An APA spells out the conditions and terms under which a seller will transfer all of the assets that belong to the business to a buyer. Thus, both the Buyer and Seller must complete this application.Only businesses that are already licensed to operate a trade waste business in New York City may. Steps for Buying a Small Business, Company or LLC in New York. How a corporate attorney can assist you in a business purchase transaction. A seller must give all prospective purchasers Form TP153, Notice to Prospective Purchasers of a Business or Business Assets. Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale. An asset purchase involves buying the sum of the company's assets, which may include buildings, inventory, equipment, or vehicles. A sales agreement for buying a business is necessary for keeping both the parties on the same page and avoiding any legal trouble.