If you are thinking about purchasing a business from someone, you should be aware of Pennsylvania's Bulk Sale Law. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price.Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. In an asset purchase, only the assets of the business are purchased, not the liabilities. Enter a word that describes your business or enter 26 digits of your NAICS code in the Keyword field. Select the code from the results list.