Provide the dollar amount of business transacted at all locations in the State of Maryland in. Buying or selling a Maryland business?In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Create a thorough plan to transfer ownership, sell, or close your business. Get qualified advice and know what to do to tie up loose ends. An experienced Maryland business transactions attorney can draft a Purchase and Sale Agreement that is tailored to the individual transaction. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. The sale of your business is subject to a state tax law known as the bulk sales tax. When selling a business in Maryland, it is important to consider the unique legal requirements and regulations that apply to the state.