The ability to buy out a business partner largely depends on the structure of the partnership and the terms in the partnership agreement. To buy out a business partner, take these steps: 1) Determine what you're buying, eg, customers, inventor, customers, intellectual property, etc.This book has a fillintheblank buyout agreement and instructions on how to incorporate it into your partnership agreement. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. In most cases, the terms and conditions of a partner buyout are documented in the partnership agreement created when the Partnership is formed. A business partnership buyout agreement is a contract between partners that details the terms and conditions of a partner leaving the partnership.