You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations.Asset Purchase: There is the option of buying the selling company's assets with cash, stock, or other funds. Three different methods can be used for the purchase and sale of a business. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Make sure you have proper legal guidance before your company makes major purchases. Call us at 312-715-8770. We are wellequipped to guide you through the business and franchise process of buying, selling, and leasing commercial property.