APPRAISAL Definition

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APPRAISAL is a report made by a qualified person setting forth an opinion or estimate of value.

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UNLIMITED LIABILITY is full liability for the debt and other obligations of a legal entity. The general partners of a partnership have unlimited liability.

RED HERRING is a preliminary registration statement describing the issue (the IPO) and prospects of the company that must be filed with the SEC or provincial securities commission. There is no price or issue size stated in the red herring. Red Herrings are sometimes updated several times before it is called the final prospectus. It is known as a red herring because it contains a statement typed in red that the company is not attempting to sell their shares before the registration is approved by the SEC.

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