In the case of an asset purchase, many of the assets will be subject to a lower tax rate, but some assets, such as inventory, will be taxed as ordinary income. You can file your business income tax return electronically (through a tax vendor or directly with DOR), on paper, or hire someone to file your taxes for you.In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Business owners in Georgia are required to pay taxes on the sale of their business, which varies depending on several factors. You'll need to provide the supplier with a completed Form ST5, "Sales Tax Certificate of Exemption." You must prepare a sales agreement to sell your business officially. This document allows for the purchase of assets or stock of a corporation. All the assets of a business must be expressly listed in the purchase agreement to ensure they form part of the sale. These are the tax implications of selling a small business.