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It will depend on what the purchase contract states. It can be an asset purchase or it can be a lock, stock and barrell purchase. Whether you have liability will turn on what language is in the contract.
Also, you have not given enough info to be able to give you an opinion as to the other issues, but without a contract the Uniform Commercial Code will rule your purchase.
The UCC will act as your contract if you dont have one. You may want to spend the $500-$5000 on a lawyer drafting the contract to say yourself problems and litigation later that will be far more expensive.
Good luck and be smart.
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