Purchase and Sales Agreements - Chicago Business Lawyer. The two primary types of buy-sell agreements are cross purchase and redemption agreements, each with its unique structure and implications.In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. Simply put, a buy-sell agreement governs what happens to the business when one of the partners decides to exit. As dedicated business attorneys, we specialize in providing comprehensive legal support tailored specifically for Illinois small businesses. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement. Fill out the form or call us at (847) 701-2250 to schedule your free consultation.