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.A. Company operates a business under the name of McARTHUR TOWEL AND SPORTS (the "Business"). Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller. Buying or selling company assets? Use this Asset Purchase Agreement to finalize the terms of the transaction.