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. Identify the parties involved in the transaction. 2.A business sale agreement is a legal document that describes and records the price and other details when a business owner sells the business. A business sale contract is the last step you must take to transfer ownership of the company to someone else after the business sale negotiations have ended. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. The Purchased Assets and the Licensed Property include all of the tangible and intangible assets used or held for use in the operation of the Business. How do I fill this out? "Streamline your personal property transactions with our General Bill of Sale Form.