An asset sale is a common method for transferring business ownership. This Asset Purchase Agreement (the Agreement ) is made as of the 22nd day of February,.Buying or selling company assets? Use this Asset Purchase Agreement to finalize the terms of the transaction. The purchase and sale agreement for the business entity or assets is a vital document. An asset purchase agreement documents the terms of the sale of business assets from a seller to a buyer. Use a California business purchase agreement to record the sale of a business. Download your free template today. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Successor liability refers to the legal responsibility that a buyer assumes for certain obligations and liabilities of a seller when acquiring a business.