Ensure a successful asset acquisition with our detailed asset purchase agreement checklist, covering all critical steps from agreements to finalization. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations.In an asset purchase, the purchaser only acquires the assets and liabilities it identifies and agrees to acquire and assume from the seller. When buying or selling an RIA practice, one of the most important documents you'll encounter is the Asset Purchase Agreement (APA). A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. An APA is a legallybinding contract between a buyer and seller that finalizes the terms and conditions of an acquisition. Learn the tax implications for each type of sale.