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. Read our guide to selling your business.We look at how to protect a company from losing value and how to best maximize the value. Both the buyer and seller must complete IRS Form 8594 during the sale to report the sale and purchase of business assets. Explore key steps for a seamless business transition in Dallas, covering valuation, negotiations, legalities, and strategic planning. Asset sales are types of business transaction where buyers purchase assets from a business, and the sellers retain legal ownership of the company. In an asset sale, Company A transfers certain property to Company B in exchange for consideration (i.e. cash).