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. 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.Get a Free Business Legal Evaluation. Fill out the form below and one of our team members will be in touch immediately! Edit, sign, and share Sale of Assets - Asset Purchase - Arizona online. No need to install software, just go to DocHub, and sign up instantly and for free. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. You, and your spouse if married filing a joint return, may file Form 140 only if you are full year residents of Arizona. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity.