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Designs and maintains cap tables for each venture when the portfolio scales to Multi-LLC structure. Includes founder stake, studio stake, employee pool, advisor pool, convertible securities (SAFEs, notes), and dilution modeling through future rounds. Use when the user asks "cap table", "cap table management", "equity distribution", "dilution modeling", "SAFE conversion", "employee option pool", "/cap-table-per-venture". LEGAL DISCLAIMER applies.
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Diseña y mantiene el **cap table** (tabla de capitalización) de cada venture cuando el
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Diseña y mantiene el cap table (tabla de capitalización) de cada venture cuando el portafolio opera en multi-LLC. Cada venture tiene su propio cap table independiente, incluyendo modeling de dilución proyectada.
Cap table management tiene implicaciones legales y fiscales:
Esta skill genera estructura estructural, NO reemplaza:
Español. Términos equity en "español (English)" primera vez.
./portfolio/{studio-name}/ventures/{venture}/cap-table/
├── current.md # Cap table actual
├── dilution-scenarios.md # Modeling de rounds futuros
├── grants-log.md # Log de todos los grants históricos
└── 409a-valuation-history.md # Historia de valuations (si C-Corp)
Common stock: shares básicas. Founders + employees usualmente tienen common.
Preferred stock: shares con derechos adicionales (liquidation preference, anti-dilution, voting). VCs usualmente reciben preferred en priced rounds.
Convertible instruments:
Options:
RSUs (Restricted Stock Units): promise de shares en future milestones
| Shareholder | Shares | % FDC | Notes |
|---|---|---|---|
| Founder 1 | 4,500,000 | 45% | 4yr vest / 1yr cliff |
| Founder 2 | 3,500,000 | 35% | 4yr vest / 1yr cliff |
| Advisor pool | 100,000 | 1% | Vesting per FAST |
| Employee option pool | 1,000,000 | 10% | Unallocated |
| SAFE holder 1 | 500,000* | ~5% | Converts at next round |
| SAFE holder 2 | 400,000* | ~4% | Converts at next round |
| Total FDC | 10,000,000 | 100% |
*SAFE shares pre-conversion are estimates based on valuation cap / post-money; actual conversion depends on next round terms.
Cap table se recalcula completamente. Founders dilute de 80% combined a ~60-65%. Employee pool se expande antes del round (refresh).
Si la venture fue incubada en el studio antes del spin-out:
Critical: studio equity documentarse como "founder" shares del studio, no como convertible note (simplifica tax + voting).
Regla: pool typical antes de Series A = 10-15% fully diluted.
Growth-stage: pool = 15-20%.
Refresh: antes de cada round, VCs usualmente piden que founders agreement un pool expansion (aumenta pool a e.g. 15%) antes del round close. Esto diluye solo a founders (no al new VC), por lo que founders deben negociar carefully.
Si queremos founders stay at ≥50% combined after Series A:
Para preservar ≥50% post-Series A:
Si ya diluyeron mucho pre-Series A (SAFEs con caps bajos, múltiples pre-seed rounds), founders might not survive to keep control.
CT-1: "Lista todas las securities existentes en la venture:
Si el cap table está en un spreadsheet ya, describir su estructura."
CT-2: "Generar el cap table current con columnas:
CT-3: "Para cada SAFE/note outstanding, modelar conversion:
Comparar pre-money vs post-money cap differences."
CT-4: "Modelar 3 scenarios para next round:
Por cada scenario, recalcular cap table post-round y mostrar founder dilution."
CT-5: "Si es Delaware C-Corp, 409a valuation es requirement regulatorio para issuing options:
Generar ./portfolio/{studio}/ventures/{venture}/cap-table/current.md:
# Cap Table — [Venture Name]
**As of**: YYYY-MM-DD
**Entity**: [Delaware LLC / Delaware C-Corp / Cayman Exempted]
**Total shares authorized**: X
**Total shares issued**: Y
**Total shares fully diluted**: Z
## Cap table current
| Shareholder | Security | Shares | % FDC | Vesting |
|---|---|---|---|---|
| [Founder 1] | Common | X | 45% | 4yr/1yr cliff, started YYYY-MM-DD |
| [Founder 2] | Common | X | 35% | 4yr/1yr cliff, started YYYY-MM-DD |
| [Studio] | Common | X | 20% | Fully vested at spin-out |
| Employee pool (unallocated) | Options | X | X% | N/A until grant |
| Advisor pool | FAST options | X | X% | Per FAST agreements |
| [SAFE 1: Angel investor A] | SAFE | X* | X%* | Converts next round |
| [SAFE 2: Angel investor B] | SAFE | X* | X%* | Converts next round |
*SAFE conversion estimates based on current valuation; actual at next round.
## Dilution scenarios
### Scenario: Seed $3M @ $12M post-money
Numerical example (cada columna suma 100%):
| Shareholder | Pre-round % | Post-round % | Dilution |
|---|---|---|---|
| Founder 1 | 40% | 28% | -12 pp |
| Founder 2 | 30% | 21% | -9 pp |
| Studio | 20% | 14% | -6 pp |
| Employee pool | 10% | 15% | +5 pp (refreshed before round) |
| SAFE 1 (converts) | — | 4% | — |
| SAFE 2 (converts) | — | 3% | — |
| New lead VC | — | 12% | — |
| New secondary VC | — | 3% | — |
| **Total** | **100%** | **100%** | — |
Notas:
- "Dilution" se expresa en **pp** (percentage points), no en porcentaje relativo
- SAFE conversion percentages dependen de valuation cap, discount, y MFN — los valores acá son ilustrativos
- Employee pool refresh (10% → 15%) se hace **antes del round**, por lo que dilute solo a founders + studio, no al nuevo VC
## Key terms in documents
- SAFE 1: $250k, $8M cap, MFN no, post-money SAFE
- SAFE 2: $150k, $6M cap, MFN yes, post-money SAFE
- Founders vesting: 4-year, 1-year cliff
- Employee options: ISO, 10-year term, early exercise allowed
- 83(b) elections filed: [list of recipients + dates]
## History log
See `grants-log.md` for every grant + amendment.
## 409a valuation history (if C-Corp)
See `409a-valuation-history.md`.
## Red flags
- [ ] All SAFE terms consistent? (no conflicting MFN provisions)
- [ ] Total outstanding ≤ total authorized?
- [ ] All founders' vesting tracked in platform (Carta, Pulley, Cake)?
- [ ] 83(b) elections filed dentro de 30 días for each grant?
- [ ] Employee pool sufficient for 12-18 months of hiring plan?
- [ ] Studio stake documented with proper agreements?
## Professional management recommended
Move to Carta / Pulley / Cake Equity si:
- 5+ shareholders
- Multiple SAFE/note rounds
- 10+ employees with equity
- Pre-Series A planning phase
Manual cap table in spreadsheet works up to ~4-5 shareholders. Beyond that, errors compound.
sweat-equity-agreement: individual grants tracked en cap tableventure-spin-out-playbook: establishes initial cap table of new entitystructure-decision: entity type (LLC vs C-Corp) affects available security typesattached-fund-structure: if studio has fund, fund becomes shareholder in ventures