In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity.If the employee does not fill out an IT 4, the employer shall withhold tax from the employee's compensation without exemption. An Asset Purchase Agreement is an agreement between a buyer and a seller of a business as to the terms and conditions of the sale of the business. An asset purchase agreement (APA) is a legal document that serves as a framework for how business assets will be transferred from the seller to the buyer. You must prepare a sales agreement to sell your business officially. This document allows for the purchase of assets or stock of a corporation. If it's an asset sale, list the specific assets and liabilities included in the sale. This can include equipment, inventory, contracts, trademarks, and debts.