A Business Purchase Agreement is a contract that transfers a business entity from its owner to a new buyer. In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more.My business partner is retiring and has asked that I buy her out. I am fine with her asking price and terms but she said something that has me baffled. An entity-purchase agreement controls the reassignment of ownership interest in a company in the event that a partner dies or otherwise leaves the business. Business Acquisition Agreement made as of September 25, 2008. In Canada, two or more people can start a business as a general partnership.