If you are selling a business Utah law requires you to: File final tax returns within 30 days of the business sale. Appendix A: Site References; Legal Description.How to Sell a Business in Utah. Here are the steps you must take when selling your business in the Beehive State: Prepare your business' documentation. 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. An asset sale will likely result in a combination of gain taxed at both ordinary and capital gains rates, depending on the nature of the individual assets. You must prepare a sales agreement to sell your business officially. This document allows for the purchase of assets or stock of a corporation. Our business law experts provide tailored solutions for business and asset purchases. In an asset sale, the new owner purchases the business's physical assets.