How do I fill this out? In an asset sale, the new owner purchases the business's physical assets.The seller retains all rights to the legal entity. General Questions: What types of entities are on file with the Corporations Division? What type of entity should I form? Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller. This recent Georgia case is one of many that emphasizes how not filing a tax bulk sales notice in the asset sales of a business can be costly to the buyer. THIS ASSET PURCHASE AGREEMENT (this "Agreement") is entered into as of p.m. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset.