This outline provides an overview of each of these issues concerning the purchase or sale of a small business. How to Transfer Business Bank Account to New Owner.The buyer and the seller should work together to transfer the bank account to the new owner. If the business you are buying includes business assets such as furniture or office equipment, you must pay sales tax on them. Once you have a general agreement with the buyer, the buyer usually drafts and signs a non-binding letter of intent. Identify the parties involved in the transaction. 2. Selling Your Business in New York: A StepbyStep Guide Discover how to navigate the complexities of selling a business in New York. An asset purchase agreement should describe as specifically as possible the business assets being transferred. A Business Purchase Agreement is a contract that transfers a business entity from its owner to a new buyer.