Simply put, the purchase of a business means that the buyer will stand in the shoes of the seller once the sale is complete, they will own the business. In general, the business remains the same, employees remain the same, tax identification does not change, and most if not all of the contracts of the business remain, as well as the assets and debts of the business. Whereas, an Asset Purchase is when you purchase only certain assets of the business, and limit the liability purchased from a business. In actuality, there are many laws applicable to a purchase of a business and its assets, and many hidden risks of liability in a transaction that seems simple. An attorney can advise you as to whether you should purchase the assets of the business or the business, as well as the laws applicable to the transaction, and how to minimize your risks of liability to obtain the benefits of your bargain.