If you are selling a business Utah law requires you to: File final tax returns within 30 days of the business sale. 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. Appendix A: Site References; Legal Description. 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. 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. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity.