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:. Requesting a Certificate of No Tax Due.How do I form a minority-owned business? Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets. THIS ASSET PURCHASE AGREEMENT (this "Agreement") is made and entered into as of. When selling your business, you'll need to decide between an asset sale or a stock sale. It's important to understand how asset sales work.