In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity.Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer. Each sale has different pros and cons. Virginia transaction attorney shares how to write an effective and legally binding business purchase agreement. A bulk sale occurs outside the normal course of business of a seller. It may involve the sale of inventory, other assets of a business or both. Explore tax strategies for selling your business. Bessemer Trust's expert guidance covers asset vs. Liens on the business assets or stock need to be paid off and released.