An asset purchase agreement is a legally binding contract between a buyer and a seller outlining the terms of transferring assets. An asset sale transaction involves the sale of some or all of the assets used in a business from a selling company to a buyer.There are two primary ways to structure the taxable purchase and sale of an incorporated business. The parties may engage in an asset acquisition. Services specifically exempted from sales and use tax are identified in GS § 105-164.13. Below are weblinks to information regarding direct pay permits. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Find asset purchase contract lawyers for North Carolina to hire. No cost to post a project to get multiple bids in hours to compare before hiring.