In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. When a partner in a business wants to leave the company, you may need a Minnesota business buyout agreements lawyer to help.A buyout agreement outlines the procedure that must be followed if a member of your limited liability company (LLC) wants to sell his or her ownership stake. A Minnesota Buy-Sell Agreement is common for "closely held" corporations and other business entities; for example, when there will be a handful of owners. You must file your Sales and Use Tax return online through our eServices system. Note: If you have multiple locations and file a consolidated return,