This guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout.A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement. Buying out a business partner is a complicated process. To be eligible for award of a contract, firms wishing to do business with the.