> ## 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.

# Issuing Equity

> How to issue shares, create shareholdings, and generate certificates in Equa

# Issuing Equity

Issuing equity is how you formally give ownership to shareholders. When you issue shares in Equa, the platform creates a shareholding record, assigns a certificate serial number, and lets you generate a signed PDF certificate. This guide walks you through the process.

## Prerequisites

* Active Equa account
* An organization with at least one security type defined
* `editCapTable` permission

## Issuing Shares

### Step 1: Navigate to the Cap Table

From your organization sidebar, click **Cap Table**.

### Step 2: Start a New Issuance

Click **Issue Shares** or the **+** button on the cap table page.

### Step 3: Fill In the Shareholding Details

Complete the following fields:

* **Shareholder** — Select an existing member or add a new one
* **Security type** — Choose the share class (e.g., Common Stock, Series A Preferred)
* **Number of shares** — Enter the share count. Fractional shares are only accepted if the security type allows them.
* **Issue date** — The date the shares are issued
* **Shareholder name** — The name as it will appear on the certificate
* **Legend** — Select a legend to attach to the certificate

### Step 4: Review and Issue

Review the details and click **Issue**. The system will:

* Create the shareholding record
* Assign the next sequential serial number
* Update the cap table totals and ownership percentages

## Common Tasks

### Generating a Share Certificate

After shares are issued, you can generate a PDF certificate.

1. Open the shareholding by clicking on it in the cap table
2. Click **Download Certificate**
3. The certificate is generated as a PDF with:
   * Shareholder name
   * Share count and class
   * Serial number
   * Organization details
   * Legend text
   * Signature(s)

### Generating a Copy Certificate

1. Open the shareholding
2. Click **Download Copy**
3. The certificate will include a "COPY" watermark

### Adding Signatures to a Certificate

Certificates require at least one signature to be legally complete.

1. Open the shareholding
2. Go to the **Signatures** section
3. Click **Add Signature**
4. Select the signatory from your members list
5. Enter their name and title as they should appear on the certificate
6. Click **Save**

### Transferring Shares

To transfer shares from one holder to another:

1. Navigate to **Cap Table > Transfers**
2. Click **New Transfer**
3. Select the source shareholding (the shares being transferred from)
4. Add one or more recipients with the number of shares each receives
5. Click **Execute Transfer**

The total shares transferred must equal the original holding. No shares are created or destroyed during a transfer.

### Voiding a Shareholding

If a shareholding was issued in error:

1. Open the shareholding from the cap table
2. Click **Void** or **Cancel**
3. Confirm the action

Voided certificates display a "VOID" marking when generated as PDFs.

## Tips

<Tip>
  Always add at least one signature before generating certificates. Certificates without signatures may not be legally valid.
</Tip>

<Tip>
  Serial numbers are assigned sequentially and cannot be reused. Even if a shareholding is voided, its serial number is permanently reserved.
</Tip>

<Tip>
  When transferring shares, the system enforces value conservation — the sum of shares going out must exactly equal the shares coming in. This prevents accidental creation or destruction of shares.
</Tip>

## Design References

Design-system source for this guide: [Issuing Equity screenshot gallery](/architecture/design-system/screenshots/issuing-equity) and [EquaStepper](/architecture/design-system/components/equa-stepper), [EquaDatePicker](/architecture/design-system/components/equa-date-picker), [EquaInput](/architecture/design-system/components/equa-input), [EquaButton](/architecture/design-system/components/equa-button).

## Troubleshooting

<AccordionGroup>
  <Accordion title="I cannot issue fractional shares">
    **Cause:** The selected security type does not allow fractional shares.

    **Solution:** Edit the security type and enable the "Fractional Shares" setting, or choose a security type that already allows fractional ownership.
  </Accordion>

  <Accordion title="The certificate is missing the legend text">
    **Cause:** No legend was assigned to the shareholding at the time of issuance.

    **Solution:** Make sure a legend is selected when issuing shares. Legends must be created in advance under Organization > Legends.
  </Accordion>

  <Accordion title="The certificate has no signatures">
    **Cause:** No signatures have been added to the shareholding.

    **Solution:** Open the shareholding, go to the Signatures section, and add at least one signatory before generating the certificate.
  </Accordion>

  <Accordion title="Transfer failed: value mismatch">
    **Cause:** The total shares distributed to recipients does not equal the source shareholding amount.

    **Solution:** Adjust the share amounts so they add up exactly to the original holding value.
  </Accordion>
</AccordionGroup>

## Related

* [Managing Your Cap Table](/guides/managing-your-cap-table)
* [Creating Agreements](/guides/creating-agreements)
* [Document Management](/guides/document-management)
* [Cap Table Specification](/specs/003-cap-table/spec)