What should be included in a buyout agreement? In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro.This guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout. Buyout agreement terms, specifying the process and timeline for completing the sale of partnership interest. In most cases, the terms and conditions of a partner buyout are documented in the partnership agreement created when the Partnership is formed. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership.