Need help selling or buying a business? Romano Law's team provides buyer due diligence, contract negotiation, seller preparation, closing assistance, more.Use a California business purchase agreement to record the sale of a business. Download your free template today. The buyer will want to see copies of all leases, contracts, and loan agreements in addition to copious financial records and statements. If it's an asset sale, list the specific assets and liabilities included in the sale. This can include equipment, inventory, contracts, trademarks, and debts. The sale is not one of three or more sales of tangible personal property (other than hay) for substantial amounts in any period of 12 months. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity.