Need help selling or buying a business? Romano Law's team provides buyer due diligence, contract negotiation, seller preparation, closing assistance, more.In an asset sale, specific assets and liabilities are individually transferred from the buyer to the seller at closing via a bill of sale. Asset Sale of Business. Sale of an asset in which the LLC carrys the loan. Many Buyers will require that a sale be structured as an Asset Purchase in order to avoid responsibility for prior liabilities or expenses of the business. This is what's known as an asset sale transaction. In this case, the buyer acquires all of the assets of the business but not its liabilities. The buyer will want to see copies of all leases, contracts, and loan agreements in addition to copious financial records and statements. A business usually has many assets.