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. It is a legal agreement between the owners of a business that governs what happens if a partner dies, retires, or otherwise leaves the business. Partnership agreements typically provide specifications regarding the process for dissolution, buyout, and management of the business. In most cases, the terms and conditions of a partner buyout are documented in the partnership agreement created when the Partnership is formed. Buy-sell agreements are crucial for Arizona business owners. These agreements ensure a smooth transition when one partner exits the business. Buying out a business partner can be done in several ways.