You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. If it's an asset sale, list the specific assets and liabilities included in the sale.This can include equipment, inventory, contracts, trademarks, and debts. This contract is a legally binding document outlining the terms and conditions for the sale of a business and its assets. Download Illinois Asset Purchase Agreement template, modify and send for signing using BoloForms Signature. Complete the following information: Yes. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. To sell a business in Illinois, you'll need various legal documents, including a bill of sale, asset purchase agreement, and non-disclosure agreements.