THIS PARTNERSHIP AGREEMENT is made this ______ day of ______. If you're planning a buyout, getting a buyout agreement in place is essential.But how do they work exactly? The first step in negotiating a partner buyout agreement is to establish open lines of communication among all partners involved. Why does my company need a shareholder buyout agreement? A buyout agreement is an essential legal document in business transactions, defining the terms and conditions of a deal. This guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout.