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. You are required to report all sales of businesses to the Illinois Department of Revenue. Disclosure of this information is REQUIRED. The due diligence process of acquiring a small business always starts with a comprehensive examination of all relevant financial documents. This contract sets out the key terms of the transaction, including the purchase price, payment terms, and the assets and liabilities included in the sale. 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.