Identify the parties involved in the transaction. 2. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer.In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. A business sale contract is the last step you must take to transfer ownership of the company to someone else after the business sale negotiations have ended. This contract is a legally binding document outlining the terms and conditions for the sale of a business and its assets.