TheCorporation vs Pulley
Cap Table vs Corporate Lifecycle
Pulley is cap table management software for startups. It models equity, runs scenarios, and generates 409A reports. It does that well. But cap table management is one domain in a corporation's lifecycle — and Pulley stops at the cap table. TheCorporation is open source, version-controlled, and agent-native — covering formation, equity, compliance, filings, governance, contracts, treasury, and agents.
Where Pulley Stops
What Pulley covers: What you still need:
───────────────── ────────────────────
✔ Cap table management Formation & incorporation
✔ Scenario modeling Compliance monitoring
✔ 409A valuations Annual report filing
✔ Option plan admin Franchise tax filing
BOI reports
Contract generation
Registered agent
Tax prep (83b, W-9, 1099)
Banking & KYB
Board governance TheCorporation covers every item in both columns. The cap table is one file in your corp repo. The rest of the corporation lives alongside it.
Side by Side
| TheCorporation | Pulley | |
|---|---|---|
| Price | Free / $299/yr | $1,000+/yr |
| Open source | Fully | Proprietary |
| Git-native | Every action | No |
| Self-hostable | Full platform | SaaS only |
| Data portability | git clone | Export request |
| Formation | Built-in | No |
| Cap table | Full | Full |
| 409A valuations | Not yet | Built-in |
| Compliance filing | AI-automated | No |
| Document generation | Auto-generated | Equity docs only |
| AI agents | First-class | No |
| CLI / API | MCP + REST | REST only |
| Per-stakeholder fees | None | Yes |
| Built for | Agent-native founders | Startup finance |
When Pulley Makes Sense
Pulley is the right choice if cap table management is your only need, you require built-in 409A valuations from an established provider, and you're willing to pay per-stakeholder for that specialization. Their scenario modeling is strong for complex fundraising rounds.
For everything else — formation, compliance, filings, contracts, tax, registered agent, AI automation, and data ownership — TheCorporation covers it all, covers it for less, and it's open source.