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Initial Setup Questionnaire

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Written by Collier Kirkland
Updated yesterday

This guide walk through Pulley's onboarding questionnaire. Your answers help us understand your company's equity structure and determine which documents we'll need to build your dashboard and cap table accurately.

Before You Begin

This onboarding is designed for users with full administrator permissions: typically founders, CFOs, or finance team members who have visibility into your company's:

  • Fundraising history

  • Employee equity programs

  • Cap table activity

👉 For additional information regarding your answer selection, we recommend:

  • Reviewing your corporate records (board resolutions, financing documents)

  • Consulting with your legal counsel or accountant

  • Contacting Pulley for any necessary clarification

Onboarding Questions

Question: Which options best describe your fundraising efforts?

We need to know what types of investment instruments exist on your cap table. This determines how we structure your cap table and what documents we'll request.

Select all that apply:

  • ☐ I have raised a priced round (i.e. preferred round)

  • ☐ I have raised SAFEs or convertible notes

  • ☐ I have not taken in any investment

Understanding your options

Priced round (preferred round) This is a traditional equity financing where investors purchase shares at a specific price per share, typically preferred stock.

Examples:

  • You closed a Series A where investors bought preferred shares at $2.50/share

  • You raised a seed round with a $10M valuation and investors got Series Seed Preferred stock

  • You completed a Series B with multiple investors at $15M post-money valuation

⚠️ Selecting this option will require additional clarification for a new question regarding raising an SPV.

SAFEs or convertible notes These are convertible instruments that will turn into equity shares at a future date (usually your next priced round).

Examples:

  • You have 5 SAFE agreements from angel investors totaling $500K

  • You raised $250K through convertible notes with a 20% discount and $5M cap

  • You have both: $300K in SAFEs from last year and $200K in convertible notes from this year

No investment You haven't taken outside capital yet.

Examples:

  • You're bootstrapped with only founder shares

  • You're pre-funding and exploring options

  • You received a grant or non-dilutive funding only

Can I select multiple?

Yes, Many companies have a mix. For instance:

  1. Scenario: You raised $500K in SAFEs in 2023, then closed a $3M Series A in 2024

    • Answer: Check BOTH "priced round" and "SAFEs or convertible notes"

  2. Scenario: You raised a priced seed round, but then also raised a small convertible note bridge round

    • Answer: Check BOTH "priced round" and "SAFEs or convertible notes"

Common fundraising questions

Q: I borrowed money from family/friends with a casual agreement. Does that count?

A: If there's no formal document stating it converts to equity, select "I have not taken in any investment." Informal loans aren't investment instruments.

Q: My SAFEs haven't converted yet. Should I still select them?

A: Yes! Select "SAFEs or convertible notes" even if they haven't converted. We need to track them on your cap table.

Q: I'm not sure what type of investment I have. How do I find out?

A: Check your investment documents:

  • If they say "Stock Purchase Agreement" or mentions "preferred shares," it's a priced round

  • If they say "SAFE" or "Convertible Promissory Note," it's a convertible instrument

  • Still unsure? Ask your attorney or accountant

Question: Has your company raised an SPV?

An SPV (Special Purpose Vehicle) is a legal entity created by a lead investor or syndicate to pool money from multiple smaller investors. Instead of having 20 individual angel investors on your cap table, you might have one SPV entity representing all of them.

⚠️ Note: This question only appears if you selected "priced round" or "SAFEs/convertible notes" in the previous question.

Your options:

  • Yes

  • No

Understanding SPVs

What an SPV looks like:

  • Your lead investor creates "Acme Ventures SPV I, LLC"

  • 10 angel investors contribute to this SPV

  • The SPV appears as ONE entity on your cap table

  • Each angel is a member of the SPV (but not directly on your cap table)

Why this matters: SPVs affect how we structure your cap table and who gets access to your Pulley workspace.

Examples

Yes, you have an SPV:

  • Your investor created "FirstRound Angels SPV" and 12 angels invested through it

  • AngelList created a syndicate vehicle for your round

  • A fund formed a special entity specifically for your company

No, you don't have an SPV:

  • Each of your investors appears individually on your cap table (Jane Smith, John Doe, Venture Fund LP, etc.)

  • Your investors have LLCs for their personal investments, but they invested directly from those entities

Common questions

Q: My lead investor has an SPV, but I didn't "raise" it. Do I select yes?

A: Yes. If an SPV invested in your company, select "Yes" even though the investor created it.

Q: My lead investor has an SPV, but I didn't "raise" it. Do I select yes?

A: Yes. If an SPV invested in your company, select "Yes" even though the investor created it.

Q: My lead investor has an SPV, but I didn't "raise" it. Do I select yes?

Yes. If an SPV invested in your company, select "Yes" even though the investor created it.

Q: Is an SPV the same as a venture fund?

No. A venture fund invests in many companies from a pool of money. An SPV is created specifically for YOUR company to pool multiple smaller checks.

Q: How do I know for sure if I have an SPV?

A: Check your investment documents:

  • Look for entity names with "SPV" or "Special Purpose Vehicle"

  • Ask your lead investor: "Did you pool multiple angels through a single entity?"

  • Your wire transfer may have come from an entity like "Founder Collective SPV III"

Q: I have multiple SPVs from different rounds. Should I select yes?

A: Yes. We'll request details about all SPVs in the next steps.

Question: Does your company have an ESOP or Equity Incentive Plan?

Your options:

  • Yes

  • No

💡 Selecting “Yes” will populate the following question regarding ESOP and Equity Plan clarifications.

What we're asking

Have you formally created an employee equity compensation plan? This is sometimes called an ESOP (Employee Stock Ownership Plan), Stock Option Plan, or Equity Incentive Plan.

ESOPs vs Equity Incentive Plans

An Equity Incentive Plan is the umbrella plan that governs all equity awards (options, RSUs, etc.), while ESOP is commonly used to refer specifically to employee stock options granted under that plan. In startups, “ESOP” is usually informal language, and the legal document is typically an Equity Incentive Plan.

Understanding equity plans

An equity plan is a formal program that:

  1. Reserves a pool of shares for employees

  2. Is approved by your board of directors

  3. Has legal documentation outlining terms and conditions

  4. Allows you to grant stock options, RSUs, or other equity to team members

Examples

Yes, you have a plan:

  • Your board approved a "2021 Stock Option Plan" with 1,000,000 shares reserved

  • You have a document titled "Equity Incentive Plan" or "Employee Stock Option Plan"

  • You've granted stock options to employees under a formal plan

  • You created an option pool during your last funding round

No, you don't have a plan:

  • You verbally promised equity to your CTO but haven't created legal documents

  • You plan to set up an option pool but haven't done it yet

  • You're still researching what type of equity plan to create

Common questions

Q: What's the difference between ESOP and Equity Incentive Plan?

A: Generally, these terms are used interchangeably for the formal program that allows you to grant equity to employees. The key is whether you have board-approved, documented plan in place.

Q: I have an approved plan but haven't granted anything yet. Is that still "yes"?

A: If your board approved the plan and you have documentation, select "Yes" even if you haven't made grants yet.

Q: Does this include shares I gave to advisors?

A: If your equity plan specifically covers advisors, then yes. Some plans are employee-only, while others cover "service providers" (employees, advisors, consultants).

Question: Choose all that apply to your ESOP or Equity Incentive Plan

💡 This question only appears if you selected "Yes" to having an ESOP/Equity Incentive Plan.

Select all that apply:

  • ☐ Employees have been issued equity under the plan

  • ☐ An option exercise has occurred

  • ☐ Employees that were granted equity have been terminated

What we're asking

Now that we know you have a plan, we need to understand what activity has occurred. This helps us determine what historical data and documents we'll need.

Option A: Employees have been issued equity under the plan

What this means: You've granted stock options (or other equity) to one or more employees. They have offer letters or grant agreements showing their equity compensation.

Examples:

Select this if:

  • Your CTO has a grant of 50,000 options vesting over 4 years

  • You've issued option grants to 3 employees, even if nothing has vested yet

  • You granted RSUs or RSAs to team members

  • Advisors were granted options under your plan

Don't select this if:

  • You have an approved plan but haven't granted anything yet

  • You promised equity verbally but haven't issued formal grant documents

Common questions:

Q: Do advisor grants count?

A: If advisors received equity under your formal plan, yes. If they received equity through a separate advisor agreement.

Option B: An option exercise has occurred

What this means: At least one person has exercised their stock options — meaning they paid the exercise price and now own actual common shares (no longer just options).

Understanding the difference:

  • Grant: Company gives you the right to buy shares (you have options)

  • Exercise: You pay money to buy those shares (you now own stock)

Examples:

Select this if:

  • Your first engineer exercised 10,000 vested options and paid the strike price

  • An employee did an early exercise before their options vested

  • Someone exercised during a secondary sale opportunity

Don't select this if:

  • Employees have option grants but haven't exercised any yet

  • Options are vesting but no one has purchased shares

  • You're not sure what "exercise" means (see glossary)

Common questions:

Q: Someone exercised but then left. Do I still select this?

A: Yes. If an exercise happened at any point in your company's history, select this.

Q: What about early exercises?

A: Yes, early exercises count. Select this option.

Q: How do I know if anyone exercised?

A: Check the following details:

  • Your option plan records

  • Bank deposits (you received exercise price payments)

  • Your accountant's records of share issuances

  • Ask: "Has anyone ever paid us money to buy their stock options?"

Option C: Employees that were granted equity have been terminated

What this means: Someone who had equity grants is no longer with the company. This could be voluntary (they quit) or involuntary (you let them go).

Why this matters: Terminations create complexity around:

  • Vested vs. unvested options

  • Post-termination exercise windows (usually 90 days)

  • Repurchases or forfeitures

  • We need to track this accurately

Examples:

Select this if:

  • An engineer left after 1.5 years (forfeited unvested options, kept vested)

  • You terminated someone during their cliff period and they lost all options

  • A founder departed and some of their equity was repurchased

  • An employee resigned, exercised their vested options, and left

Don't select this if:

  • All employees who have equity are still with the company

  • Someone left before they had any equity grants

Common questions:

Q: Someone was terminated but had already exercised all their options. Do I select this?

A: Yes, select this so we can properly account for their equity status.

Q: A contractor with options ended their contract. Does that count?

A: Likely yes, if they had formal equity grants.

Q: What if they left but we let them keep unvested options?

A: Still select this. We need to know about any departures so we can track the equity properly.

Question: Has your company had repurchases, cancellations, or transfers?

Repurchases are where shares are purchased back by the company. Cancellations is where a security or convertible has been cancelled. Transfer is where a security has been transferred to another recipient.

Your options:

  • Yes

  • No

What we're asking

Have any shares or securities moved off, moved around, or been removed from your cap table?

Understanding each type

  1. Repurchases: The company buys back shares from a shareholder (usually at fair market value).

  2. Cancellations: A security or agreement is cancelled and removed from the cap table.

  3. Transfers: Ownership of shares moves from one person/entity to another.

Examples

REPURCHASE - Select "Yes" if:

  • You bought back shares from a departing founder at fair market value

  • The company repurchased vested options from a former employee

  • You bought out an early investor who wanted liquidity

CANCELLATION - Select "Yes" if:

  • A SAFE agreement was cancelled because the investor withdrew

  • Unvested options were forfeited when an employee left during their cliff

  • A convertible note was cancelled by mutual agreement

TRANSFER - Select "Yes" if:

  • A founder transferred shares to their spouse during divorce

  • An early employee sold vested shares to a secondary buyer

  • A shareholder gifted shares to a family trust

  • An investor assigned their SAFE to another entity

Select "No" if:

  • Your cap table has only grown (new investments, new grants)

  • Shares have never moved or been removed

Common questions

Q: Is buying out a departing employee a repurchase or transfer?

A: If the company buys the shares, it's a repurchase. If another person/entity buys them, it's a transfer.

Q: Unvested options were forfeited when someone left. Is that cancellation?

A: Yes, select "Yes" so we can properly document the forfeiture.

Q: We haven't had any of these, but we have a Right of First Refusal (ROFR) clause. Should I select yes?

A: No. Having a ROFR clause doesn't mean a transfer occurred. Only select "Yes" if an actual repurchase, cancellation, or transfer happened.

Q: A founder gave shares as a gift to their child. Is that a transfer?

A: Likely yes, any change in ownership is a transfer.

Question: Has your company issued warrants in the past?

Warrants are similar to options, but they are usually issued to investors, banks, and third parties.

Your options:

  • Yes

  • No

What we're asking

Have you issued warrant agreements to non-employees as part of business transactions?

Understanding warrants

Warrants vs. Stock Options:

  • Stock options: Typically granted to employees as compensation

  • Warrants: Typically issued to investors, banks, advisors, or service providers

Both give the holder the right to buy shares at a set price, but warrants are usually part of financing deals or service agreements.

Examples

Yes, you've issued warrants:

  • Your venture debt lender required warrants as part of the loan agreement

  • You gave warrants to your law firm as part of their fee arrangement

  • An advisor received warrants instead of cash payment

  • Your bank required warrant coverage for a line of credit

No, you haven't issued warrants:

  • You only have employee stock options, not warrants

  • You compensated your lawyers with direct shares, not warrants

  • You've never taken venture debt or unusual financing

Common questions

Q: We call them "advisor options." Are those warrants?

A: The terminology varies. What matters is:

  • Were they issued under your employee equity plan? → Probably options

  • Were they issued as part of an advisor agreement or service contract? → Probably warrants

Q: Can employees receive warrants?

A: Generally no, employees receive stock options. Warrants are for non-employee scenarios.

Q: What about phantom stock or SARs?

A: These are different instruments. For this question, focus on whether you issued traditional warrant agreements.

Question : Are you migrating from an existing cap table provider?

Your options:

  • Yes, another cap table provider (e.g., LTSE, AngelList, Ledgy)

  • No

What we're asking

Have you been managing your cap table in another cap table management software that we need to import data from?

Understanding migration

If you've been using platforms like Carta, LTSE Equity, AngelList, or Ledgy, we can help you access your data to migrate it to Pulley. This means importing your existing cap table structure, grants, and history.

Examples

Yes, select "Yes, another cap table provider":

  • You've been using Carta for 2 years and want to switch to Pulley

  • Your cap table is currently on AngelList (formerly Carta Launch)

  • You're migrating from Ledgy, Shareworks, or Capshare

  • You started on Gust but want to move to Pulley

No:

  • You've been tracking your cap table in Excel or Google Sheets

  • You have a PDF cap table from your lawyer but no software platform

  • You used a platform but it's years out of date and you want to start fresh

  • You're a new company with no cap table yet

Common questions

Q: I have an Excel cap table. Does that count as "another provider"?

A: No. This question is specifically about cap table software platforms. If you've been using spreadsheets, select "No."

Q: What happens if I select "Yes"?

A: We’ll help you understand what information you’ll need to properly setup your Pulley Workspace configuration.

Submit your answers

Once you’ve completed the onboarding questionnaire and are ready to finalize your answers, press the Submit button to send your information to Pulley. From here we will review your answers and begin configurations for your dashboard based on the information you have provided.

Need to Update Your Answers?

  • Before submitting: You can return to the questionnaire and change your answers anytime before you click Submit.

  • After submitting: If you realize you answered incorrectly, contact Pulley via your Onboarding email thread. They'll assist in updating your setup accordingly (for example, if you selected "ESOP" but don't actually have one, they'll simply omit that section and won't request those documents).

Next steps

Once you have completed the onboarding questionnaire, you’re ready to move on to preparing your Pulley workspace. You’ll be prompted to upload documents based on your answers, add and invite signatories and additional admin to your Pulley workspace, and submit the documents to Pulley for final review before we configure your environment.

See the Populating your dashboard guide for further guidance →

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