Below is a general due diligence checklist with the first 8 of 16 items to cover your bases in a business or asset purchase transaction. In an asset purchase, only the assets of the business are purchased, not the liabilities.Call (215) 545-4830 - Danziger Shapiro, P.C. is dedicated to serving our clients with a range of legal services including Business and Corporate cases. The most important document in an asset deal is the Asset Purchase Agreement (the "APA"). In this article, I will discuss the key provisions of an APA. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. THIS ASSET PURCHASE AGREEMENT (this "Agreement"), dated as of September. We help you through all stages of the business acquisition process — from that first confidentiality agreement to the closing. If you are thinking about purchasing a business from someone, you should be aware of Pennsylvania's Bulk Sale Law.