The Founder Finance Series.
Plain-language guides to raising capital and getting through diligence: how rounds work, what the instruments mean, and what to have ready at each stage. Sourced and kept current.
A 30-minute session for founders raising their next round: how investors diligence you now, the six places rounds stall, and a 30-day plan to find issues first. Recording, slides and readiness checklist sent to every registrant.
What each round usually looks like, what it says about the company, and what to have ready for diligence at every step.
9 min read →Delaware C corporations and franchise taxWhy most venture-backed startups are Delaware C corporations, and how to avoid a surprise franchise tax bill.
5 min read →83(b) electionsA one-page IRS filing with a 30-day deadline that can save founders a large tax bill. Now it can be filed online.
5 min read →Vesting, cliffs and accelerationThe standard four-year schedule, why the one-year cliff exists, and what single- and double-trigger acceleration mean.
5 min read →Cap tables and option poolsWhat belongs on a cap table, how an option pool is sized, and the cap table problems that slow down a round.
7 min read →409A valuationsWhy a private company needs a fair market value for its common stock, how long it lasts, and what happens if you skip it.
5 min read →SAFEs vs. convertible notesTwo ways to raise before a priced round. How each one works, how they convert, and what to check before you sign.
8 min read →Raising legally: Reg D, accredited investors and Form DMost startup rounds rely on a securities law exemption. Here is how Rule 506(b) and 506(c) work, and the filing most founders forget.
6 min read →Pro rata rights and side lettersThe right to keep investing in future rounds, and the separate agreements where it, and other promises, often live.
5 min read →Reading a term sheetThe economic and control terms that matter most in a priced round, and what is standard in today's market.
8 min read →Liquidation preferences, with the mathWho gets paid first when a company is sold, and how 1x, participating and multiple preferences change the outcome.
6 min read →Anti-dilution protection, explainedWhat happens to earlier investors when a later round is priced lower, and why the formula matters.
5 min read →Dilution across rounds, with the mathHow much of the company founders typically sell at each stage, and how to model where you end up.
6 min read →Bridge rounds and extensionsNearly three in ten seed and Series A rounds on Carta in 2025 were bridges. How they work and what they cost.
5 min read →Building a diligence-ready data roomWhat to put in your data room, how to organize it, and the external records investors will check on their own.
7 min read →Trademarks for startupsHow US trademark registration works, what it costs after the 2025 fee changes, and the deadlines that make marks lapse.
5 min read →UCC liens: what they are and how to clean them upSecured debt leaves a public filing. Here is how to find yours, why some outlive the loan, and how to get them released.
5 min read →Sanctions screening basicsWhat OFAC screening is, why the 50 percent rule matters, and who in your company's orbit should be checked.
5 min read →Beneficial ownership reporting: where things standUS companies no longer file beneficial ownership reports with FinCEN. What changed, and what investors still ask about ownership.
3 min read →QSBS: the founder and investor tax break worth planning forSection 1202 can exclude millions in capital gains from federal tax. Here is how it works after the 2025 changes, and what can disqualify you.
8 min read →