A stock purchase agreement facilitates the transfer of ownership, responsibilities, and liabilities from the seller to the buyer. This short-form stock purchase agreement is used for an all cash acquisition under Illinois law.You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. The Buyer desires and intends to acquire the Shares from the Shareholders at the price and on the terms and subject to the conditions set forth below. Stock Purchase: A buyer may purchase all or a portion of the stock (or membership interests, in the case of LLCs) of a business entity.