In an asset purchase in Texas, the buyer acquires all or part of a business's assets. Before you buy an existing business, find out if the business owes any Texas taxes.An Asset Purchase Agreement is a legally binding contract between a buyer and a seller that details the terms and conditions of the sale of a business's assets. In a Texas asset purchase, the buyer buys all or portion of a company's assets. Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations.