A friend and I started a business several years ago. I own 51%. We have decided amicably to terminate his ownership. He will sell all of his shares to me, and has already been voted off all positions within the corporation. I just want to ensure that we have the proper paperwork in place for legal and tax purposes. Can we simply sign a Stock Purchase Agreement, delineating our brief terms of payment? I also would like to work in a quasi-noncompete so that my ex-partner, who has already started the very same type of business, doesn't simply steal all of my customer lists, so that I am able to pay him the agreed upon amount over the next two years.