You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. A stock purchase agreement facilitates the transfer of ownership, responsibilities, and liabilities from the seller to the buyer.Download Illinois Asset Purchase Agreement template, modify and send for signing using BoloForms Signature. Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset. The agreement must be written. No oral agreements will be eligible in a court of law.