You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. Make sure you have proper legal guidance before your company makes major purchases.Call us at 312-715-8770. Find asset purchase agreement lawyers for Chicago, IL to hire. No cost to post a project to get multiple bids in hours to compare before hiring. An Asset Purchase Agreement is a legal contract that dictates the terms of purchasing and selling a business or franchise. The due diligence process of acquiring a small business always starts with a comprehensive examination of all relevant financial documents. If you need legal assistance or advice when buying and selling a business, contact the office of McCracken law today! With an asset purchase, the buyer can step up the tax basis on the target corporation's appreciated assets to reflect the purchase price.