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The Differences Between A Business Sale And A Share Sale Whenever someone is discussing buying or selling a business the term business sale will often be used but in truth it is often used wrongly. Commercial law defines a business sale as a specific legal process and often the transaction taking place is not a business sale but a share sale. A business sale and a share sale are two distinct types of transaction and each has several legal differences in commercial law even though once the sale takes place it has the same outcome. Based on legal advice here are some of the differences between business sales and share sales to clarify what this means in practical terms Share Sales The legal owner of a business is the company and whilst that business ownership does not change with the buying and selling of shares the ownership of the company can change.