The IT K-1 allows the EPTE to report its income, adjustments, credits, and apportionment information to its owners. A business purchase agreement is any type of legal contract governing the transfer of a business or its assets from one owner to another.This Asset Purchase Agreement (this "Agreement") is made and entered into as of this. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer.