What should be included in a buyout agreement? Partner buyout legal advisory letting you navigate the complexities of business partner buyouts.This New York general partnership agreement template provides basic guidelines for how a general partnership will be conducted. You and your partner must be able to truthfully state an identical residential address on the application form for the Domestic Partnership. Operating agreement is extremely basic; it does not mention buyouts, distribution requirements, required amount of participation, etc. Buying out a business partner is a complicated process. 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. In order for a partner to take this credit the partnership must fill out Schedule C of this form. See also New York State Form IT-219 and Instructions thereto. Transfer, hypothecation, negotiation, pledge, sale, encumbrance, assignment or other disposition of this share certificate and the shareholdings represented.