If the business you are buying includes business assets such as furniture or office equipment, you must pay sales tax on them. This contract is a legally binding document outlining the terms and conditions for the sale of a business and its assets.Mutual NonDisclosure Agreement (NDA). Letter of Intent (LOI). A Business Purchase Agreement is a contract that transfers a business entity from its owner to a new buyer. A business purchase agreement is a legal contract specifying terms for buying or selling a business, including conditions and obligations. Identify the parties involved in the transaction. 2. Customer: New York: I need assistance writing a buyout agreement for a single family home. Three persons own a property.