A sole proprietor owns the entire business assets as personal property, as mentioned above. With that being said, it is possible to transfer the company to another person. The sole proprietor is allowed to transfer the business by selling its tangible and intangible assets, essentially transferring the responsibilities to the new owner. Keep in mind, the owner would need to notify the buyer what he/she is buying. The value of the business can be determined through negotiations based on the replacement costs of tangible assets. Thus, a written agreement is formed to specify what parts of the business is being sold and the obligations in the name of the previous owner. The agreement should include both tangible and intangible assets.