A partnership buyout agreement lets you plan what will happen when a partner leaves the business. In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more.Buying out a business partner can be done in several ways. This guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout. In order to receive its CDBG entitlement, the County must submit an Annual Action Plan to HUD.