The 8th edition of Business Buyout Agreements walks the reader through the creation of a legal agreement-before issues come up and cause problems. 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.The agreement should include complete and up- to-date financial statements, showing the partnership's assets, liabilities, and financial performance. In this article, we will explore the intricacies of partner buyouts, including the financing requirements for complete and partial changes. When drafting a buyout agreement, you should be sure to address specifics pertaining to your business and what will happen upon the departure of an owner. This guide sets out the main elements of a share purchase agreement and explains why accurate information is important to both the buyer and the seller.