An asset sale is a common method for transferring business ownership. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.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. There are three ways to file the Business Property Statements (571-L) 1. Filing your statement via the internet 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. Who must file a Business Property Statement (BPS)?