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SPV Lite

A lightweight Special Purpose Vehicle (typically a Delaware LLC) that is formed and fully operational before any capital is raised or contributed.

Unlike a traditional SPV, an SPV Lite is created with zero or nominal initial funding, no bank account requirement, and no immediate securities filings or tax returns. It is designed to onboard contributors who are receiving equity in exchange for services, sweat equity, advisory roles, or future commitments rather than cash investment.

Key characteristics

  • Cap-table ready from day one (the startup sees only the SPV as the shareholder)
  • No banking or brokerage integration needed at formation
  • No Form D or other SEC filings required until capital is actually raised
  • No K-1s or tax reporting until a taxable event occurs
  • Ideal for venture studios, accelerators, pre-seed contributor pools, token projects, and advisor/employee equity programs

Once a priced round or cash investment occurs, the SPV Lite seamlessly converts into a standard capital-raising SPV without needing to restructure or amend the cap table.

Also called: “Zero-Capital SPV,” “Sweat-Equity SPV,” “Pre-Funded SPV,” or “Contributor SPV.”

Opposite: Traditional SPV (formed concurrently with or after capital commitments).

Example use: A venture studio spins up “Sally Studio HoldCo LLC” as an SPV Lite, grants membership interests to 25 builders and advisors, and the portfolio company issues shares only to the SPV Lite — keeping the cap table clean for future fundraising.

Read More: https://sally.co/spvs-the-most-flexible-investment-structure-in-modern-private-markets/

Share Features

Upload Document
Bulk Uploader
Legacy Share

Portal
Tagging
Permission based access

Search and Sort
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Manage Features

Capital Account Statements Blue Skies Entity Maintenance Distributions

Cap Table
Finalizing Checklist
Membership Transfers
Permission based access

Form ID
Tax Package
Membership Sales
Ops Panel

Fund Features

Up to 50 Investors
Up to 3 Closes
Entity Creation
Registered Agent
EIN
Money Movement Account
ACH and Wire
Documents
Flexible Economic Terms
QP and QC

Invite investors 
US and Non US Investors
Tax Documents including W-8 BEN E
506(b) Accreditation Verification
506(c) Accreditation Verification
KYC/AML Checks
Impersonate
Side Letters
Auto-reconciliation
Document Regeneration

Refund 
Edit and Increase Investment
Deal Closing
Beneficiaries
Permission Based Access
Assets
Purchase Agreement Checklist
Ops Panel
Multiple Closes
Multiple Assets

Promote

Unlimited  Opportunity Creation
NDA
Kanban  Board

Unlimited  Invite Investors
Discussion  Board
Activate  SPV

Investor  Interest tracking 
Accreditation  Status 
Permission  based access