In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. Finalize the Buyout Agreement: Make sure that all terms of the buyout are clearly laid out in a legally binding agreement.Sell agreement is a central component of the shareholder agreement. The following six steps will help keep the best interest of the business and business partners intact. Provide all pages of this Disclosure Notice to the tenant prior to completing a Buyout. Agreement. The statutory LLC buyout is a special remedy designed for lawsuits seeking to dissolve LLCs. To buy out a business partner, take these steps: 1) Determine what you're buying, eg, customers, inventor, customers, intellectual property, etc.