The two most common ways to transfer ownership of a business are a stock sale and an asset purchase. A comprehensive asset purchase agreement is critical to a smooth transaction.Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations. Many Buyers will require that a sale be structured as an Asset Purchase in order to avoid responsibility for prior liabilities or expenses of the business. What is an Asset Purchase When Buying a Business? If you want to buy a business, it is best that you consult a qualified business law attorney. An experienced attorney can walk you through the entire process. Obtain copies of any and all agreements relating to stock options, voting trusts, warrants, calls, puts, subscription agreements and or convertible securities.