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. A sale of assets may be partial or complete. If you are selling the assets of your business, as opposed to the stock, you'll need to allocate the purchase price among the assets for tax reasons. A major tax consideration when you sell your business is whether you should sell the assets of the business or your stock in the company.