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. This article discusses the elements of buying or selling a small business in Texas, whether the business is focused on real estate or otherwise.Yes, you can sell a business with an SBA loan, but not without taking certain important measures. The most crucial measure is obtaining lender approval. Sale valuation is the first step in determining if your business is positioned to sell and if a sale would meet your financial needs. Sale of an asset in which the LLC carrys the loan. Both the buyer and seller must complete IRS Form 8594 during the sale to report the sale and purchase of business assets. An asset purchase agreement (APA) is a written legal document that formalizes purchasing a business or substantial commercial asset.