Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. When reporting a sale, include the new owner's name and mailing address.Incomplete Filing: It is important that you complete each section of the BPS, and properly sign and date it. Solved: Hello, would gladly appreciate any help with a Journal entry for purchase of new Vehicle. Apply for a New Business Tax Certificate online or at the Business Tax Office. Refundable business registration fee plus special fees. The sale of a trade or business for a lump sum is considered a sale of each individual asset rather than of a single asset. You can ask potential buyers to fill out a questionnaire or provide them with an information sheet to complete. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity.