You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. Each sale has different pros and cons.Complete all lines to identify the business or business assets being sold or transferred. An asset sale allows the transfer of specific assets and liabilities while the seller remains being owner of the legal entity. The first key decision is determining whether the transaction will be structured as a sale of assets or a sale of equity. Make sure you have proper legal guidance before your company makes major purchases. Call us at 312-715-8770. To sell a business in Illinois, you'll need various legal documents, including a bill of sale, asset purchase agreement, and non-disclosure agreements.