The documents you need to buy or sell a business depend on the structure (discussed here) and complexity of the deal as well as its specific terms. To transfer business ownership to another person in Maryland, you must first determine the appropriate type of transfer that is best suited for your situation.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. The relief in this letter is limited solely to the transactions described in your letter. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price.