In an asset purchase, only the assets of the business are purchased, not the liabilities. The most important document in an asset deal is the Asset Purchase Agreement (the "APA").In this article, I will discuss the key provisions of an APA. If you are thinking about purchasing a business from someone, you should be aware of Pennsylvania's Bulk Sale Law. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. Before finalizing the purchase, it is advisable to form a new legal entity to acquire the business (Asset Purchase). Download Pennsylvania Asset Purchase Agreement template, modify and send for signing using BoloForms Signature.