Appendix A: Site References; Legal Description. Buying or selling a business?Answer a few simple questions to create your own Business Purchase Agreement. This title contains nearly 200 forms and precedents on equipment leasing and the sale and operation of a business. This affidavit is a downloadable digital template which you can easily fill in, print and sign in front of a notary. Section 167 of the Excise Tax Act (the Act) contains provisions for two elections that apply to the sale of a business and its assets. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer. If you're selling a business in Canada, this Bill of Sale form is essential to transfer ownership of the assets to the buyer. 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. Use this agreement to buy or sell the assets of a business.