Of course, the parties are always encouraged to consult with their chosen legal counsel, should they feel it is necessary in a business sale transaction. A Business Purchase Agreement is a contract that transfers a business entity from its owner to a new buyer.In an asset sale, I always prepare IRS form 8594 Asset Acquisition Statement Under Section 1060 which is the allocation of the purchase price. This article will help highlight for you what you to expect generally in terms of the sales process, timeline and documentation. If I sell my business (sole owner), what happens to the funds in the bank account? That's negotiated into the purchase agreement.