A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations.You must properly transfer the assets of a business purchase. A Maryland business attorney specializing in business sales will make sure it's done properly. Expert insights on Maryland tax laws for buying or selling a business. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. An experienced Maryland business transactions attorney can draft a Purchase and Sale Agreement that is tailored to the individual transaction.