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.A Partnership Agreement is a legal document outlining the terms of a business partnership, serving as an internal guide for partners. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. The transition includes the transfer of all records, and other data in the possession, custody, or control of contractor required to be provided to the County. The Partners agree to form a partnership under the name of Partnership (the "Partnership").