breach.

No, and we say so plainly. Consent records carry the details of the decision with the executed document attached; e-signature is not wired into the consent flow. You execute the consent the way your board executes documents, then record it in Vquity so the approval sits next to the grants and issuances it authorized.

Workspace admins. The audit trail logs cap-table changes (what changed, who changed it, when), and access-control roles gate which views each workspace member can open, so counsel, finance, and collaborators each see what their role grants. The reversibility report alongside it is enforced by database triggers, showing that changes are tracked and reversible.

Scheduled sweeps watch for time-sensitive equity events and post them to the notification center: valuations approaching expiry, vesting events like cliffs and milestones as they land, and other deadlines. Each user sets their own email preferences, so alerts reach the people who act on them.

No. It reduces blank-page drafting and repeated data entry by preparing a structured first draft from your Vquity records. Verify every autofilled value and have qualified counsel review any document you intend to sign, especially negotiated or non-standard terms.

Your region profile supplies the configured jurisdiction, governance labels, and currency, while linked company and cap-table records supply the relevant facts. Confirm that the selected template fits your company and jurisdiction before using it.

No. The 23+ built-in templates are starting points, not legal advice. Every template's guidance ends with a counsel-review disclaimer. Use them to hand your lawyer a complete first draft with your real numbers in place, and have counsel review anything you intend to sign.

From records you already keep in Vquity: the company profile and incorporation details, your SAFE defaults, and whichever cap-table records you link to the document: a shareholder, an option grant, a round, or a share class. Auto-filled fields stay marked until you edit them, and a summary names the records that filled the form, so you can verify every value before you export.

Three ways out: download a PDF, download a DOCX for counsel to redline, or file the generated document directly into the Data Room, where it lands tagged to its template next to the rest of your diligence documents.

Templates carry signature blocks with e-sign tags. From a rendered document you can send for signing through SignX, Lisan's native e-signature flow, or take the tagged document down the DocuSign path if your counterparties are already there.

Yes. The Template Manager lets you duplicate any built-in into an editable custom copy or author a template from scratch: body, category, guidance notes, a required-field checklist, and signature blocks. You can also hide built-ins your company never uses.

A canonical registry of roughly 120 document types across 8 sections: corporate structure, governance, equity instruments (SAFEs, side letters, ROFR/co-sale, warrants, vesting agreements), team, IP, compliance & KYC, financials, and material agreements. A grouped, searchable type picker is shared across the Edit dialog, upload review, and manual add, and aliases like NDA, AoA, and SPA resolve to the canonical type.

Every file is analyzed before anything uploads: document type, status, executed and expiry dates, duplicate detection against the existing room, and stakeholder suggestions when a name matches your cap table. All of it appears in an editable review list, so you fix a title or type before the file lands, not after.

Version-aware upload detects that a new document renews an existing one: a Commercial License 2025 dropped next to the 2024 one is chained to that series with an incremented version number and a "v2 of …" badge in review. Section tables collapse each series to its current version, with older versions one chevron away.

Yes, that's the point. Every extracted value in the document preview is editable in place; a correction writes back into the extraction record and into the cap table where the field maps to a real column. Each correction records before/after values, who changed it, when, and the AI's original confidence, and corrected fields wear an "edited" chip. The AI Extractions center adds a "Needs review" filter for low-confidence values.

Twelve items drawn from standard investor checklists: incorporation, constitution, licenses, registers, resolutions, cap table, instruments, ESOP, founder agreements, IP, KYC, and financials. An expandable what's-missing view names each gap, so you close them months before a term sheet. When you're ready to share, any selection of documents downloads as a single zip archive.

Windows, in native x64 and ARM64 builds. ARM64 means Snapdragon-powered Windows laptops run it without emulation. macOS and Linux versions are planned but not shipped yet. Until then, the full web app runs in any modern browser on any OS, against the same data.

No. Both are front doors to the same workspace and the same records. A round closed in the desktop app is instantly the state of the cap table on the web and in every stakeholder portal. There is no sync step, no export, and no desktop copy that can drift.

Use the Vquity download page or the Lisan Hub listing. Both point to the currently published Windows packages for supported architectures.

Links that use the vquity:// protocol to open the installed desktop app directly. Put one in a board pack, a runbook, or a chat message and clicking it opens the app rather than a browser tab. Useful anywhere you'd otherwise write "open Vquity and navigate to…".

No. Vquity has one all-inclusive plan covering every module on both web and desktop, with no per-stakeholder pricing. The desktop app is a download, not an upsell. It's free to start; install it from the download page or via the Lisan Hub at get.lisan.org/vquity.

The close is a single committed database operation: SAFE conversion, new investor shares, the option-pool top-up, and the pre-close snapshot all land together, or none of them do. If anything interrupts the close, your cap table stays exactly as it was. There is no half-closed state where converted SAFEs exist but the pool top-up doesn't.

With a YC-style fixed-point solver. Post-money conversion is circular (each SAFE's share count depends on a fully-diluted total that includes every SAFE's shares), so the solver iterates that dependency until the numbers agree. The math is covered by tests, and the Close-Round wizard uses this same engine for the real conversion, not a separate estimate.

No. It's a preview tool: set up a modeled round at a lower price and see how weighted-average or full-ratchet provisions would move each protected class before anything is signed. It never writes adjustments to the ledger. Applying an anti-dilution adjustment remains a deliberate decision you make with counsel.

Yes. Notes and KISS instruments are tracked as structured records with their caps and discounts, alongside SAFEs and warrants, and a bridge raise can be recorded as a convertible round. One honest limit: Vquity does not auto-accrue note interest at conversion. You record the agreed conversion amount, including any accrued interest, when the note converts.

Yes. Upload an executed SAFE and AI extraction drafts the structured record (holder, cap, discount) for you to review and confirm before it enters the cap table. Extracted fields stay editable, every override is logged, and the document itself is stored in the Data Room next to the record it supports.

You download the export file from Carta and upload it to Vquity. The importer auto-detects that it's a Carta export, maps stakeholders, share classes, and instruments into Vquity's schema, and de-duplicates against anything already in your workspace. You review the mapping before anything is written, so the ledger never sits half-imported.

Yes, with different coverage. Carta and Pulley workbooks can map supported classes, holders, rounds, and option sheets; the AngelList path imports supported investor rosters only. All use the same deduplication pass. The standard XLSX/CSV wizard imports shareholder rows, while JSON restores the structured Vquity backup.

ASC 718 stock-compensation expense, computed from your actual grants with a Black-Scholes model. The resulting journal entries, expense debits and APIC credits, post directly to mapped accounts in the Vinance general ledger, replacing the CSV someone would otherwise re-key into the accounting system.

No, it's review-first by design. PeopleX employee events land in a sync inbox as draft option grants (for new hires) and exercise-queue items (for departures). A human reviews and confirms each one before anything touches the ledger, so HR and equity stay aligned without silent writes.

Yes. Send a grant for acceptance and Vquity generates a grant PDF and a public, tokenized accept page. The recipient opens the link, reviews the terms, and accepts online, no account or app install required. The acceptance is logged against the grant, with the signed PDF on record.

No, and we'd rather say so plainly. The employee portal shows each holder their own options, vesting position, activity, and documents, but exercise requests are entered and reviewed admin-side in a dedicated approval queue. Approval runs as one atomic operation that updates the grant and the transaction ledger together, with an event log per request.

Time-based schedules with cliffs, milestone-based vesting, and accelerations, all recorded as individual, dated events in a vesting ledger rather than derived from a formula in a cell. A daily sync keeps each grant's vested and unvested position current, and the ledger view shows how a grant vested over time.

Grant templates let you define your standard terms (schedule, cliff, defaults) once in Settings and start each new grant from them, so terms stay consistent across hires. Conditional grants let you record a grant whose terms hinge on a condition, such as a financing or a performance target, with the condition captured on the grant record itself.

The pool-utilization chart breaks the authorized pool into granted-and-vested, granted-but-unvested, and available, updating live as grants are made. For planning ahead of an offer, the free ESOP calculator on this site models pool size and grant dilution before you commit.

With passwordless OTP: each stakeholder gets a private portal link, confirms their email, and enters a one-time code. Codes are stored hashed and expire after 10 minutes, sign-in attempts are rate-limited, and the resulting session is hashed too. Each portal token maps to exactly one stakeholder. There are no accounts to create and no passwords to reset.

No, and that's deliberate. The portal shows each holder their own position: their stocks, options, SAFEs, activity, documents, and tax view, computed server-side. There is no self-serve toggle that exposes the company's full cap table through the portal; when an investor needs the whole picture, you share it from the workspace on your terms.

It keeps working on what it last loaded: the portal caches the holder's most recent view, so their position stays readable on a flight or a weak connection, and a refresh pulls current numbers from the ledger once they're back online.

The fund-manager portfolio view rolls one investor's positions up across every Vquity company that issued to them, preferred shares in one, SAFEs in others, behind a single passwordless sign-in. Within each company, they still see only their own instruments, never the rest of that company's cap table. And since Vquity has no per-stakeholder pricing, issuing portals to every holder doesn't move the bill.

Two ways: manually, whenever you choose (before a board meeting, after a grant batch, ahead of an import), and automatically, because the Close-Round wizard writes a pre-close snapshot as part of every round close. The moment a close completes, you get a one-click jump straight to that snapshot in history.

A field-level reconciliation between any two snapshots: every holder added, removed, or changed with share balances and ownership percentages, every round's status, raised amount, and valuation, and every grant's granted and vested counts, each with its before and after value. The full diff exports to PDF for sharing with counsel or investors.

Yes. The restore preview is a strictly read-only view of the complete cap table at that moment: every holder with shares and percentages, every round, every grant. Nothing is modified; you use it to reconcile against the live table and correct the specific records that drifted.

They answer different questions. Snapshots capture whole states of the cap table and let you diff them, answering "what changed between these two dates?" The audit trail, part of Vquity's compliance tooling, logs individual changes with admin-gated visibility and a trigger-enforced reversibility chain, answering "who changed this, and can it be undone?" Diligence tends to want both.

Because diligence always asks what the cap table looked like before a round and exactly what changed. With an automatic pre-close snapshot on every close, the before state exists by construction. You answer with a two-minute diff and a PDF instead of reconstructing history from spreadsheet versions.

No, and we say so deliberately. Vquity is a 409A/FMV tracking tool: it records the valuation you bring from your valuation provider, manages recalculation and rollback with a full audit history, and alerts you before a valuation expires. If you need the valuation itself delivered as a service, that comes from a provider; Vquity is the system of record around it.

Scheduled expiry sweeps watch every valuation's effective window and flag the ones approaching their end, posting alerts to the notification center before the lapse. That gives you weeks to engage your valuation provider, instead of discovering a stale FMV the day you need to price a new grant.

Yes. When an FMV changes you recalculate the affected grants, and if the recalc was wrong (bad input, wrong scope), you roll it back. Every recalculation and rollback is kept in the audit history, so the record shows what changed, when, and what it was before.

The module follows your region profile. A US company records a 409A Valuation; a UK/EU company records an FMV Assessment; an Indian company records a Valuation Report, with the same lifecycle mechanics (record, recalc, rollback, expiry alerts) under whichever label your market uses. Vquity ships six region profiles: US, UK/EU, UAE, Saudi Arabia, India, and Singapore/SEA.

Vquity prices your recorded grants with a Black-Scholes model and produces the ASC 718 expense schedule, then exports the journal postings. If you use Vinance, Lisan's accounting app, the entries post directly to your mapped general-ledger accounts, so stock-comp expense never ends its life as a CSV someone re-keys.

No, and we say so on the page. The waterfall and scenario engines are what-if decision tools for comparing term sheets and pressure-testing offers before you commit. They are not an audit-grade legal calculation: a real distribution depends on the executed documents, and final exit payouts belong with counsel.

The test suite runs full cap-table fixtures through the waterfall engine and verifies that every dollar of the modeled exit value lands in exactly one tier: preferences, participation, escrow, carve-outs, and common must sum back to the exit value, with nothing created or lost. It's a correctness check on the model's arithmetic, not a legal guarantee about your deal.

Seniority tiers resolved in order, 1× and multiple liquidation preferences, participating and non-participating preferred with participation caps, escrow holdbacks, and management carve-outs. The terms are read from the share classes recorded in your cap table, so the model reflects what you've actually documented, including the convert-or-take-the-preference decision for each non-participating class.

Yes, that's the scenario modeler. Stack hypothetical rounds on your real cap table, each with its own valuation, pool top-up, escrow, and anti-dilution assumptions, then run one or more exits at the end of the chain. The model projects each holder's dilution and payout through every step, and scenarios save side by side for comparison.

No. Scenarios and waterfalls are sandboxes on top of the ledger. They read your recorded share classes and holdings but never write to them. Closing a real round goes through the atomic Close-Round wizard; modeling a hypothetical one leaves the ledger untouched.

Yes. Releases are code-signed and served over HTTPS from updates.lisan.org, with SHA-512 hashes published in the release feed.

Windows 10 and 11, on both x64 and ARM64. The universal installer detects your architecture automatically.

No. The web app at lisan.org/vquity is the full product. The desktop app adds a native window and vquity:// deep links for teams that live on Windows.

Published builds are distributed through the Vquity release directory and Lisan Hub. Check the download page for the currently available package.

No. Vquity tracks the Valuation Report lifecycle: the record itself, recalculation, rollback, a full audit trail, and an alert before it expires. The report comes from your registered valuer or merchant banker; you bring it, Vquity keeps it current and auditable.

Vquity converts the amount you confirm. It does not automatically accrue coupon interest at conversion. If your CCD carries a coupon, add the accrued amount to the conversion value before closing the round. Most venture CCDs carry a nominal coupon, so the conversion value is usually just the principal.

Yes. The India profile switches the currency to INR and digit grouping to Indian numbering across the app, so ten million shares renders as 1,00,00,000 (one crore) in the ledger, statements, exports, and stakeholder portals.

Pick the profile that matches the entity issuing the equity. A Delaware parent runs on the United States profile (C-Corp, common stock, 409A Valuation); a Singapore holdco runs on the Singapore/SEA profile (Pte Ltd). Each company in Vquity carries its own region profile, and you can switch a company's profile in settings.

No. Vquity is your equity system of record, not a filing agent. It keeps jurisdictions, grants, rounds, and documents organized under the Saudi profile, with an audit trail and a rolling-12-month activity view, while eligibility analysis, notices, and regulatory submissions stay with you and your counsel.

No. The profile carries Zakat model awareness (your records are framed for a Zakat-assessed company rather than a US tax entity) but the assessment itself belongs with your tax adviser. If you run accounting in Vinance, stock-comp expense posts to the general ledger so your books stay in step.

Yes. SAFEs sit on the instrument menu alongside convertible loans and Sharia-structured instruments like Mudaraba. The close-round wizard converts outstanding SAFEs with a tested post-money solver when you price the round, and amounts display in your company currency.

Match the profile to the issuing entity, the company whose shares are actually on the cap table. A Delaware or ADGM topco uses that region's profile; a Saudi SJSC or LLC uses the Saudi profile. The Academy lesson on regional equity differences covers how the labels and instruments shift.

Yes. The post-money SAFE is a first-class instrument in the Singapore & SEA profile, and the Close-Round wizard converts an entire SAFE stack with a tested, YC-style post-money solver, plus pool top-up and a pre-close snapshot, in one atomic step. CLNs are managed alongside SAFEs through the same approval queue.

Yes. The profile formats the cap table in SGD by default, with room for the regional currencies that cross-border rounds bring in. Shares, SAFEs, grants, and reports all present in your market's currency and number format rather than defaulting to USD.

No, the 409A is a US tax construct. The Singapore & SEA profile drops the 409A label in favor of fair-market-value framing. Vquity tracks your valuation lifecycle with recalculation, rollback, an audit trail, and expiry alerts; the valuation itself comes from your valuation provider.

That's the structure the profile assumes. The cap table, SAFE stack, and ESOP live at the Singapore Pte Ltd, while passwordless OTP portals give employees and investors anywhere in the region their own view of stocks, options, SAFEs, and documents. No per-country account provisioning, and no per-stakeholder pricing as the team grows.

Yes. They sit on the instrument menu alongside Convertible Loans, SAFEs, and ordinary equity, so a Sharia-structured investment is recorded as what it is rather than shoehorned into a US template. Structuring the instrument itself stays with your counsel; Vquity is the system of record that tracks it.

Match the profile to the issuing entity, the company whose shares are actually on the cap table. For most venture-backed UAE startups that's the DIFC or ADGM topco, so pick the UAE profile and set the jurisdiction to DIFC or ADGM. The Academy lesson on regional equity differences covers how labels and instruments shift when structures span markets.

Yes. SAFEs sit on the instrument menu alongside Convertible Loans, and the close-round wizard converts outstanding SAFEs with a tested YC-style post-money solver when you price the round. Convertible-loan conversions are modeled in the scenario workspace before you commit, with the conversion amount set per your agreement.

No. Vquity is your equity system of record, not a filing agent. It keeps jurisdictions, instruments, grants, and documents organized under the UAE profile, with an audit trail and a rolling-12-month activity view, while exemption analysis and regulatory filings stay with you and your counsel.

No. Vquity tracks the FMV Assessment lifecycle: the record itself, recalculation, rollback, a full audit trail, and an alert before it expires. The assessment comes from your valuation provider or accountant; you bring it, Vquity keeps it current and auditable.

An ASA (Advance Subscription Agreement) is a subscription for shares paid in advance: equity from day one, no interest, no repayment right, converting at the next round or a longstop date. A CLN is a loan note that accrues interest and can be repayable. A SAFE is the US cousin of the ASA. The no-interest, no-repayment structure is why UK rounds built around SEIS/EIS relief typically use an ASA, though relief eligibility itself is a matter for your advisers, not your cap-table tool.

Vquity converts the amount you confirm. It does not automatically accrue loan-note interest at conversion. If your CLN carries a coupon, add the accrued interest to the conversion value before closing the round. ASAs sidestep this entirely: they carry no interest by design.

The UK/Europe profile covers UK, German, French, Dutch, Irish, Swedish, and Spanish jurisdictions, with EUR formatting for continental entities. Its entity model is the private limited company and its governance framing is UK-anchored (Companies Act 2006), so jurisdiction-specific details of a GmbH or SAS live in the instrument fields and document records rather than a dedicated local template. Each company in Vquity carries its own region profile, and you can switch a company's profile in settings.

No. Vquity tracks the 409A Valuation lifecycle: the record itself, recalculation, rollback, a full audit trail, and an alert before the valuation expires or a material event ends the safe harbor. The valuation comes from your 409A provider; you bring the fair market value, Vquity keeps it current and auditable.

It keeps a rolling-12-month tally of equity-grant activity and marks the USD 10 million enhanced-disclosure point. It does not calculate the separate USD 1 million, 15%-of-assets, or 15%-of-class sales-limit tests, so confirm eligibility and disclosure timing with securities counsel.

Yes. The external importer auto-detects Carta, Pulley, and AngelList exports and de-duplicates on import. XLSX and JSON export company details, share classes, shareholders, rounds, grants, and warrants; CSV exports shareholders; and JSON restores the structured backup. You can also upload SAFEs and formation documents and let AI extraction pre-fill setup for review.

Yes. The US profile covers Delaware, California, New York, Texas, Nevada, and Wyoming. You set the state of incorporation and the profile carries it through records and documents. The instrument set, 409A Valuation label, USD formatting, and Rule 701 counter apply across all six; DGCL framing is most literal for Delaware entities.

Both. AngelList's public site covers fund infrastructure such as SPVs and fund administration alongside company products for incorporation, fundraising, and equity management. Vquity is a focused company-side equity product with no fund administration or fundraising marketplace.

No, and it doesn't try to. AngelList's fund and syndicate ecosystem is unmatched among cap table vendors. Vquity manages the equity you've already issued. It includes a fund-manager portfolio view for investors, but it is not a fundraising venue and does not form SPVs or administer funds.

Vquity states a company-based all-inclusive model without per-stakeholder metering. AngelList's current company page did not show a directly comparable equity-management price table when checked on 18 July 2026, so request current terms from both vendors before deciding.

Partly. The AngelList path auto-detects supported investor or investment sheets and imports the investor roster with deduplication. It does not reconstruct classes, rounds, grants, SAFEs, or transactions, so complete and reconcile those records before taking a baseline snapshot. XLSX/JSON, shareholder CSV, and Data Room zip provide the documented exit paths.

Yes. The fundraising venue and the system of record are separate decisions. Plenty of companies raise through AngelList syndicates and keep their equity records elsewhere. Close the round there, record the issuance in Vquity, and snapshot the result.

No. Cake's public pricing page checked on 18 July 2026 includes delivered 409A services; Vquity tracks the 409A/FMV lifecycle while you bring the valuation from a provider. If a bundled 409A is decisive, Cake wins that point.

Cake's public pricing checked on 18 July 2026 uses stakeholder bands. Vquity states a company-based all-inclusive model without per-stakeholder metering. Request current quotes from both vendors before deciding.

Partly. There is no Cake-specific importer. The standard XLSX/CSV path imports shareholder rows; classes, grants, rounds, and transaction history require separate migration and reconciliation. Export coverage is documented: XLSX/JSON for company details, classes, shareholders, rounds, grants, and warrants; shareholder CSV; JSON restore; and Data Room zip.

That is its strongest case. Vquity ships region profiles for the US, UK/EU, UAE, Saudi Arabia, India, and Singapore/SEA with local instruments (SAFE, ASA, CLN, Mudaraba, CCD), local currencies including Indian numbering, and the correct valuation label per jurisdiction. Note the flip side: Vquity has no Australia region profile, which is Cake's home turf.

Vquity ships a native Windows app with deep links on the same workspace data as its web app. No Cake desktop download was found on the public pages checked on 18 July 2026, but confirm current availability directly with Cake. Vquity's macOS and Linux apps are planned, not shipped.

No. Carta delivers an audit-defensible 409A as a service; Vquity tracks the 409A/FMV lifecycle (recalculation, rollback, audit trail, and expiry alerts) while you bring the valuation from a provider. If a bundled 409A decides it, Carta wins that point.

No. Fund administration, transfer-agent services, and secondary/liquidity programs are Carta business lines that Vquity does not offer. Vquity focuses on the company-side equity stack: cap table, rounds, options, modeling, data room, and portals.

Carta's public plan page checked on 18 July 2026 uses company-stage or size packaging and stakeholder bands. Vquity states a company-based all-inclusive model without per-stakeholder metering. Request current quotes from both vendors before deciding.

Yes. The Carta importer auto-detects supported workbook layouts and maps share classes, stakeholders, financing rounds, and option grants where those sheets are present, with stable deduplication. Reconcile totals and instruments before taking the baseline snapshot. Export coverage is documented separately: XLSX/JSON for the structured cap-table backup, shareholder CSV, and Data Room zip.

Vquity ships configured profiles for the US, UK/EU, UAE, Saudi Arabia, India, and Singapore/SEA, including instrument labels, currencies, Indian numbering, and regional valuation terminology. These are workflow defaults rather than legal advice; compare the exact jurisdictional coverage you need with Carta before deciding.

Potentially for startup-stage cap-table workflows, but not as a blanket replacement. Vquity covers cap table, rounds, options and vesting, modeling, portals, data room, and document generation. Ledgy publicly offers broader global compliance, public-company, trading, settlement, and executive-compensation workflows. Compare your required processes one by one.

Partly. Vquity has no Ledgy-specific importer, and its standard XLSX/CSV wizard imports shareholder rows only. Migrate share classes, grants, rounds, SAFEs, and transactions separately, then reconcile fully diluted totals and material instruments before switching over.

Vquity ships a native Windows app on the same data as its web app. No Ledgy desktop download was found on the public product and pricing pages checked on 18 July 2026, but confirm current availability directly with Ledgy. Vquity's macOS and Linux apps are planned, not shipped.

We won't quote Ledgy's prices, since they change and depend on your tier. The structural difference is what matters: Ledgy's plans scale with stakeholder count and company size, while Vquity is one flat all-inclusive plan with no per-stakeholder metering. The bigger your team gets, the more that difference compounds. Vquity is free to start; contact us for specifics.

Yes. There is a dedicated UK/EU region profile with local instruments like the ASA and Convertible Loan, and the core modules are jurisdiction-aware. The honest caveat: Vquity does not replicate Ledgy's per-country employee tax reporting for large multi-entity EU workforces.

No. Pulley delivers a done-for-you 409A; Vquity tracks the 409A/FMV lifecycle (recalculation, rollback, audit trail, and expiry alerts) while you bring the valuation from a provider. If a bundled 409A is your deciding factor, Pulley wins that point.

Pulley's public pricing checked on 18 July 2026 uses stakeholder and company-stage bands. Vquity states a company-based all-inclusive model without per-stakeholder metering. Request current quotes from both vendors before deciding.

Yes. The Pulley importer auto-detects supported workbook layouts and maps share classes, holders, rounds, and option grants where those sheets are present, with stable deduplication. Reconcile totals and instruments before taking the baseline snapshot. Export coverage is documented separately: XLSX/JSON for the structured cap-table backup, shareholder CSV, and Data Room zip.

Not yet. Employees get a passwordless portal showing their stocks, options, SAFEs, activity, and documents, but exercise submissions run through the admin-side approval queue. Pulley's portal-side exercise flow is genuinely more polished today.

Vquity ships configured profiles for the US, UK/EU, UAE, Saudi Arabia, India, and Singapore/SEA, including instrument labels, currencies, Indian numbering, and regional valuation terminology. These are workflow defaults rather than legal advice; compare the exact jurisdictional coverage you need with Pulley.

When there are one or two founders with a simple split, no outside investors, no SAFEs or notes, no option pool, and nobody outside the company who needs to verify the numbers. That describes many very early companies, and for them a one-tab sheet is the right tool. The moment any of those change, usually all at once in the same fundraise, the sheet starts accumulating silent risk.

Converting post-money SAFEs by pricing each one at cap divided by current shares. A post-money SAFE fixes ownership at investment divided by cap, and stacked SAFEs plus a pool top-up make the math circular. In our worked example, the naive formula shorts the SAFE holders about 2 percentage points, an error that surfaces when the lead investor's counsel runs their own pro forma at closing.

Partly. The standard XLSX/CSV wizard imports shareholder rows. Share classes, grants, rounds, instruments, and transaction history need separate migration and reconciliation before you take a baseline snapshot. Signed documents can go through the Data Room's extraction-and-review flow alongside that work.

Yes, at any time. XLSX and JSON export company details, share classes, shareholders, rounds, grants, and warrants; CSV exports shareholders; JSON restores the structured backup; and Data Room files download as a zip. The coverage is explicit, not hidden behind a support request.

It is free to start, and the paid plan is one flat all-inclusive price with no per-stakeholder metering, every module included. We publish no specific figures here; contact us for plan details. The honest comparison: the sheet's software cost is zero, and its real cost is founder hours plus the risk of silent math errors.

Standard term sheets size the new pool as a percentage of the post-round company but create it pre-money, so it comes entirely out of existing holders. Investors' 20% stays 20%; your share absorbs the whole pool. That's the 'option pool shuffle.'

Not by itself. Owning 17.5% of a $15M company beats owning 25% of a $12M one in dollar terms. Dilution is bad when the price is wrong or the pool ask is oversized relative to your actual hiring plan, which is exactly what you should negotiate.

SAFEs convert simultaneously with the round and add their own dilution on top, at their cap or discount price. Use the SAFE calculator for a single note, or model the whole stack (SAFEs, pool, and round together) in Vquity's scenario modeler.

Common seed-stage pools land between 8% and 15% post-round, but the spread is wide precisely because it should depend on the hiring plan. A company hiring three executives needs a very different pool than one hiring six juniors.

They're planning midpoints drawn from widely used seed/Series A benchmark ranges. They're good enough to size a pool, not to make a specific offer. Actual grants vary by market, stage, cash trade-off, and candidate.

Investors sometimes anchor on a headline pool size while ignoring what's already unallocated. If you have 2% free and need 3.9%, the round only needs a 1.9% top-up. Pushing back with that math is often worth over a point of founder equity.

A post-money SAFE (the YC standard since 2018) fixes the investor's ownership at signing: investment ÷ post-money cap. A pre-money SAFE's ownership depends on everything else that converts alongside it, so it dilutes unpredictably. This calculator models the post-money form.

Whichever gives the investor more ownership. The discount only beats the cap when your priced round values the company below cap ÷ (1 − discount). With a $5M cap and 20% discount, that crossover is a $6.25M round valuation.

Multiple SAFEs converting at once, an option-pool top-up in the round, and pro-rata rights all interact. The round's share price and the SAFE conversions are a simultaneous system. Vquity's close-round wizard solves it atomically on your actual cap table.

Non-participating preferred picks ONE: money back or pro-rata share. Participating preferred takes its money back AND its pro-rata share of the remainder, which is why it's often capped at a multiple like 3×.

The exit price where converting to common pays the preferred holder exactly as much as taking the preference. Above it, the preference is irrelevant and everyone shares pro-rata; below it, the preference bites and common absorbs the difference.

Real waterfalls stack several preference tiers with seniority ordering, participation caps, escrow holdbacks, management carve-outs, and unexercised options. This tool models a single class to teach the mechanics; Vquity's waterfall module handles the full structure.

Your company issues you a private portal link. Open it, confirm your email, and enter the one-time code that arrives (it expires in 10 minutes and sign-in is rate-limited). Inside are six views of your own position: stocks, options, SAFEs, activity, documents, and tax. No account, no password.

It's computed server-side from the same ledger the company runs its cap table on, at the moment you load it. There is no copy that can drift: if the company closes a round or your monthly tranche vests, your view reflects it.

Through a public, tokenized link your company sends: review the terms, accept online, and a signed grant PDF is generated and filed on your grant record. The acceptance event is logged with a date, so there's never a question later about whether you accepted.

Not self-serve, and we say so plainly. Exercises change the cap table and carry tax consequences, so requests are entered and approved on the company's side in a dedicated queue, as one atomic operation. Your portal shows exactly what you've vested so that conversation starts from shared numbers.

The free Equity Academy, no signup needed. Start with 'equity for employees', then 'vesting explained' for cliffs and schedules, and 'reading a cap table' to understand the denominator behind your percentage. An hour of reading puts you ahead of most offer negotiations.

No, and this is exactly the right time. A five-row cap table takes minutes to set up, and every event after that (the first SAFE, the first grant, the first transfer) lands as a clean ledger entry instead of a spreadsheet edit. Founders who start clean never have to do the painful reconstruction that founders who start in Excel eventually do. The plan is free to start, so there's no cost argument for waiting.

Usually an afternoon. From a spreadsheet, the guided XLSX/CSV import wizard maps your columns, or you upload a shareholder list and the AI roster scan drafts the records for review. From Carta, Pulley, or AngelList, the external importer auto-detects the export format, maps holders, classes, and instruments, and de-duplicates before anything writes.

The failure mode where a close is applied halfway: SAFEs converted but the pool never topped up, or new shares issued with no record of the before-state. Vquity runs SAFE conversion, the pool top-up, new issuances, and the pre-close snapshot as one committed operation. Either the whole close lands or none of it does, and the before-state exists by construction for diligence.

Yes, that's the scenario modeler. Stack hypothetical rounds and exits on your real cap table, each with its own valuation, pool top-up, and anti-dilution assumptions, and compare saved scenarios side by side. Nothing touches the live ledger until you close a real round through the wizard.

Nothing. Vquity is priced per company, not per stakeholder: every employee, investor, and advisor you add, and every portal you issue, is included. The platforms that price per stakeholder turn each hire into a billing event; we think that's backwards, so the meter doesn't exist.

No. Each company that issues to you sends a private portal link; you confirm your email and enter a one-time code (hashed, 10-minute expiry, rate-limited). Inside are six views of your own position: stocks, options, SAFEs, activity, documents, and tax. There is nothing to install and no password to manage.

For now, yes: each company sends its own portal link, and you open each with a one-time code. A cross-company portfolio roll-up (one passwordless sign-in that aggregates every position issued to you) is in active development. It keeps the same rule the per-company portal enforces today: within each company you only ever see your own holdings, never the rest of its cap table.

Not through the portal, by design. The portal scopes each stakeholder to their own position. When you need the full picture, the company shares it deliberately from their workspace as an export or a snapshot PDF. That keeps disclosure a decision the company makes, with a record of it.

Fast. Before-and-after of any round is a two-click snapshot diff with PDF export; executed documents live in a classified data room with a 12-item readiness score; and every balance traces back to ledger entries. The reconciliation work that usually eats the first diligence week is largely already done.

Nothing. Companies pay one flat plan; stakeholder access, portals included, is part of it. Vquity has no per-stakeholder pricing, so companies don't ration portal access and investors never see an invoice.

Vquity is a complete equity-management platform: cap table, funding rounds, SAFEs and convertibles, option grants and vesting, exit waterfall modeling, 409A/FMV tracking, a diligence data room with AI extraction, and passwordless portals for investors and employees. It runs on the web and as a native Windows desktop app, on the same data.

No. Cap-table incumbents meter by stakeholder count or company size, so your bill grows every time you hire or add an investor. Vquity is part of the all-inclusive Lisan platform: one plan, every module, no metering.

Yes. Load the "Northwind Robotics" sample company in one click and explore a realistic post-Seed cap table. Snapshots, waterfall, vesting, and alerts all render live because every date is anchored to today.

Yes. The external importer auto-detects exports from Carta, Pulley, and AngelList and de-duplicates on import. XLSX and JSON exports cover company details, share classes, shareholders, rounds, grants, and warrants; CSV exports the shareholder register; JSON restores the structured backup; and Data Room documents download as a zip.

Six region profiles ship today: the United States, the United Kingdom and Europe, a profile covering the UAE, Qatar, Bahrain, Kuwait, Oman, Jordan, and Egypt, plus Saudi Arabia, India, and Singapore and Southeast Asia. Each has real jurisdictions, localized instruments (SAFE, ASA, CLN, Convertible Loan, Mudaraba, CCD), correct currency and number formatting, and the right valuation label.

Yes. Every image on this page is captured from the shipping product with the seeded Northwind Robotics sample company loaded, in the dark theme. Nothing is a mockup or a render.

Yes, in one click. Open the app, choose Explore a sample company, and the same Northwind Robotics dataset is seeded for you with every date anchored to today.

Yes. The whole app ships in light and dark themes; these captures use dark. Theme is a per-device setting.