Sales of tangible personal property are subject to New York sales tax unless they are specifically exempt. Sales of services are generally exempt.An asset purchase agreement is a legal document used when buying or selling a small business. Read on to understand the basics. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations. Explore skilled trades, vocational programs, and career training opportunities at a State University of New York (SUNY) school near you. We offer advancement opportunities and many training programs to help employees build their capabilities and careers. In an asset purchase, the purchaser only acquires the assets and liabilities it identifies and agrees to acquire and assume from the seller.