In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro.Learn how to buy out a member in an LLC and create an LLC buyout agreement that protects your interests in this guide. Over that, Superior court has jurisdiction. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. An experienced Chicago business lawyer can help draft a buy-sell agreement that gives the proper considerations needed to protect your largest investment. A buy sell agreement is a legally binding agreement between business partners that explains the process of events after a partner leaves the business.