This book has a fillintheblank buyout agreement and instructions on how to incorporate it into your partnership agreement. What should be included in a buyout agreement?Defining the parties involved in the agreement. Identify who is buying and who is being bought out. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. In most cases, the terms and conditions of a partner buyout are documented in the partnership agreement created when the Partnership is formed. This guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement.