In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. Massachusetts small business attorneys explain what partnership agreements are and the risks that come with not using one for your business venture.Learn how to buy out a member in an LLC and create an LLC buyout agreement that protects your interests in this guide. Learn about different types of partnerships, state requirements to start one, and tax obligations. One of the first steps in writing a partnership agreement is deciding what sort of partnership you wish to form. A partnership buyout agreement lets you plan what will happen when a partner leaves the business. If you have an operating or partnership agreement with a buyout provision, you may be able to force your business partner to buy you out. The result in both cases is a forced partnership with a partner's family. Edit, sign, and share buyout agreement template online. No need to install software, just go to DocHub, and sign up instantly and for free.