Tenacap for LLCs
Tenacap is built C-corp-first. It supports LLCs, too - the app switches its vocabulary and hides the stuff that only makes sense for a corporation. Here's what changes when your company is an LLC.
You choose the entity type, C-corp or LLC, when you create the company. Tenacap has no separate S-corporation type.
Units, not shares
An LLC issues membership units of a unit class. For an LLC, the cap table’s column headers, forms and totals read “units” and “unit class”, so what you see matches your operating agreement. Imports, ownership percentages and the stakeholder portal work as they do for a corporation.
What’s hidden for LLCs
LLCs usually grant profits interests instead of stock options, so Tenacap hides these C-corporation equity-compensation and tax tools:
- Option plans, ISO and NSO grants, and RSUs.
- 409A valuations, 83(b) elections, Rule 701, Form 3921, the ISO $100k limit, AMT and QSBS (§1202). The Compliance page shows a “not applicable” note for an LLC.
- The ASC 718 stock-compensation report.
What Tenacap does not model
An LLC taxed as a partnership runs on rules a C-corp cap table does not have, and Tenacap computes none of them:
- Members’ capital accounts, and allocations of income and loss (§704(b)).
- Profits interests as their own instrument, including the threshold (hurdle) that says how much value must be distributed before they share in it. Units you record are counted like any other units.
- A distribution waterfall set by your operating agreement.
- Converting the LLC to a C-corp.
Ownership percentages, scenarios and exit models use the same calculations as for a corporation’s shares. If your operating agreement distributes by capital account or gives profits interests a threshold, those figures will not match what members would receive. Use your operating agreement and your accountant for those numbers.
Delaware: the flat annual tax
A Delaware LLC does not pay the corporate franchise tax and files no annual report. It owes a flat annual tax, due June 1 for the current year: $400 for tax year 2026 and later ($300 through tax year 2025; Delaware raised it effective January 1, 2026). DE Filing (under Compliance & Tax, for Delaware companies) shows the amount for the year you pick, a link to the state’s LP/LLC/GP tax portal, an optional reminder email before June 1, and a record of what you paid. See Delaware franchise tax.
On the roadmap
Member capital accounts and K-1 reporting for an operating LLC are on the roadmap. Tenacap already produces LP capital accounts and K-1 data for funds and SPVs, which is a different calculation.