Form agreement for the purchase and sale of a division or line of business of a private US corporation, drafted in favor of the seller. This Practical Law Company Microsoft Word template is for a standard bill of sale to accompany an asset purchase agreement.It includes drafting notes. 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. Purchased Assets. 1. 1.2. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset.