To buy out a business partner, take these steps: 1) Determine what you're buying, e.g. , customers, inventor, customers, intellectual property, etc.The ability to buy out a business partner largely depends on the structure of the partnership and the terms in the partnership agreement. A partnership buyout agreement lets you plan what will happen when a partner leaves the business. Easy-Fill: Fill out the form online, then print and mail it to CSLB. PDF: Print a blank form, then fill it out and mail it to CSLB. There are strict requirements under the Code and Regulations with respect to properly completing a likekind exchange.