Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale. THIS PURCHASE AND SALE AGREEMENT, (the "Agreement") is made and entered into this _____ day of.Fill out the form to access a sample of Practical Guidance. Seller shall sell, convey, assign, transfer and deliver to Buyer, and Buyer shall purchase and acquire from Seller, free and clear of any Encumbrances. Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale if goodwill or going concern value. Vendor registration is free. Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller.