Please fill out the form below and we will contact you to set up a meeting or call with a PKF Texas team member. In an asset sale, the new owner purchases the business's physical assets.The seller retains all rights to the legal entity. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Form 4797 is used for reporting the sale of various types of business property, such as real estate, equipment, and assets used in a trade or business. It is used to report the sale or exchange of assets that were used in your Trader business. Parties and Recitals. An Asset Purchase Agreement is a legally binding contract between a buyer and a seller that details the terms and conditions of the sale of a business's assets. There are generally three ways to sell your business: 1) assets, 2) stock purchase, and 3) bootstrap.