Typically, when buying a business you are either buying the business entity or buying the business’ assets. If purchasing a business entity, you are purchasing all the corporation’s shares or if a limited liability company, its membership interest. In contrast, if purchasing the business’ assets, you are buying all the assets, contracts, debts, and anything else registered under the business’ name. Basically, the seller will remain the legal owner of the entity, while the buyer purchases individual assets of the company. When you purchase the assets, you are buying things like equipment, property, and goodwill; but you will need to form your own entity and enter into your own contracts, le
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