In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. A BuySell agreement can help all business partners determine what will happen in case of certain circumstances.Learn how to buy out a member in an LLC and create an LLC buyout agreement that protects your interests in this guide. A buy sell agreement is a legally binding agreement between business partners that explains the process of events after a partner leaves the business. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. A Partnership Agreement is a legal document outlining the terms of a business partnership, serving as an internal guide for partners. A partnership buyout agreement lets you plan what will happen when a partner leaves the business. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement. A Partnership Agreement is a legal document for two parties to set the terms for a business partnership.