Filed with the Securities and Exchange Commission. 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.Want to start a business but now sure what the first step is? Read our Starting a Business FAQs then get in touch with an SBDC Business Advisor today! An asset purchase agreement is the legal document that will govern the transfer of ownership of a business's assets from the seller to the buyer. Important facts to know when completing your business license: • License Due Date: Renew annually on.