For venture-backed startups

You raised. Now the obligations start

A priced round starts a clock on real work: a Form D, a fresh 409A before you grant options, board consents, and state registrations as you hire. We track every post-raise obligation so nothing surfaces in your next diligence.

Get post-raise ready See what each round triggers
Form D inside 15 days 409A kept current Qualified where you hire
Post-raise operations for venture-backed teams SOC 2 Type II audited Form D flagged in the window 4.9 from 8,200+ reviews 409A kept in safe harbor
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Form D window after your first sale, tracked so it is filed on time
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409A safe harbor, refreshed on schedule or after a material event
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Jurisdictions to qualify in as your team spreads out
1 room
A data room that clears diligence at your next round
The work a term sheet does not mention

The round closes. Then the clock starts

Closing is the celebration. What follows is a set of obligations with real deadlines: a Form D with the SEC, a fresh 409A before you can grant options at a defensible strike, board consents for those grants, and state registrations the moment you hire outside your home state. Miss any of them quietly and it resurfaces loudly in your next diligence.

We treat the post-raise stack as one tracked system. The Form D window, the 409A refresh, the option pool paperwork, and the multi-state footprint are all watched and handled, so the company stays clean between rounds instead of scrambling to catch up before the next one.

Left to chance
  • Form D window slips past 15 days
  • Options granted off a stale 409A
  • Board consents never written down
  • Hiring in states you never registered in
  • A data room that stalls the next round
Tracked on File.Business
  • Form D filed inside the window
  • 409A refreshed before new grants
  • Board consents recorded and stored
  • Qualified in every state you employ
  • A data room ready for diligence
What each round sets in motion

Select a round, see the obligations it triggers

Every stage adds real filings and formalities. Here is what comes due, and what we track, at each one.

Seed round

SAFE or priced, the first securities go out
File a Form D
A federal notice for your exempt offering.
WITHIN 15 DAYS OF FIRST SALE
Blue-sky notices
State notice filings where your investors reside.
Get a 409A valuation
Set a defensible strike price before you grant options.
Adopt an equity plan
A board-approved option plan and pool for early hires.

Series A

A priced round with preferred stock and a lead investor
Refresh your 409A
Value new options at fair market value again.
PRICED ROUND IS A MATERIAL EVENT
File Form D for the round
A new notice within 15 days of the first sale.
Record board consents
Your lead takes a seat; grants and actions get minuted.
Qualify where you hire
Register in each state you now employ people.

Series B and beyond

Scaling headcount, footprint, and governance
409A on a cadence
Refresh every 12 months and after each material event.
Multi-state footprint
Qualification and payroll registration as you spread out.
Board governance
Consents, minutes, and records kept audit-ready.
Franchise tax, calculated right
Delaware franchise tax figured correctly as you scale.
4obligations we track at the selected round, so none of them slip.Get post-raise ready
The post-raise stack

Everything a funded company owes, in one place

Each obligation tracked and handled, and connected to your cap table.

409A valuation

Defensible option strike price

Option pool and plan

Equity plan and grant tracking

Form D and blue sky

Federal and state offering notices

Cap table

Shares, options, SAFEs, and notes

Board consents

Minutes and records, kept ready

State qualification

Register where you employ people

Franchise tax

Delaware, calculated correctly

Compliance calendar

Every deadline, watched for you
How the post-raise stack runs

From closing wire to fully compliant

Five steps, in the right order. Select one to see the detail.

Step 1

Sync the round to your cap table

We reconcile the closing into your cap table, whether it is a SAFE round that will convert later or a priced round issuing preferred stock, so ownership, the option pool, and new money all reflect reality from the first day after the wire.

Your cap table reflects the round immediately.
Round: SERIES A CLOSED
Cap table reconciled
Option pool sized
Step 2

File the Form D in its window

Regulation D requires a Form D notice with the SEC within 15 days of your first sale of securities, and some states expect a blue-sky notice too. We prepare and file it inside the window, so an exempt offering stays clean on the record.

15 days from the first sale, plus any state notices.
Form D: DAY 9 OF 15
Blue-sky notices queued
Filed with days to spare
Step 3

Refresh the 409A before new grants

A priced round is a material event, so your prior 409A no longer sets a safe strike price. We coordinate a fresh independent valuation, which then holds for up to 12 months or until the next material event, so option grants are priced at fair market value and defensible.

New 409A, then grants priced off it.
409A: REFRESHED
Safe harbor: up to 12 months
Strike at fair market value
Step 4

Set the option pool and record the board

We help you adopt or expand the equity plan, issue grants priced off the current 409A, and record the board consents and minutes those grants and other major actions require, now that your lead investor holds a seat.

Grants issued and every board action recorded.
Option pool: ADOPTED
Board consent recorded
Grants documented
Step 5

Qualify where you hire, and stay compliant

As you hire across states, we register the company in each one and keep Delaware franchise tax, annual reports, and the whole calendar tracked. The company stays in good standing between rounds, so the next data room is ready before anyone asks.

State qualification and every deadline in the Compliance Calendar.
Qualified: CA · NY · TX
Franchise tax tracked
Diligence-ready between rounds
How post-raise ops compare

One tracked system, not four disconnected ones

Most teams stitch this together across a law firm, a cap-table tool, and a filing site. Here is the difference.

Capability File.Business Law firm, hourly Cap-table tool alone Generic filing site
Form D filed inside the windowIf you askNot availableSometimes
409A tracked and refreshed on eventsBilled hourlyAdd-onNot available
State qualification as you hirePer matterNot availablePer filing
Board consents and minutes keptStorage onlyNot available
Everything in one tracked calendarNot availablePartialNot available
Transparent, published pricingHourlyPer filing

The honest version. Your corporate counsel runs the round and the hard governance calls, and nothing here replaces them. What File.Business does is carry the routine, deadline-driven work between rounds, the Form D, the 409A cadence, the state qualifications, the calendar, so your legal budget goes to negotiation and strategy, not to chasing filings. Compare on the comparison hub.

BosAI for funded startups

An operator who knows what the round triggers

Ask in plain English. BosAI knows the post-raise deadlines and what your next investor will check.

BosAIPost-raise workspace, Northwind Labs

We just closed our Series A. What is due right now?

Three things start immediately. A Form D within 15 days of your first sale, a refreshed 409A because a priced round is a material event, and board consents for the new grants. I have opened all three and your Form D is on day 9 of 15.

Can we grant options off our old 409A to save time?

Not safely. Your Series A is a material event, so the prior 409A no longer supports a safe strike price, and mispriced options can trigger immediate tax plus a 20 percent penalty for the holders. I have queued a fresh valuation so grants are defensible.

We are hiring in three new states. Anything to file?

Yes. Each state where you employ someone generally needs a foreign qualification and payroll registration. Tell me the three states and I will start the qualifications and add the ongoing reports to your calendar.
From a team between rounds

Series B diligence found nothing to fix

After our Series A we let the paperwork drift, and cleaning it up before the B was brutal. We moved the whole post-raise stack here, and the difference was night and day. When the Series B diligence came, the Form Ds, the 409A history, the board minutes, and the state registrations were all there. Counsel found nothing to fix.
Head of Operations
Venture-backed startup, Series B closed
Form D
filed inside the window, every round
409A
refreshed on every material event
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diligence issues at the next raise

Representative composite based on funded-startup outcomes. Nothing here is legal or tax advice; consult your counsel for your situation.

Post-raise guides and tools

The 409A, the cap table, and the SAFE math

Practical resources for the work that follows a round. All free to read.

Guide

409A valuation

Why it sets your strike price, and when to refresh it.

Read the guide Live tool

Cap table

Track shares, options, SAFEs, and notes as you raise.

Open it Explainer

SAFE notes explained

How SAFEs convert, and what they do to your cap table.

Read it Live tool

Compliance calendar

Form D, franchise tax, and reports, all tracked.

Open the calendar
For the questions funded teams actually ask

Straight answers on Form D, 409A, and the board

Do we have to file a Form D after our round?
Almost always, yes. If you raised under Regulation D, which most SAFE and priced rounds do, you must file a Form D notice with the SEC within 15 days of your first sale of securities, and some states expect a blue-sky notice as well. We prepare and file it inside the window so the offering stays clean on the record.
When do we need a new 409A valuation?
A safe-harbor 409A generally holds for up to 12 months, but only until a material event, and a priced round is a material event. So after a Series A you need a fresh valuation before granting more options, even if the old one is under a year old. We track both the calendar and the events, and see the 409A guide.
How does the 409A set our option strike price?
Section 409A requires that option strike prices be at least the fair market value of the common stock at the grant date, and an independent 409A valuation sets that value. Grant below it and the options can be treated as deferred compensation, exposing the holders to immediate tax plus a 20 percent penalty and interest, which is why we keep the valuation current before grants go out.
Do we need to register in other states after we hire?
Generally yes. Employing someone in a state usually creates nexus that requires foreign qualification there, plus payroll and tax registrations. As your team spreads out, we register the company in each state and keep the resulting annual reports on your calendar. See foreign qualification.
What board formalities matter after a raise?
Once your lead investor takes a board seat, option grants and other major actions should be approved by the board and captured in written consents and minutes. Those records are exactly what the next round's diligence reviews, so we help keep them recorded and stored as you go rather than reconstructed later.
How does a SAFE round differ from a priced round on our cap table?
A SAFE is money now for stock later, so it sits on the cap table as a commitment that converts at a future priced round on its cap or discount terms. A priced round issues preferred stock immediately and is a 409A material event. The cap table tracks both so you always know real and fully diluted ownership, and see SAFE notes explained.
Does a raise change our Delaware franchise tax?
Delaware C-corporations owe an annual franchise tax and report, and the amount depends on the calculation method used, where the two methods can produce very different results for a startup with many authorized shares. We calculate it the correct way and keep the deadline tracked so it is never a surprise. Filing and service pricing is on the pricing page.
Does this replace our startup lawyer?
No, and it is not meant to. Your counsel runs the financing and the judgment calls, and nothing here is legal or tax advice. File.Business carries the routine, deadline-driven work between rounds so your legal spend goes to strategy, not filings. Talk to us about your setup.
The post-raise stack, handled

Keep the company clean between rounds

File the Form D, refresh the 409A, record the board, and qualify where you hire, all tracked in one place. Get set up now, or talk with our team about your round.

Get post-raise ready See the compliance calendar
SOC 2 Type II · Not a law firm · State fees passed through at cost