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. Over that, Superior court has jurisdiction. A buyout agreement outlines the procedure that must be followed if a member of your limited liability company (LLC) wants to sell his or her ownership stake. This guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout.