What should be included in a buyout agreement? Your agreement should address when a partner can or must be bought out of their partnership interest and the procedure to buy out the partner.This guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout. In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. Buyout Agreement: A legal document that outlines the terms and conditions of a transaction in which one party purchases a stake in a business from the other. In most cases, the terms and conditions of a partner buyout are documented in the partnership agreement created when the Partnership is formed. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. Learn how to buy out a member in an LLC and create an LLC buyout agreement that protects your interests in this guide.