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. What Is an Asset Purchase Agreement?Key facts about business asset purchase agreement (APA) and sample template for asset sale in Florida and explanations about what should go in an APA. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets. When selling your business, you'll need to decide between an asset sale or a stock sale. It's important to understand how asset sales work. In an asset sale, I always prepare IRS form 8594 Asset Acquisition Statement Under Section 1060 which is the allocation of the purchase price. A business bill of sale transfers an individual's ownership of a company to a buyer in exchange for payment. A. The Seller is engaged in the business of retrieving and storing cord blood samples for individuals.