You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. A business purchase agreement should detail the names of the buyer and seller at the start of the contract.Plan for the Future of Your Business Today. Fill out the contact form or call us at (312) 889-8702 to schedule your free consultation. 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. Download free Purchase Agreement Templates adjusted to Illinois laws. For Real Estate, Stocks, Land, Business and more. To summarize, the letter of intent is the foundation of a business deal. The letter of intent outlines the fundamental terms of the transaction.