If you are selling a business Utah law requires you to: File final tax returns within 30 days of the business sale. 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.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. Asset Sales What is required for an asset sale in your jurisdiction? Please include any distinctions for a sale of substantially all of the assets. Want to incorporate in Utah? Learn how to structure your business, file the required documents, choose a name, and more. 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. A Completed Vernal City Business License Application.