A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. Learn the steps for a smooth business partner buyout.Our guide simplifies how to buy out a business partner effectively. Yes. Certificates of formation can be filed online through SOSDirect 24 hours a day, 7 days a week. We've created a detailed guide on effectively ending a business partnership. We've included our own experiences as well as our expert tips and tricks.