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. The Seller has agreed to sell, and the Purchaser has agreed to purchase, the Assets (as defined below) on the terms of this agreement.The Business, name, and assets, properties and rights being sold are called the "Assets. An asset purchase agreement is the legal document that will govern the transfer of ownership of a business's assets from the seller to the buyer.