In an asset acquisition, the buyer is able to specify the liabilities it is willing to assume, while leaving other liabilities behind.  In a stock purchase, on the other hand, the buyer purchases stock in a company that may have unknown or uncertain liabilities. 

It is necessary for the selling company's assets to be re-titled in the name of the buyer.  This is not required in a stock transaction.

If the purchase price exceeds the aggregate tax basis of the assets being acquired, the buyer receives a stepped-up basis in the assets equal to the purchase price.

In a stock transaction the buyer can normally obtain the selling company's nonassignable contracts, permits, and licenses without the consent of the other party to the contract, permit, or license.

By purchasing assets rather than stock, the buyer avoids the problems presented by minority shareholders who refuse to sell their shares. 

Asset purchases do not qualify for tax treatment as a tax-free reorganization.

Purchasing a business through an asset acquisition is less complicated from a securities law perspective because the parties are not normally required to comply with state and federal securities laws and regulations.

If the selling company does not have a large number of shareholders, a stock transaction will normally be less complicated.

Goodwill can be amortized by the buyer for tax purposes over a period of fifteen years.

In states that impose sales or transfer taxes on the sale of assets, a stock transaction can avoid some or all of these taxes that apply in the event of an asset transaction.