In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity.If considering selling your business, there are two common types of sales: selling stocks or selling company assets. Our business attorney explains. An allocation of the purchase price is an essential component to a business sale transaction. Both buyer and seller have to work together to get it done. A group of assets that makes up a trade or business is exchanged for like-kind property in a transaction to which section 1031 applies.