Yet it is.

You can go to a company and ask to buy their office building. Or the name trademark. Or staff. Or customer database. Or website. And you continue this until you’ve acquired literally everything the company has except the actual company itself - it’s called an “asset acquisition” - so you get all the stuff, but because the original company technically still exists it’s left with most of the liabilities.

Most, because some liabilities thankfully do transfer.