Get a Free Business Legal Evaluation. Fill out the form below and one of our team members will be in touch immediately!Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. An asset purchase agreement is one type of contract, and way, to purchase or sell a business. 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. The Business Personal Property Unit assists in the assessment of this type of property. 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. You must use Form 140 rather than Form 140A or Form 140EZ to file for 2022 if any of the following apply to you. Asset sales are types of business transaction where buyers purchase assets from a business, and the sellers retain legal ownership of the company.