Pulley migration · Wyoming LLC

Pulley for Wyoming LLC pre-seed: a controlled migration plan

Pulley for Wyoming LLC pre-seed teams requires ownership translation, not a blind stock import: map members, units or percentages, classes, voting and economic rights, contributions, and financing instruments to the operating agreement.

Wyoming LLCentity record
Pre-seedfunding stage
Members + unitsownership model
The short answer

Preserve the source data and documents, then rebuild the ledger using the LLC’s actual member and interest terminology, keep future-equity instruments separate from current membership, and review tax classification and Wyoming maintenance outside the software migration.

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 Wyoming LLC companies at the Pre-seed stage.

Segment module 1

Pulley shutdown: preserve the source record before you compare providers

Pulley's official shutdown FAQ says it will cease all operations and services on 8 December 2026 and says eligible existing customers may receive an assisted migration path to Carta.

Give Wyoming LLC founders a provider-neutral preservation checklist: export the cap table, stakeholder report, vesting details, transaction history, SAFEs/notes, and signed legal records before access changes.

Separate the urgent preservation step from the provider decision; do not imply that a Carta offer is the only destination.

Sources: Pulley — FAQ: What is happening with Pulley’s shutdown, Cake Equity — How to export a cap table from Pulley, Fairmint — Pulley migration checklist

Segment module 2

Map Wyoming LLC ownership as members, units, and rights—not default corporate stock

The SEC distinguishes an LLC membership interest from corporate stock and notes that LLC ownership and governance use members, an operating agreement, and membership interests or units.

The migration intake should capture member names, unit or percentage interests, classes, voting/economic rights, contribution records, and the operating-agreement provisions that control them.

Wyoming's official Articles of Organization instructions require a registered agent with a physical Wyoming address and identify principal-office, mailing-address, organizer, and email fields; its official Business Center says annual reports are due on the first day of the anniversary month of formation.

Sources: U.S. Securities and Exchange Commission — Common Startup Securities, Wyoming Secretary of State — Limited Liability Company Articles of Organization and Instructions, Wyoming Business Division — Annual Report

Segment module 3

Pre-seed SAFE and dilution review built around the actual financing documents

YC describes a SAFE as a contract in which an investor funds the startup now for future equity and explains that a post-money cap can make the ownership sold calculable.

The SEC says a SAFE generally gives a future ownership interest only when a triggering event occurs and is commonly used in seed-stage financing; it is not automatically a present membership interest.

Show a clearly labeled illustrative model, then require counsel to confirm whether the instrument and conversion mechanics fit this LLC's operating agreement and applicable law.

Sources: Y Combinator — The SAFE financing documents, U.S. Securities and Exchange Commission — Common Startup Securities

Segment module 4

Reconcile the imported ledger against documents before calling it investor-ready

Pulley states that customers own and can access their data, while migration guides observed in the SERP warn that a cap-table export may not include signed agreements or historical compliance documents.

Require a before/after reconciliation for member balances, issuance and transfer history, vesting, SAFEs, notes, consents, and any valuation or compliance records; preserve original files and an import audit trail.

Position the page around a controlled migration outcome—an approved ownership record—not merely uploading a spreadsheet.

Sources: Pulley — FAQ: What is happening with Pulley’s shutdown, Cake Equity — How to export a cap table from Pulley, Fairmint — Pulley migration checklist

Segment module 5

Keep Wyoming compliance and federal tax classification visible without turning the page into formation advice

The IRS says a domestic single-member LLC is generally disregarded for federal income tax purposes and a domestic LLC with at least two members is generally a partnership unless it elects corporate treatment on Form 8832.

A Wyoming annual-report obligation and the LLC's federal tax classification are separate from the cap-table software migration and should be shown as review checkpoints, not automated legal or tax conclusions.

Lovie's public homepage positions the company as agent-native financial infrastructure and publicly describes formation, EIN, registered-agent, and compliance services; any CapTable feature or migration promise should be limited to capabilities the product team can substantiate.

Sources: Internal Revenue Service — Limited liability company (LLC), Wyoming Business Division — Annual Report, Lovie — Lovie CapTable product overview

02 — Illustrative cap table

Wyoming LLC · Pre-seed ownership scenario

Illustrative only—not market data, legal advice, tax advice, or a prediction of actual SAFE conversion. A Wyoming LLC starts with two members and a simplified post-money SAFE is modeled as targeting 10% ownership at conversion.

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.

Wyoming LLC · Pre-seed ownership scenario
InputValueWhy it is here
Pre-conversion membership unitsFounder A 800,000; Founder B 200,000; total 1,000,000 units.Illustrative input used only for this scenario.
Illustrative SAFE investment$250,000.Illustrative input used only for this scenario.
Illustrative post-money valuation cap$2,500,000.Illustrative input used only for this scenario.
Input 4Assume no other SAFEs, notes, options, discounts, MFN terms, pro-rata rights, side letters, pool refresh, or additional issuances.Illustrative input used only for this scenario.

Target SAFE ownership = $250,000 / $2,500,000 = 10%. Let x be conversion units: x / (1,000,000 + x) = 0.10, so 0.90x = 100,000 and x = 111,111.11 units. Post-conversion total = 1,111,111.11 units. Founder A = 800,000 / 1,111,111.11 = 72%; Founder B = 200,000 / 1,111,111.11 = 18%; SAFE holder = 111,111.11 / 1,111,111.11 = 10%; total = 100%.

On these deliberately simplified assumptions, the existing members collectively move from 100% to 90% (72% and 18%), and the illustrative SAFE holder represents 10% at conversion. A real LLC may require different unit, capital-account, distribution, consent, or conversion treatment.
Show scenario assumptions
  • The post-money cap is treated as a simple ownership target, following the educational ownership logic on YC's SAFE page.
  • Membership units are used only as an arithmetic illustration; they do not establish the LLC's legal capitalization or tax basis.
  • Actual documents, operating-agreement definitions, other convertible instruments, discounts, MFN provisions, pro-rata rights, and securities-law requirements can change the result.
  • A lawyer and tax professional familiar with the LLC and financing documents must review the instrument and conversion before execution.
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 source record before you compare providers” against the source export and governing documents.
  • Review “Map Wyoming LLC ownership as members, units, and rights—not default corporate stock” against the source export and governing documents.
  • Review “Pre-seed SAFE and dilution review built around the actual financing documents” against the source export and governing documents.
  • Review “Reconcile the imported ledger against documents before calling it investor-ready” against the source export and governing documents.
  • Review “Keep Wyoming compliance and federal tax classification visible without turning the page into formation advice” against the source export and governing documents.
05 — Wyoming LLC · Pre-seed FAQ

Questions that change for this company.

Is a Wyoming LLC required to move from Pulley to Carta?

Pulley's official notice announces an exclusive Carta partnership and says eligible existing customers may qualify for assisted migration, but it does not say every customer must use Carta. A company considering another provider should preserve its own records while access remains and confirm that provider's migration and reconciliation process; the Fairmint page is an observed competitor claim, not independent legal authority.

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

What should I export from Pulley before the shutdown?

At minimum, preserve the cap-table file plus stakeholder and vesting reports, then separately retain signed grant or membership documents, SAFEs and notes, board or member consents, equity-plan materials, transaction history, and prior valuation or compliance records. The exact Pulley interface and available reports can change, so verify the checklist in the logged-in account and keep the original files.

Sources: Cake Equity — How to export a cap table from Pulley, Fairmint — Pulley migration checklist, Pulley — FAQ: What is happening with Pulley’s shutdown

How should a Wyoming LLC's ownership be represented after migration?

Use the LLC's governing documents as the source of truth and model members, membership interests or units, classes, voting rights, economic rights, contributions, and transfers. Do not automatically relabel LLC units as corporate stock or shareholders; the SEC describes those as different legal structures and terms.

Sources: U.S. Securities and Exchange Commission — Common Startup Securities, Wyoming Secretary of State — Limited Liability Company Articles of Organization and Instructions

Can I use a YC SAFE for a Wyoming LLC at pre-seed?

YC describes the SAFE as a contract for future equity and publishes U.S.-company forms, while the SEC describes a SAFE as future ownership that generally arises on a triggering event. Those sources do not establish that an unmodified corporate SAFE fits every Wyoming LLC. Counsel must confirm the instrument, member-interest mechanics, operating-agreement approvals, securities-law compliance, and tax consequences before signing.

Sources: Y Combinator — The SAFE financing documents, U.S. Securities and Exchange Commission — Common Startup Securities, Internal Revenue Service — Limited liability company (LLC)

Does moving or modeling the cap table change my Wyoming LLC's federal tax classification?

No software migration itself determines federal tax classification. The IRS says a domestic single-member LLC is generally disregarded and a domestic LLC with at least two members is generally a partnership unless it elects corporate treatment using Form 8832. Adding members or converting instruments can have legal and tax consequences, so use a qualified tax professional rather than treating the cap table as a tax determination.

Sources: Internal Revenue Service — Limited liability company (LLC), U.S. Securities and Exchange Commission — Common Startup Securities

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.