You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations.In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Download Illinois Asset Purchase Agreement template, modify and send for signing using BoloForms Signature. And when it was structured to purchase assets only, a defense attorney should turn to the successor liability defense (the "defense"). Three different methods can be used for the purchase and sale of a business.