You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. The documents you need to buy or sell a business depend on the structure (discussed here) and complexity of the deal as well as its specific terms.Apply or renew a business license, public way use liquor licensing, shared housing, public vehicle licensing, visit the small business center. This contract sets out the key terms of the transaction, including the purchase price, payment terms, and the assets and liabilities included in the sale. Free Consultation - Call (312) 889-8702 - The Castle Law Firm helps companies with business matters in Business and Franchise Law cases. Browse 167 Chicago, IL business opportunities available on BizBuySell.