An asset sale is a transaction where the buyer acquires specified assets and assumes specified liabilities of a business, leaving the selling entity in place with any unwanted liabilities and the cash from the sale.
In Australia, asset sales may attract stamp duty depending on the asset type and the state or territory in which assets are located (rules and rates vary substantially by jurisdiction), and may have GST implications, which is one reason many established trading entities are sold by way of share sale instead. Asset sales are common where the business operates through a trust or sole trader structure.