It is important to correctly identify the parties, especially if the company whose assets are being purchased has multiple subdivisions. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations.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. Follow the instructions below to fill out Statement of Assets and Liabilities - Asset Purchase - Arizona online easily and quickly: Sign in to your account. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. ASSET PURCHASE AGREEMENT Relating to Certain Assets of McARTHUR TOWEL AND SPORTS, INC. An Arizona Corporation. 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.