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Merge mark approval

this uh great question here from brian in wisconsin he says i'm considering purchasing a real estate brokerage in wisconsin non-franchised what are the pros and cons of purchasing the business versus purchasing the business assets okay this is a great question so for any of you buying a small business you have two ways you can do it you can do what's called a stock purchase where you're buying let's say the llc ownership or the stock of the s corporation and now you're just that that corporation or llc just stays you're just the new owner of it now that's one way to do it the other way to do it is you just buy the assets of the business let's for the real estate brokers what's what's what are the assets of that okay maybe it's the name the customer list um the goodwills what they'll call it the assets the furniture and stuff if there's an actual physical office all the you know inventory if there's promotional items whatever it may be so the phone number the website url like all that stuff you you're buying as the asset to the business but you're not buying the company now as a general rule of thumb a buyer of the business is best off buying the assets because i don't know what's happened in that corporation let's say i go buy someone's corporation or llc that was real estate brokerage maybe a year ago they have some wrecked deal that happened and some possible lawsuit brewing that's going to pop out of nowhere and now you own the company and you're going to have to deal with it if you buy the business and do a stock purchase that's what's going to happen but if you just bought the assets you're not buying the liabilities too i'm just buying the assets out i'm going to set up my own s corporation or llc depending on what your tax situation is you got partners or not for the new real estate brokerage just take their name and they're going to have to give you a release of the name so you can refile under a variation of that with the state um and you just carry on with the business got the assets you got the good and you didn't take the bad okay i love it now um this actually is ironic that we have a second question on purchasing a business and this is it's very common in main street america where people will merge or you know go ahead and merge you know uh little brian regan throwback there um but some people will merge their small business with another they'll buy someone else maybe their kids are gonna buy their business so this is really common and your average lawyer or accountant that maybe you've been working with for years they don't handle buy and sell transactions on a regular basis so again if...