A seller must give all prospective purchasers Form TP153, Notice to Prospective Purchasers of a Business or Business Assets. If the business you are buying includes business assets such as furniture or office equipment, you must pay sales tax on them.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. 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. Thus, both the Buyer and Seller must complete this application. Only businesses that are already licensed to operate a trade waste business in New York City may. Prior to the Closing the Purchaser shall notify the State of New York of the proposed sale of assets under this Agreement. Accountants and lawyers can help you decide the best way to transfer ownership of your business, and when might be the best time to sell your business. A business usually has many assets. A new corporate tax applies to corporations and banks, other than federal S-corporations, that do business in New York City.