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.Assets and Liabilities: Outline which assets and liabilities are included in the sale. Appendix A: Site References; Legal Description. Explore tax strategies for selling your business. Bessemer Trust's expert guidance covers asset vs. Both the buyer and seller must complete IRS Form 8594 during the sale to report the sale and purchase of business assets. Explore the key differences between asset and stock sales to make informed decisions when selling your business.