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 if:. Form 8594 categorizes the assets involved in a business sale into seven IRSdefined classes.Did you buy or sell a business during the tax year? If so, you may need to file IRS Form 8594 with your federal tax return. Want to start a business but now sure what the first step is? Read our Starting a Business FAQs then get in touch with an SBDC Business Advisor today! A form 8594 needs to be completed and both the seller and buyer need to attach this to their respective tax returns for the year of sale. Important facts to know when completing your business license: • License Due Date: Renew annually on. Finally, if the company name is available, fill out the assumed name form and have it notarized. Then file it with the county clerk's office.