By completing this you will be filing both documents with the City. 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. This book has a fillintheblank buyout agreement and instructions on how to incorporate it into your partnership agreement. The future buyout should be documented with a written buy-sell agreement at the start of the partnership.