Appendix A: Site References; Legal Description. Our business law experts provide tailored solutions for business and asset purchases.Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations. Asset-Purchase Agreements (APA's) are official agreements that define terms and conditions between buyers and sellers. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset. If you are selling a business Utah law requires you to: File final tax returns within 30 days of the business sale.