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. Business Purchase-Sale Agreements.In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Establish terms for sale and purchase of an asset. ASSET PURCHASE AGREEMENT Relating to Certain Assets of McARTHUR TOWEL AND SPORTS, INC. An Arizona Corporation. This contract is a legally binding document outlining the terms and conditions for the sale of a business and its assets.