Buying an operating Portuguese business — asset deal or share deal?

Share deals are simpler on paper and often better for the seller's taxes; asset deals let you pick what you buy and leave history behind — old liabilities, tax exposure, employment baggage. For licensed operations (like AL hospitality), the license's transferability can decide the structure by itself. The risk is defaulting to whatever the seller's lawyer proposes. Decide the structure from YOUR tax and risk position — on both sides of the border — before negotiating price.