Is it essential for a private company to issue a prospectus or a statement in lieu of prospectus? Why or why not?

Is it essential for a private company to issue a prospectus or a state

1.	Is it essential for a private company to issue a prospectus or a statement in lieu of prospectus? Why or why not?
Answer» Is it essential for a private company to issue a prospectus or a statement in lieu of prospectus? Why or why not?