Miscellaneous Assets (include club memberships, travel award benefits, livestock, intellectual property, equipment, tools, leases, cemetery plots, season. In this video we are going to create an asset purchase agreement and also work walk through how you can create it on .net.An Asset Purchase Agreement is a legally binding contract between a buyer and a seller that details the terms and conditions of the sale of a business's assets. 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. THIS ASSET PURCHASE AGREEMENT (this "Agreement") is made and entered into as of. When selling your business, you'll need to decide between an asset sale or a stock sale. It's important to understand how asset sales work. IMPORTANT: This rendition covers property you owned on January 1 of this year.