Buying out a business partner is a complicated process. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement.Get a Free Business Legal Evaluation. Fill out the form below and one of our team members will be in touch immediately! A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. Download our free Partnership Buyout Agreement template for your business needs. Arizona Partnership Agreement Template. Utilize our Partnership Agreement template to outline the terms of a business partnership.