Buying out a business partner is a complicated process. We'll discuss seller financing for business and how it works, as well as highlight the pros and cons for both buyers and sellers.Finalize the Buyout Agreement: Make sure that all terms of the buyout are clearly laid out in a legally binding agreement. The ability to buy out a business partner largely depends on the structure of the partnership and the terms in the partnership agreement. Sell agreement, also known as a buyout agreement or business continuation agreement, is a legally binding contract among business partners. Here the buyer and seller work out an agreement where the buyer makes monthly payments to the seller in exchange for ownership of the company. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement. To buy out a business partner, take these steps: 1) Determine what you're buying, e.g. , customers, inventor, customers, intellectual property, etc.