Buying out a business partner is a complicated process. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro.Here the buyer and seller work out an agreement where the buyer makes monthly payments to the seller in exchange for ownership of the company. Download Illinois Real Estate Partnership Agreement template, modify and send for signing using BoloForms Signature. Learn how to buy out a member in an LLC and create an LLC buyout agreement that protects your interests in this guide. A buyout agreement outlines the procedure that must be followed if a member of your limited liability company (LLC) wants to sell his or her ownership stake. Learn how to finance a business partnership buyout so you can transition ownership as quickly as possible. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership.