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. Appendix A: Site References; Legal Description.An asset purchase agreement is a legally binding contract between a buyer and seller. 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. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets.