In an asset sale, the seller retains possession of the legal entity, and the buyer purchases individual assets of the company. Selling a business in Minnesota is not just a way to cash out an investment; it represents the culmination of years, or even decades, of hard work.Asset sales are types of business transaction where buyers purchase assets from a business, and the sellers retain legal ownership of the company. 25.Sale of property used in a trade or business. O Buildings – all buildings regardless of acquisition cost. If a stock sale is structured as an asset sale, sales tax is due on the price of the tangible personal property. License Type: Going Out of Business Sale. It should not be read to mean that all asset sales in a particular state will be exempt from tax.