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. The brand guidelines in the Buy with Prime marketing toolkit include comprehensive guidance, best practices, sample messaging, and example marketing materials.Your business will need special assets and equipment to succeed. 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 asset purchase contract is a contract used to purchase assets from another party that establishes terms for the transaction. Avoiding common negotiating mistakes when buying or selling a business in Texas is essential for a smooth transaction. A corporation can make an election to treat a qualifying stock purchase as an asset purchase for federal income tax purposes.