Cap Table
The record of who owns what in a company, including shares, options and convertible instruments.
A capitalisation table lists every shareholder, how many shares they hold, and what percentage that represents. A complete one also shows options granted and unissued, plus any SAFEs or notes that will convert.
The fully diluted view — assuming every option is exercised and every convertible converts — is the one that matters. Headline percentages that ignore outstanding instruments consistently overstate founder ownership.
Cap table errors compound. A missing side letter or an undocumented promise surfaces during diligence, when it is expensive to fix and damaging to trust.