In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement.Download Illinois Real Estate Partnership Agreement template, modify and send for signing using BoloForms Signature. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro.