In an asset sale, only the tangible or intangible assets of the business are transferred to the new owner. In an asset sale, a firm sells some or all of its actual assets, either tangible or intangible.The buyer will want to see copies of all leases, contracts, and loan agreements in addition to copious financial records and statements. I'm purchasing an existing business in Nevada as an asset sale. I'm creating a new NV entity to eliminate all previous. When companies let go of some assets in exchange for needed cash or other forms of compensation, that is the sale of assets. SALE OF ASSETS; DISSOLUTION AND WINDING UP. NRS 78.565 Sale, lease or exchange of assets: Authority; vote of stockholders. It should not be read to mean that all asset sales in a particular state will be exempt from tax.