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. This document establishes a partnership agreement between Tyler Wayne Buxton and James Goff to form K and K car repair inc.Tyler will be the managing partner. An APA is a legallybinding contract between a buyer and seller that finalizes the terms and conditions of an acquisition. A Sale of Business Assets Agreement is a contract that covers the sale and purchase of tangible and intangible assets of a business.