In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. Learn how to buy out a member in an LLC and create an LLC buyout agreement that protects your interests in this guide.If you have an operating or partnership agreement with a buyout provision, you may be able to force your business partner to buy you out. We've created a detailed guide on effectively ending a business partnership. We've included our own experiences as well as our expert tips and tricks. Ready to take full ownership of your small business? Here's everything you need to know about buying out a partner. Sell agreement is a contract made between shareholders that limits a shareholder's actions in the sale or transfer of shares if they leave the company.