Step 1 – Parties and Business Information. A business purchase agreement should detail the names of the buyer and seller at the start of the contract.You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. Stepbystep guide on how to write contracts for leases, business partnerships, and employment contracts. Download free Purchase Agreement Templates adjusted to Illinois laws. For Real Estate, Stocks, Land, Business and more. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer. This contract is a legally binding document outlining the terms and conditions for the sale of a business and its assets. Buying or selling a business? Answer a few simple questions to create your own Business Purchase Agreement.