Legal Logic We Bake Into Your Startup's Cap Table

Story.law bakes legal logic into your startup cap table: board consents, signatures, vesting and SAFEs checked by attorneys. See how it compares to Carta.

Introduction

Here's the uncomfortable truth: most cap tables track what founders type in, not what their legal documents actually say. One fat-fingered vesting date or a forgotten SAFE, and your "source of truth" turns into a source of diligence headaches. Cap tables are genuinely hard, and pretending otherwise is how founders end up paying lawyers to clean up software. Story LLP, the AI-native law firm behind Story.law, got tired of hearing founders complain about Carta for years. So it built the Aegis Cap Table with the lawyer logic baked in.

The difference is simple. In Story.law's own words, "Cap table software tracks what you tell it. Aegis builds your cap table based on legally-effective documents." The promise is lawyer logic built into your cap table and data room software, so you just need to upload the mess. This matters right now because Pulley announced on September 15, 2026 that it is winding down, leaving plenty of founders to rebuild or migrate. Below, we cover the legal rules Story.law applies to every share, option and SAFE, how founders use it, how it compares with Carta, Cake Equity, Eqvista, Shareworks and Pulley, an evaluation rubric, and FAQs.

Why Do Startups Need a Cap Table With Legal Logic Baked In?

A cap table is only as accurate as the legal documents behind it. Equity that was never signed, paid for or approved does not legally exist, no matter what a spreadsheet says. That is the core problem: most tools record what someone typed in, not what the company's documents actually support. Story.law takes a different view. It treats the cap table as a data visualization of your company's legal reality, not a spreadsheet of founder data entry. That matters because Series A investors care about the cap table. The ownership math determines what their investment actually buys.

The Problems Founders Hit Without a Legally Verified Cap Table

The data comes from manual entry, not legal documents. Most cap table software, including Carta, relies on data entered by founders or the lawyers they pay. A typo or a missed amendment becomes part of the record.
Shares can appear on the table that legally do not exist. Unsigned, unpaid or unapproved equity has no legal effect. A cap table can still list it. In one Story.law example, a founder verbally promised equity to three employees with no board consent, no stock plan and no signed agreements. Fixing it during Series A diligence cost $25,000 in legal fees and delayed the close by three weeks.
You still pay lawyers to check the software. Founders using standard cap table software still pay lawyers $5,000 to $10,000 to verify that it is accurate.
Problems surface at the worst possible moment. A BPM partner warns that most companies discover cap table problems in the middle of diligence or an audit, when fixing them costs the most. Messy paperwork means more diligence work and higher legal fees.

Legally grounded cap table tools address these problems at the source. They derive ownership from the documents that create it, so the table cannot show equity that was never properly issued. Story.law's cap table management is built only from legally effective documents. It runs automatically and requires zero founder work. Verification is built in, so you do not need a separate legal review of your software. Every Aegis Cap Table subscription includes attorney review of uploaded documents and a Story LLP engagement letter under attorney-client privilege. Gaps get caught before an investor finds them.

What Legal Logic Should You Look For in Cap Table Software?

Most cap tables look clean on screen, but a row in a spreadsheet is not the same thing as equity. Story.law's position is simple: unsigned, unpaid or unapproved equity does not legally exist. A cap table can show shares, options or SAFEs that would not hold up when an investor's lawyer reviews them. The rules below separate real ownership from entries that only look real. They are general principles, not jurisdiction-specific advice. Shares generally aren't validly issued until every condition is met. If your software can't check these rules, it can't tell you who actually owns your company.

The Legal Rules Story.law Bakes Into Every Cap Table

Board consent rule: Every share, option or SAFE should tie to a signed board consent. If the board doesn't approve the issuance of a security, that security does not exist, so Aegis flags any missing board consents.
Authorized share capacity: Story.law checks that the company has enough authorized stock before shares go out. Issuing shares without enough authorized stock makes the issuance invalid.
Valid stock issuance: Shares generally aren't validly issued until the board approves the issuance, a stock purchase agreement is signed, and the purchase price is fully paid in cash or through an IP assignment. Missing any one of these leaves the ownership in question.
Grant date rule: The grant date equals the board consent date. Mismatched dates are a common source of errors that later cause trouble in diligence.
Option rule: Options require a plan, a valid 409A valuation less than one year old, and a signed option agreement. Aegis verifies that the option pool has capacity and checks that the 409A is current, or flags it if it is not.
Vesting and 83(b): Vesting is tracked from the actual grant terms, not from memory. If shares vest, an 83(b) election must be filed within 30 days of issuance, so this deadline matters from day one.
Fully diluted view: A fully diluted cap table includes issued stock, options, warrants, SAFEs and convertible notes. Convertibles are tracked but not counted as issued stock until conversion, and ignoring them makes a cap table "fictional."
Signatures and traceability: Aegis checks what is legally effective, including whether the necessary parties signed. It links the source document to every row and tracks who owns what, vesting schedules, conversion terms and exercise history.

Story.law uses this list to compare cap table tools, and the gap is usually the same. As its comparison page puts it: "Cap table software tracks what you tell it. Aegis builds your cap table based on legally-effective documents." Most tools record whatever numbers you enter. Aegis builds from signed legal documents and links the source document to every row. According to Story.law's comparison, it flags missing board consents, which Carta does not, and it runs the full equity issuance process, which Carta runs only partially. When counsel or investors need the data, you can hand over a lawyer-ready Excel export.

How Do Founders Use Story.law to Keep a Legally Accurate Cap Table?

Story.law is built for founders and startups from formation through fundraising. Story LLP describes itself as an AI-native law firm and legal platform for startups. Founders upload scattered legal files and get an organized dashboard covering their data room, cap table, governance, contracts and e-signature. Story advises on US law and serves startups worldwide, so founders outside the United States can work from the same US-law platform. Below are six ways founders use that platform, and the Aegis features behind each, to keep their cap table legally accurate.

Rebuild the cap table from a shoebox of documents
- Cap table document upload: Upload stock purchase agreements, option grants, SAFEs, convertible notes and your certificate of incorporation. The AI identifies each document type automatically, and the cap table is ready within 30 minutes.
- "From a shoebox" rebuild: Upload a zip of documents or email it to gc@story.law, and Story rebuilds the cap table from the source documents.
Issue equity through the full legal process
- Aegis option grant workflow: Aegis builds the board consent and verifies the option pool has capacity. It checks that the 409A valuation is current or flags it. It then generates the option agreement with correct terms, executes the board consent, confirms dates, routes signatures in the correct order and flags required securities filings.
- Aegis equity grants: For stock options, restricted stock and advisor shares, Aegis handles the board consent, agreements, vesting schedules, common terms, file checks and timing, so founders just click to sign.
- Included pricing: Story.law puts BigLaw at $3,000 to $5,000 per grant batch. The same work is included in Aegis.
Batch grants to cut legal cost
- Batching guidance: Story.law advises batching grants because one board consent for five grants costs the same as one board consent for one grant.
- Aegis board consent automation: Consents are generated automatically and cross-checked against the existing legal file.
Get diligence-ready before a Series A
- Pre-fundraising cap table checklist: The checklist covers board-approved issuances, signed stock purchase agreements, 83(b) elections filed on time, option grant documentation, vesting schedules and payment records.
- Why it matters: Series A investors care about the cap table because ownership math affects what the investment buys. Messy paperwork also increases diligence work and legal fees.
Migrate off Pulley without copying a flawed export
- Pulley transition offer: Startups affected by the Pulley shutdown that don't want Carta can get the first year of Aegis Cap Table for $2,000 for a limited time. Lawyer review and an engagement letter are included.
- Source-document rebuild: Story rebuilds the cap table from the underlying documents rather than copying over an export.
Export a lawyer-ready record and keep your choice of lawyer
- Open Cap Format record: The cap table is built on the Open Cap Format and can be downloaded as a lawyer-ready Excel file at any time.
- Lawyer choice and privilege: Founders can choose their own lawyers or use Story's, and the work stays private and privileged. Story.law says faster work for founders and their lawyers means lower legal bills.
- Automatic sync: Aegis updates the cap table and data room automatically, so the record stays current.

Together, these offerings separate Story.law from cap table tools that only record whatever data a user types in. Aegis cross-checks each action against the existing legal file and runs steps in a legally optimal order of operations. It also flags securities filing requirements and adds human attorney review for custom matters. A third-party review from XLR8 AI described Story LLP as treating the cap table as a live system of record rather than bolting legal services onto third-party software. That approach keeps legal documents, approvals and equity data in sync.

How Does Story.law Compare to Other Cap Table Tools?

Cap table tools differ in how much legal accuracy they build in. Some generate records from templates. Others check the legal documents underneath each entry. The table below compares six providers side by side. It covers how each one applies legal logic to your cap table, which company stage it fits best, and how pricing changes as you add stakeholders. Competitor details come from vendor pages, third-party reviews and Story.law's own published comparisons. Each figure is attributed to its source because published pricing, especially Carta's, varies between sources.

Provider	How It Applies Legal Logic to the Cap Table	Best-Fit Stage	Pricing and Scale
Story.law (Aegis Cap Table)	Builds the cap table automatically and only from legally effective documents, with no work required from founders. Flags missing board consents and runs the full equity issuance process. Every subscription includes attorney review of uploaded documents and a Story LLP engagement letter under attorney-client privilege.	Startups that want a cap table backed by verified legal documents and attorney review from the start	$2,000/year, or $199/month billed monthly (20% more than annual). Card required at checkout. Full refund if canceled within 7 days.
Carta	Story.law's comparison describes Carta as an all-in-one platform covering cap table, 409A, ESOP, board consents and liquidity. The same comparison says Carta does not flag missing board consents and runs only part of the equity issuance process.	Series A and beyond, per Story.law's comparison	Launch plan is free under 25 stakeholders and $1M raised. Value Add VC lists paid plans from $2,988/year to $11,988/year (Grow) and cites Vendr data showing a median spend of $15,400/year across 405 contracts. Story.law's comparison lists $5,000 to $80,000/year. Mantle reports that paid plans require a sales call and that complex cap tables often cost $30,000 to $75,000+/year.
Cake Equity	The Build plan includes templated SAFEs and convertibles, templated stock option grants, founder vesting and 83(b) support, scenario modeling, document storage and an investor portal (per G2).	Early-stage teams with up to 40 stakeholders on published plans	Free for up to 5 stakeholders. Build is $1,000/year for 25 stakeholders. Team is $2,750/year for 40 stakeholders and includes a 409A (per Cake Equity).
Eqvista	Offers cap table management with optional 409A valuations, free cap table setup on the 409A plan and free cap table migration (per Eqvista).	Smaller companies with fewer than 50 stakeholders on published pricing	Freemium is free for up to 20 stakeholders. Premium is $2/stakeholder/month under 50 stakeholders. Pricing is custom above 50 stakeholders (per Quasa). The 409A plan starts at $990/year and includes unlimited 409A valuations within the subscription year.
Shareworks by Morgan Stanley	Covers cap table administration, stock plan administration (RSUs, options, ESPP) and participant portals for companies with heavy governance requirements (per Taqtics and Guideflow).	Mature private and pre-IPO companies with large equity programs. One review lists early-stage startups as a poor fit (per ToolsInfo).	Not publicly disclosed and appears to be quote-based (per Guideflow).
Pulley	Winding down, as announced September 15, 2026. Pulley has said it will only assist migrations to Carta (per BPM).	Not suitable for new setups	Final day of operations is December 8, 2026. The deadline to opt into the Carta migration offer is November 30, 2026 (per BPM).

Among the six providers above, Story.law is the only option where attorney review of your uploaded documents and a Story LLP engagement letter come included in the base cap table subscription. That changes what your cap table represents. It stops being a list of entries and becomes a record built only from legally effective documents, with missing board consents flagged automatically. At $2,000 per year, or $199 per month billed monthly, Aegis Cap Table sets the standard founders should measure every other tool against. To see it in practice, request a demo from Story.law.

What Is the Best Cap Table Software With Legal Logic for Startups in 2026?

1. Story.law (Aegis Cap Table)

Story.law ranks first because its cap table is legal work product, not a spreadsheet that founders fill in by hand. Story LLP is an AI-native law firm, and its Aegis platform builds the cap table directly from your signed legal documents. Every row links back to its source document, and every subscription includes attorney review. In Story.law's words, the record is "Built from your documents' reality, not your best guess or your sweat." Story.law says founders on standard cap table software still pay lawyers $5,000 to $10,000 to check accuracy. Aegis builds that verification in.

Key Features

Document-built cap table: The cap table is generated from signed legal documents rather than manual data entry.
Source document on every row: Each line links to the agreement that created it, so any figure can be traced and defended.
Vesting from grant terms: Vesting is tracked from the terms in the grant documents themselves.
SAFE and convertible note terms: Convertible instruments are captured with their actual terms.
Lawyer-ready Excel export: The record is built on the Open Cap Format and can be downloaded as a lawyer-ready Excel file at any time.
Fast setup: Founders upload stock purchase agreements, option grants, SAFEs, convertible notes and the certificate of incorporation. The AI identifies document types automatically, and the cap table is ready within 30 minutes.

Cap Table Legal Logic Offerings

Verifying ownership: Attorneys review the uploaded documents, and every subscription includes a Story LLP engagement letter under attorney-client privilege.
Equity issuance: Stock, options and SAFEs can be issued through compliant legal processes, with board consents and 83(b) support in the Aegis Start suggested package.
Fundraising readiness: The Aegis Raise suggested package adds a growth cap table with pro formas, preferred stock series and waterfall analysis, plus pro forma investment or exit modeling.
Diligence: A data room sits alongside the cap table. Aegis Raise upgrades it to a growth data room with granular sharing permissions.

Pricing

Aegis Cap Table: $2,000/year, or $199/month billed monthly (20% more than the annual price). A card is required at checkout, and the full amount is refunded if you cancel within 7 days.
Aegis Start (suggested package): $320/mo ($3,839/yr). It includes the legal vault, basic cap table, basic data room, equity issuance, board consents, standard templates, 83(b) support, unlimited lawyer wisdom questions, 3 Admin seats and unlimited Assistant seats.
Aegis Raise (suggested package): Listed at $833. It adds the growth cap table, growth data room and pro forma modeling.

Pros

Attorney review and an engagement letter are included, not billed separately.
Every entry traces back to a signed document.
The Open Cap Format and Excel export keep your data portable and ready for lawyers.
The setup time of about 30 minutes replaces weeks of manual reconciliation.
"Break-even in one avoided mistake": catching a single equity error can cover the subscription.

Cons

The basic cap table in Aegis Start covers common stock and convertible investments only, with no preferred stock. This keeps early-stage companies from paying for features they don't need yet. When you raise a priced round, Aegis Raise adds preferred stock series, pro formas and waterfall analysis.
A card is required at checkout, but the 7-day full refund removes the risk of trying it.

Story.law sets the standard because its cap table carries the same legal logic as the documents behind it, and a lawyer stands behind the result. As its tagline puts it: "Spend less. Get better legal." To see it with your own documents, request a demo from Story.law or start a free trial.

2. Carta

Carta is an all-in-one equity platform often used by companies at Series A and beyond. It covers the cap table, 409A valuations, ESOP management, board consents and liquidity. It offers a free entry plan for very early companies, and pricing rises with company complexity.

Key Features

Cap table management: Ownership tracking across stakeholders.
409A valuations: Valuation services on the same platform.
ESOP administration: Employee option plan management.
Liquidity: Tools for liquidity events.

Cap Table Legal Logic Offerings

Governance: Board consents managed on the platform.
Option compliance: 409A valuations to support option pricing.
Equity plans: ESOP management tied to the cap table.

Pricing

Launch: Free for companies under 25 stakeholders and $1M raised.
Paid plans: $2,988/year to $11,988/year (Grow). Paid plans require a sales call.
Typical spend: Vendr data across 405 Carta contracts puts median annual spend at $15,400. Companies with complex cap tables commonly pay $30,000 to $75,000 or more per year. Story.law's own comparison lists Carta at $5,000 to $80,000 per year.
Cleanup or migration: Typically a one-time fee of $2,000 to $10,000, depending on how messy the cap table is.

Pros

Broad feature set in a single platform.
Free starting point for very small companies.

Cons

Paid plans require a sales call.
Costs can climb steeply as the cap table grows more complex.
Cleanup or migration adds a separate one-time fee.

3. Cake Equity

Cake Equity is a cap table platform with published, stakeholder-based pricing and a free starting plan. It pairs templated equity documents with scenario modeling and an investor portal.

Key Features

Templated SAFEs and convertibles: Standard convertible documents included in Build.
Scenario modeling: Model ownership outcomes.
Doc storage and investor portal: Store documents and share access with investors.
AI access via MCP: Connect AI assistants to the cap table.

Cap Table Legal Logic Offerings

Option grants: Templated stock option grants.
Founder equity: Founder vesting and 83(b) support.
Add-on compliance: 409A valuation, QSBS, SPV and stock-based compensation services.

Pricing

Free: Up to 5 stakeholders.
Build: $1,000/year for 25 stakeholders.
Team: $2,750/year for 40 stakeholders, with a 409A included.
Add-ons (annual plans): 409A valuation ($1,500/year), QSBS ($500), SPV ($500) and stock-based compensation ($500).

Pros

Transparent, published pricing.
Founder vesting and 83(b) support included in Build.

Cons

Equity documents are templated.
Several compliance services are priced as add-ons.
Plans are capped by stakeholder count.

4. Eqvista

Eqvista offers a free cap table plan for small companies and per-stakeholder pricing beyond that. It bundles cap table management with 409A valuation plans.

Key Features

Cap table management: Free for up to 20 stakeholders.
409A valuations: Unlimited 409A valuations within the subscription year on the 409A plan.
Free setup and migration: Free cap table setup on the 409A plan, plus free cap table migration.

Cap Table Legal Logic Offerings

Option pricing support: Unlimited 409A valuations during the subscription year.
Switching providers: Free cap table migration.

Pricing

Freemium: Free for up to 20 stakeholders.
Premium: $2/stakeholder/month for companies with fewer than 50 stakeholders.
409A plan: From $990/year, including the premium plan.
Above 50 stakeholders: Custom pricing.

Pros

Low entry cost and free migration.
Unlimited 409A valuations within the subscription year.

Cons

Pricing becomes custom above 50 stakeholders.
Per-stakeholder pricing rises as headcount grows.

5. Shareworks by Morgan Stanley

Shareworks by Morgan Stanley targets mature private and pre-IPO companies with large equity programs and heavy governance requirements.

Key Features

Cap table administration: Equity ownership management for private companies.
Stock plan administration: Support for RSUs, options and ESPP.
Participant portals: Employee-facing access to equity.
Financial reporting: Reporting tied to equity compensation.

Cap Table Legal Logic Offerings

Equity compensation: Management of complex stock plans.
Valuation: 409A valuation services.
Governance: Built for heavy governance requirements.

Pricing

Not publicly disclosed and appears to be quote-based.

Pros

Designed for large, complex equity programs.

Cons

One review lists early-stage startups needing a simple, low-cost cap table tool as a poor fit.
No published pricing.

6. Pulley (Shutting Down December 8, 2026)

Pulley was a cap table platform backed by General Catalyst, Stripe and Founders Fund. On September 15, 2026, it announced it is winding down. Its final day of operations is December 8, 2026. Customers have until November 30, 2026 to opt into the Carta migration offer, and Pulley is redirecting prospective clients to Carta. Pulley has said it will not assist migrations to any provider other than Carta. Customers keep limited access to their data through January 31, 2027.

Key Features

Cap table management: Available to existing customers until December 8, 2026.
409A: Included in the former Growth plan.

Cap Table Legal Logic Offerings

Migration: Assisted migration only to Carta, with a November 30, 2026 opt-in deadline.
Document export: Signed grant letters, share agreements, executed SAFEs and notes, board consents and past 409A reports are separate from Pulley's cap table export. Customers must export them before access is lost.

Pricing

Plans previously started at $1,200/year with no free tier. The Growth plan, which included a 409A, was $3,500/year.

Pros

Existing customers have a defined timeline and a Carta migration path.

Cons

The service ends December 8, 2026.
Pulley offers no migration help to providers other than Carta.
Legal documents need a separate export beyond the cap table file.

How Should Founders Evaluate Cap Table Software for Legal Accuracy?

A clean dashboard can still hide an invalid issuance. A BPM partner warns that most companies discover cap table problems in the middle of diligence or an audit, when the cost of fixing them is highest. So founders should judge cap table software on legal accuracy before investors start looking. Check whether each row traces to a signed document. Check whether missing board consents get flagged and whether the tool enforces the rules that make equity valid. Use the framework below. Each measurable outcome ties to a specific legal or cost benchmark.

Category	High Performance Use Case	Measurable Outcomes
Source-document grounding	Cap table is built from signed legal documents, such as stock purchase agreements, option grants, SAFEs, convertible notes and the certificate of incorporation. AI identifies document types automatically.	Cap table ready within 30 minutes. Source document linked to every row.
Board consent verification	Software flags missing board consents and runs the full equity issuance process. It treats the board consent date as the grant date.	Zero issuances without board approval. Avoids diligence fixes like the founder whose verbal equity promises cost $25,000 in legal fees and delayed a Series A close by three weeks.
Authorized share and pool capacity checks	Software confirms enough authorized stock exists before any issuance. Issuing shares without enough authorized stock makes the issuance invalid.	No invalid issuances from exceeding authorized shares.
Option and 409A compliance	Software confirms each option has a plan, a valid 409A and a signed option agreement.	409A less than 1 year old at every grant. Signed option agreement on file for each grant.
Vesting and 83(b) tracking	Vesting is tracked from the grant terms. The tool also confirms that stock was validly issued, meaning board consent, a signed stock purchase agreement and a fully paid purchase price.	83(b) election filed within 30 days of issuance for vesting shares.
SAFE and convertible handling	The fully diluted view includes issued stock, options, warrants, SAFEs and convertible notes. Convertibles are tracked but not counted as issued stock until conversion.	SAFE and convertible note terms captured, so the cap table isn't "fictional."
Attorney review and privilege	Attorney review of uploaded documents is included, with an engagement letter under attorney-client privilege.	Avoids the $5,000 to $10,000 founders using standard cap table software still pay lawyers to verify accuracy.
Portability and export	The record is built on an open standard and can be exported for counsel or investors.	Built on the Open Cap Format. Lawyer-ready Excel export is available at any time.

Story.law meets every category in this framework. It builds the cap table from legally effective, signed documents and flags missing board consents where Carta does not. Every Aegis Cap Table subscription includes attorney review and a Story LLP engagement letter. The record is built on the Open Cap Format with lawyer-ready Excel export.

Why Is Story.law the Best Cap Table With Legal Logic Baked In?

Most cap table software tracks what founders tell it. Story.law takes the opposite approach. Aegis builds your cap table only from legally effective documents, automatically, with zero founder work, and checks them against lawyer-defined rules. The result is a cap table built from your documents' reality, not your best guess or your sweat. Independent reviewers note that Story LLP treats the cap table as a live system of record that keeps legal documents, approvals and equity data in sync. Every Aegis Cap Table subscription also includes attorney review of uploaded documents and a Story LLP engagement letter under attorney-client privilege.

That combination lets Aegis replace Clerky, Carta, DocuSign, ChatGPT and ad hoc BigLaw work in one place. Story.law frames the cost as risk prevention: break-even in one avoided mistake. The timing matters too. For startups affected by the Pulley shutdown that don't want to move to Carta, Story.law is offering a limited-time deal: the first year of Aegis Cap Table for $2,000, with lawyer review and an engagement letter included. If your equity records need to hold up in diligence, request a demo from Story.law or start a free trial today.

FAQs About the Legal Logic in Story.law's Cap Table

What legal logic does Story.law bake into a startup cap table?

Story.law builds its cap table on one rule: unsigned, unpaid or unapproved equity does not legally exist. Every share, option or SAFE should tie to a signed board consent, and the grant date equals the board consent date. Stock requires board consent, a signed stock purchase agreement and a paid purchase price. Options require a plan, a valid 409A less than one year old and a signed option agreement. Issuing shares without enough authorized stock makes the issuance invalid. Vesting is tracked from grant terms, and SAFEs and convertible notes are tracked until conversion.

Why does a cap table need to be based on signed board consents?

Story.law ties every share, option or SAFE on the cap table to a signed board consent because, under its legal logic, if the board doesn't approve the issuance of a security, that security does not exist. A spreadsheet entry without an approving consent is a claim, not equity. The board consent also sets the grant date, which matters for vesting schedules and option pricing. Story.law's cap table links the source document to every row, so founders, investors and lawyers can confirm each line traces back to an actual approval rather than memory.

What makes an equity issuance legally valid for a startup?

Shares generally aren't validly issued until three things happen: the board approves the issuance, a stock purchase agreement is signed, and the purchase price is fully paid in cash or through an IP assignment. Story.law also notes that issuing shares without enough authorized stock makes the issuance invalid. If the shares vest, an 83(b) election must be filed within 30 days of issuance. Requirements can vary by situation, so treat this as general information rather than individualized legal advice. Story.law applies these rules when it builds a cap table from your documents.

How does Story.law handle SAFEs and convertible notes on the cap table?

Story.law treats a fully diluted cap table as including issued stock, options, warrants, SAFEs and convertible notes. Convertibles are tracked but not counted as issued stock until conversion. That distinction matters because, as Story.law explains, ignoring SAFEs and notes makes a cap table "fictional," and founders will misjudge ownership once those instruments convert in a priced round. The Story.law cap table captures SAFE and convertible note terms directly from the signed documents, links each source document to its row, and produces a lawyer-ready Excel export for financing and diligence.

Does Story.law's cap table include attorney review?

Yes. Every Aegis Cap Table subscription from Story.law includes attorney review of the documents you upload, plus a Story LLP engagement letter under attorney-client privilege. This is the lawyer-in-the-loop part of the model: software organizes the records, and attorneys check them against lawyer-defined rules. Many incumbent tools require founders to pay outside lawyers just to operate the software correctly. With Story.law, review is built into the subscription, so the cap table is built from your documents' reality, not your best guess or your sweat.

How much does Story.law's Aegis Cap Table cost compared to Carta?

Story.law's Aegis Cap Table costs $2,000 per year, or $199 per month billed monthly, which is 20% more than the annual price. A card is required at checkout, and the full amount is refunded if you cancel within 7 days. For comparison, Vendr data across 405 Carta contracts puts median annual Carta spend at $15,400, and Story.law's own comparison lists Carta at $5,000 to $80,000 per year. Carta's paid plans run from $2,988 to $11,988 per year, with a free Launch plan under 25 stakeholders and $1M raised.

What should Pulley customers do with their cap table before December 8, 2026?

Pulley announced on September 15, 2026 that it is winding down, with December 8, 2026 as its final day of operations. November 30, 2026 is the deadline to opt into its Carta migration offer, and Pulley will not assist migrations to any other provider. Customers should export all data before December 8, 2026, as access will be limited after that date.

Is Story.law a law firm or a software company?

Story.law is the website of Story LLP, an AI-native law firm, not a legal tech tool or a marketplace. Story LLP sells directly to clients with no intermediary law firm and offers the Aegis legal operations platform. Founders upload scattered legal files and get an organized dashboard covering data room, cap table, governance, contracts and e-signature, with lawyer-defined rules applied throughout. Story LLP advises on US law and serves startups worldwide. Its lawyer-in-the-loop model is positioned as 70% cheaper than BigLaw without sacrificing quality.

We're lawyers, remember? Please read this important note:

Story LLP is a law firm, and Story's lawyers built Aegis to deliver better, standard legal services at scale so founders can choose between top-tier specialized lawyers and standardized process automations that replicate those lawyers according to their needs and budget. By definition, a standardized process may not be perfect for you. Please review our Policies page to better understand the difference, as well as how we use AI and how we manage conflicts, privilege, etc.

As a law firm, we must screen clients for conflicts of interest, and we treat all correspondence with clients seeking legal advice as privileged and confidential to the maximum extent possible in consideration of any conflicts. However, Story's law firm or our Attorney Allies do not represent you or your company as your lawyer, do not have an attorney-client relationship with you or your company, and do not provide you with legal advice absent a formal Engagement Letter signed between you and the Story LLP law firm. Please don't confuse the free knowledge we offer on this site with legal advice for you.

Build Your Cap Table From Legally Effective Documents

7 days free on any plan. No charge until you’re ready.

Get Automated Legal with Aegis

Subscribe to Aegis to build your cap table automatically — see your ownership breakdown, equity classes, and investment history organized from your documents.