You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. Form 4797 is used for taxpayers to categorize the property they've sold, whether it's rental property, business property, or other types of assets.Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Line 1: Enter the name, address, and Tax Identification Number (TIN) of the other party (either the purchaser or seller). Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale. To sell a business in Illinois, you'll need various legal documents, including a bill of sale, asset purchase agreement, and non-disclosure agreements.