In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. In Mexico, a business can be purchased through a share purchase, an asset purchase, a merger or a combination of those transactions.Instruction 26 in the Maryland resident tax booklet outlines the following steps for completing your part-year tax return correctly: You must file Form 502. You may be able to force a buyout of a partner. This is possible because the partners would be considered as a shareholder of the company. Use Schedule A (Form 1040) to figure your itemized deductions.