A buyout agreement can establish preset guidelines for handling ownership changes. It can prevent unwanted buyers from obtaining an interest in the company.This guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer.