The sale of a restaurant requires you to determine whether the assets of the business are being sold or the business itself, such as a corporation or LLC. An asset purchase agreement, or asset sale agreement, should contain details about the business, buyer, seller, and assets acquired through the transaction.B) Assets and Liabilities: The agreement should specify the assets being transferred, such as equipment, inventory, licenses, and real property. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset. A Purchase and Sale Agreement for a Business sets out the final transaction between a buyer and a seller of a business. It is generally fairly detailed. This document is a draft asset purchase agreement. It outlines the sale of assets from a partnership firm to a company for operating a restaurant. StepbyStep Guide to Completing Form 8594. Step 1: Gather Documentation.