An asset sale is a common method for transferring business ownership. You must submit a paper filing and a supplemental form to the Assessor's Office.Both forms are on our e-filing site. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. 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. There are three ways to file the Business Property Statements (571-L) 1. Filing your statement via the internet 2. The purchase and sale agreement for the business entity or assets is a vital document. If you are involved in the purchase or sale of a business and need legal representation, call the legal team at BoyesLegal APC today! It provides information related to payroll, personal and business corporate income, franchise, and sales and use taxes.