Have the completed Business Certificate form notarized. You will need to allocate the amount reflected on form 8594 among all the assets.A typical method is to allocate the proceeds based on the original cost. Business licenses are due March 1 of each year. 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. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. An asset sale is a sale of a business; which can be the whole of a business as a going concern.