Seller desires to sell and Buyer desires to purchase certain assets of Seller used in the Business in accordance with the terms and conditions contained herein. 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.An APA is a legallybinding contract between a buyer and seller that finalizes the terms and conditions of an acquisition. The AIR CRE Contract Library contains 63 forms needed to cover a commercial transaction. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Use a California business purchase agreement to record the sale of a business. Download your free template today.