Before you buy an existing business, find out if the business owes any Texas taxes. Our free online guide for business owners covers Texas sales tax registration, collecting, filing, due dates, nexus obligations, and more.When engaging in the purchase or sale of a business within Texas, considering the implications of state taxes is crucial. If you buy multiple assets for a lump sum, you and the seller may agree to a specific allocation of the purchase price among the assets in the sales contract. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. (1) the transaction is a taxable transaction;43 (2) the buyer and seller are unrelated.