An asset sale is a common method for transferring business ownership. The purchase and sale agreement for the business entity or assets is a vital document.Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Each transaction should be evaluated. We are planning to open a new fast casual restaurant. Recently we found one which will work out for us in East Bay Area, California. Learn about the key tax considerations that executives need to make when contemplating the sale of a business San Jose CPA. Successor liability refers to the legal responsibility that a buyer assumes for certain obligations and liabilities of a seller when acquiring a business. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity.