In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. A BuySell agreement can help all business partners determine what will happen in case of certain circumstances.Learn how to buy out a member in an LLC and create an LLC buyout agreement that protects your interests in this guide. In most cases, the terms and conditions of a partner buyout are documented in the partnership agreement created when the Partnership is formed. Except as may be provided in writing in the partnership agreement, payment of this buyout price is subject to the following terms: 1. Ways to Resolve Disputes. A buy sell agreement is a legally binding agreement between business partners that explains the process of events after a partner leaves the business. The Phoenix business attorneys at Law Offices of Donald W. Hudspeth P.C. draft reliable buy-sell agreements for companies throughout Arizona.