Pulley migration · UK Ltd

Pulley for UK Ltd YC-backed: a controlled migration plan

Pulley for UK Ltd YC-backed teams needs an instrument-by-instrument migration: preserve the Pulley record, reconcile UK company records and filings, and validate each post-money or MFN instrument against the signed documents.

UK Ltdentity record
YC-backedcompany cohort
One by oneinstrument review
The short answer

Do not collapse YC-published economics into issued UK shares. Inventory each executed instrument, retain its cap, MFN and conversion terms, compare the rebuilt share record with Companies House and internal records, and require a discrepancy review before go-live.

01 — Segment-specific migration plan

Keep the records that explain the ownership.

Every page in this controlled cluster uses the same migration discipline. The records and checks below are specific to UK Ltd companies at the YC-backed stage.

Segment module 1

Pulley shutdown: preserve the record before you choose the destination

Pulley's first-party shutdown FAQ states that it will cease operations and services on 8 December 2026, announces an exclusive Carta partnership, and tells existing customers to log in to check eligibility for an assisted migration offer.

A migration checklist should separate the cap-table export from signed grant and share agreements, board approvals, SAFEs, notes, warrants, vesting records, and valuation/compliance reports; Cake and Fairmint both emphasize that supporting paperwork may need separate preservation.

Present this as an export-and-reconcile workflow, not as a promise that Lovie can import every Pulley object until the product team confirms the supported format and fields.

Sources: Pulley — FAQ: What is happening with Pulley’s shutdown, Cake Equity — Pulley shutdown explainer, Fairmint — Pulley migration checklist

Segment module 2

UK Ltd reconciliation: Companies House filings versus the live ownership record

GOV.UK describes a private limited company as a separate legal entity and requires company records covering shareholders, shareholder resolutions, and transactions in which someone buys shares.

UK guidance says changes to share structure must be reported; newly issued shares must be reported within one month, while other share-structure changes generally have a 21-day reporting window.

The page can be UK-specific by mapping Pulley stakeholders, share classes and rights, issuance history, options, and outstanding instruments against the company's records, while explicitly stating that software migration does not replace Companies House, board, or adviser work.

Sources: GOV.UK — Set up a private limited company, GOV.UK — Make changes to your private limited company: Shares, GOV.UK — Running a limited company: Company and accounting records

Segment module 3

YC-backed instrument inventory: do not collapse SAFEs into UK shares

YC defines a SAFE as a contract that funds a startup now in exchange for shares later and says it converts automatically when the startup raises a priced round.

YC's current SAFE page lists US forms and non-US forms for Canada, the Cayman Islands, and Singapore; it tells companies to consult a lawyer licensed in the country of formation. It does not list a UK form on that page, so the copy must not imply that a US YC SAFE is automatically suitable for a UK Ltd.

YC's current program page states $125,000 for 7% on a post-money SAFE plus $375,000 on an uncapped SAFE with an MFN. Treat those as published YC program terms to verify against the company's executed documents, not as a substitute for legal or tax analysis.

Sources: Y Combinator — The SAFE financing documents, Y Combinator — What Happens at YC

Segment module 4

Fundraise-safe go-live: preview, reconcile, then invite stakeholders

Eqvista's provider-owned migration instructions describe either read-only account access or an export-and-share path, followed by migration, reconciliation, and validation; Qapita describes health checks and review before go-live.

A differentiated Lovie module should require a preview of stakeholders, share classes, grants, vesting, instruments, and documents, with a discrepancy log and explicit founder/adviser sign-off before stakeholder invitations.

This is a proposed acceptance standard informed by observed provider workflows, not a claim that Lovie currently offers those exact migration services.

Sources: Eqvista — Migrating a cap table from Pulley, Qapita — Pulley alternative migration overview, Fairmint — Pulley migration checklist

02 — Illustrative cap table

UK Ltd · YC-backed ownership scenario

Illustrative UK Ltd migration review only—not market data and not legal or tax advice. Assume a company has a founder's ordinary shares, an unissued employee option pool, and the YC-published post-money SAFE component.

Illustration, not a benchmark.The figures below are assumptions for explaining the arithmetic. They are not market averages, legal advice, tax advice, or a forecast of your financing.

Swipe horizontally to review every scenario column.

UK Ltd · YC-backed ownership scenario
InputValueWhy it is here
Input 110,000,000 ordinary shares held by the founder before the illustrative conversion.Illustrative input used only for this scenario.
Input 21,000,000 unissued option-pool shares included in the assumed fully diluted pre-SAFE base.Illustrative input used only for this scenario.
Input 3A $125,000 YC post-money SAFE assumed, solely for this example, to convert into 7% of the post-conversion capitalization, consistent with YC's currently published program description.Illustrative input used only for this scenario.
Input 4A separate $375,000 uncapped MFN SAFE is recorded as outstanding but excluded from the percentage calculation because its conversion terms are not specified here.Illustrative input used only for this scenario.

Pre-SAFE fully diluted base = 10,000,000 + 1,000,000 = 11,000,000 shares. If the 7% post-money SAFE is treated as 7% after conversion, post-conversion total = 11,000,000 / 0.93 = 11,827,956.99 shares. Illustrative YC conversion shares = 11,827,956.99 x 0.07 = 827,956.99. Founder = 10,000,000 / 11,827,956.99 = 84.55%; option pool = 1,000,000 / 11,827,956.99 = 8.45%; YC SAFE = 7.00%; rounded total = 100.00%.

The migration preview would show approximately 11.828 million post-conversion shares under these assumptions, with founder 84.55%, pool 8.45%, and the illustrative YC SAFE 7.00%, while separately preserving the uncapped MFN SAFE and its executed document. The example demonstrates the fields and reconciliation logic a page can explain; it does not establish the company's actual capitalization or the legally correct UK treatment.
Show scenario assumptions
  • The option pool is included in the fully diluted base before the illustrative SAFE conversion; actual documents may define the denominator differently.
  • Only one 7% SAFE is converted; no priced round, discount, MFN election, pro-rata right, option exercise, additional grant, or other security is modeled.
  • No FX conversion, tax treatment, Companies House filing, valuation, or legal validity is inferred.
  • A UK-qualified lawyer and the company's accountant must confirm the instrument, capitalization, filings, and tax consequences before any real transaction or cap-table update.
03 — Reconciliation checklist

Check the segment assumptions before you save.

A clean import can still be incomplete. Compare the extracted table with the documents and approvals that created these entries.

  • Review “Pulley shutdown: preserve the record before you choose the destination” against the source export and governing documents.
  • Review “UK Ltd reconciliation: Companies House filings versus the live ownership record” against the source export and governing documents.
  • Review “YC-backed instrument inventory: do not collapse SAFEs into UK shares” against the source export and governing documents.
  • Review “Fundraise-safe go-live: preview, reconcile, then invite stakeholders” against the source export and governing documents.
05 — UK Ltd · YC-backed FAQ

Questions that change for this company.

What does Pulley's shutdown notice mean for a UK Ltd using Pulley?

Pulley's first-party shutdown FAQ says it will cease operations and services on 8 December 2026, has an exclusive Carta partnership, and directs existing customers to log in to check a possible assisted migration offer. Recheck the official shutdown FAQ and the company’s Pulley account before relying on the deadline; preserve the company's records before access changes.

Sources: Pulley — FAQ: What is happening with Pulley’s shutdown

Do we have to move from Pulley to Carta?

Pulley's notice describes an exclusive Carta partnership and a possible assisted offer; it does not say that customers are legally required to use Carta. Fairmint's own migration page likewise states that Pulley customers can choose another provider. A non-Carta route should be presented as an export-led migration and confirmed with the selected provider and counsel.

Sources: Pulley — FAQ: What is happening with Pulley’s shutdown, Fairmint — Pulley migration checklist, Cake Equity — Pulley shutdown explainer

What should a UK Ltd export before moving off Pulley?

Preserve the cap-table and stakeholder ledger, transaction and issuance history, grants and vesting, SAFEs, notes, warrants and conversions, valuation/compliance reports, signed equity documents, and board approvals. Provider guides warn that a standard cap-table export may not include all legal paperwork, so download and retain the original files separately and have the new record reconciled before relying on it.

Sources: Fairmint — Pulley migration checklist, Cake Equity — Pulley shutdown explainer, Eqvista — Migrating a cap table from Pulley

Can we use a YC SAFE form for a UK Ltd without further review?

Do not assume that. YC's SAFE page explains the instrument, lists US forms and non-US forms for Canada, the Cayman Islands, and Singapore, and expressly advises consulting a lawyer licensed where the company was formed. The page does not list a UK form; a UK Ltd should have qualified counsel confirm the instrument and any Companies House, securities, and tax implications.

Sources: Y Combinator — The SAFE financing documents, GOV.UK — Set up a private limited company

Will moving cap-table software change our legal ownership or Companies House record?

Treat the move as a record migration, not as authority to issue, transfer, cancel, or reclassify shares. If reconciliation identifies an actual change to share structure, UK guidance sets reporting requirements and deadlines, and the company must keep shareholder and share-transaction records. The provider can help organize data; directors, counsel, and the accountant must determine and complete any required corporate action or filing.

Sources: GOV.UK — Make changes to your private limited company: Shares, GOV.UK — Running a limited company: Company and accounting records

Sources and scope

Facts you can check.

Reviewed 2026-09-22. Provider, company-law, securities, and tax rules can change. Confirm the documents and obligations that apply to your company with qualified counsel and tax advisers before acting.

Move with the documents intact

Secure the export. Reconcile the table. Keep the proof.

Use Lovie to structure the migration, then review every result against the records that govern the company.

No automatic-transfer promise. No zero-loss guarantee. You review before anything saves.