It is important to correctly identify the parties, especially if the company whose assets are being purchased has multiple subdivisions. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations.An asset purchase agreement (APA) is a contract that specifies the assets being transferred from a seller to a buyer. An Arizona business purchase agreement is a legally binding document that outlines the terms of buying or selling a business. Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale. 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. An asset purchase agreement outlines the terms under which business assets are sold and transferred from the seller to the buyer. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Buying a Business in Arizona.