Legal Question in Business Law in Iowa

Re: Asset Sales

In an asset sale, a corporation (or other entity) sells "things," e.g., desks, customer lists, inventory, telephone numbers, and yes, goodwill. This is as opposed to a stock sale, where the owner sells his or her shares of stock to another individual. All the assets and liabilities of the corporation go to the buyer. Generally, and subject to MANY exceptions, an asset sale is preferable to a buyer, and a stock sale is preferable to a seller. This is not something to do on your own. Both the buyer AND the seller should have their own attorney.