Document deemed prospectus: offers of company securities for sale trigger prospectus content obligations and liability for misstatements. A document offering a company's securities for public sale is deemed a prospectus and attracts prospectus content rules and liability for mis-statements, with evidentiary presumptions if the offer follows allotment within six months or consideration remains unpaid, and modified requirements to disclose net consideration and inspection details; persons making the offer are treated as if named directors and corporate or firm offerors may sign through two directors or half the partners.