> ## Documentation Index
> Fetch the complete documentation index at: https://docs.equa.cc/llms.txt
> Use this file to discover all available pages before exploring further.

# Creating Agreements

> How to create operating agreements, board authorizations, and governing documents in Equa

# Creating Agreements

Agreements in Equa capture point-in-time snapshots of your organization's equity structure. Operating agreements record who owns what at a specific moment, while authorizations track board-level approvals. Together, they form a legally auditable chain of your company's equity history.

## Prerequisites

* Active Equa account
* Organization admin role or equivalent permissions
* A cap table with at least one shareholding (for meaningful agreements)

## Understanding Agreements

There are two types of governing documents in Equa:

* **Operating agreements** — Immutable snapshots of your equity structure at a specific point in time, including all shareholdings, security types, plans, and transactions. They form a linked chain where each new agreement references the previous one.
* **Authorizations** — Board-level approvals attached to specific documents, recording when and why the board authorized an action.

## Creating an Operating Agreement

### Step 1: Navigate to Agreements

From your organization sidebar, click **Agreements**.

### Step 2: Create a New Agreement

Click **New Agreement**. The system will automatically capture a snapshot of your current:

* Organization details
* All shareholdings
* Security types and their seniority order
* Share counts by security type
* Equity incentive plans
* All transactions

### Step 3: Set the Timestamp

Enter the date and time this agreement represents. This must be on or after the previous agreement's timestamp.

### Step 4: Review and Save

Review the captured data and click **Create**. The agreement is saved as an immutable record. It is automatically linked to the most recent previous agreement, forming a chain.

## Common Tasks

### Viewing an Agreement

1. Navigate to **Agreements**
2. Click on any agreement in the chronological list
3. The detail view shows:
   * All shareholdings captured at that point in time
   * Transactions included in the snapshot
   * A link to the previous agreement in the chain

### Comparing Two Agreements

1. Navigate to **Agreements**
2. Select two agreements to compare
3. The diff view highlights what changed between the two snapshots — new shareholdings, modified ownership, and any structural changes

### Creating a Board Authorization

1. Navigate to **Agreements > Authorizations**
2. Click **New Authorization**
3. Fill in the details:
   * **Target** — What is being authorized (e.g., a plan, a transaction)
   * **Authorization date** — When the board approved this action
   * **Document** (optional) — Upload the authorization document
   * **Document type name** (optional) — Label for the document type
   * **Note** (optional) — Any additional context
4. Click **Save**

### Editing an Authorization

1. Open the authorization from the list
2. Click **Edit**
3. Update the fields as needed
4. Click **Save**

### Removing an Authorization

1. Open the authorization
2. Click **Delete**
3. Confirm the action

Deleted authorizations are soft-deleted — they are hidden from active views but preserved in the audit trail.

### Viewing the Latest Agreement

Click **Latest** on the agreements page to jump directly to the most recent operating agreement snapshot.

## Tips

<Tip>
  Operating agreements are append-only and immutable. Once created, a snapshot cannot be modified. If you need to correct an error, create a new agreement that reflects the corrected state.
</Tip>

<Tip>
  Each new operating agreement automatically links to the previous one, forming a tamper-evident chain. This means your entire equity history is traceable from the latest agreement back to the first.
</Tip>

<Tip>
  Create a new operating agreement after any significant equity event — share issuances, transfers, new funding rounds, or option grants. This maintains a clear audit trail.
</Tip>

## Design References

Design-system source for this guide: [Agreements screenshot gallery](/architecture/design-system/screenshots/agreements) and [EquaFileUpload](/architecture/design-system/components/equa-file-upload), [EquaStepper](/architecture/design-system/components/equa-stepper), [EquaToast](/architecture/design-system/components/equa-toast), [EquaModal](/architecture/design-system/components/equa-modal).

## Troubleshooting

<AccordionGroup>
  <Accordion title="I cannot create an operating agreement">
    **Cause:** You may not have admin-level permissions, or there may be no previous agreement to chain from (first agreement).

    **Solution:** Make sure you have organization admin permissions. For the very first agreement, the system handles the chain automatically with no previous reference needed.
  </Accordion>

  <Accordion title="The timestamp is rejected">
    **Cause:** The timestamp you entered is before the previous agreement's timestamp.

    **Solution:** Set the timestamp to a date and time on or after the most recent agreement. Agreements must be chronological.
  </Accordion>

  <Accordion title="The agreement snapshot is missing data">
    **Cause:** Data was added to the cap table after the agreement was created.

    **Solution:** Operating agreements capture the state at creation time. Any changes made after will appear in the next agreement. Create a new agreement to capture the current state.
  </Accordion>
</AccordionGroup>

## Related

* [Managing Your Cap Table](/guides/managing-your-cap-table)
* [Issuing Equity](/guides/issuing-equity)
* [ESOP Administration](/guides/esop-administration)
* [Agreements Specification](/specs/005-agreements/spec)