An asset purchase agreement is a legally binding contract that establishes the terms and conditions governing the sale of business assets. Upon Closing, Buyer will be responsible for acquiring and maintaining appropriate insurance for the protection of the Acquired.An asset list is a list of ALL items you have purchased or acquired for conducting your business. The list should include a brief description of each item. All business owners, including home based businesses, are required to file a business tangible personal property return and current asset list annually.