Learn the steps for a smooth business partner buyout. Our guide simplifies how to buy out a business partner effectively.A partnership buyout agreement lets you plan what will happen when a partner leaves the business. A buyout agreement is an essential legal document in business transactions, defining the terms and conditions of a deal. In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. What should be included in a buyout agreement? Form. Please complete the form below to create the Partner Buyout Agreement Template. All fields must be filled out to ensure a clear and complete agreement.