An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset. Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller.Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Asset purchases occur between a seller and buyer of a company's assets, including facilities, vehicles, equipment, stock, and inventory. The documents you need to buy or sell a business depend on the structure (discussed here) and complexity of the deal as well as its specific terms.