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 is a contract that outlines the contingencies of a partnership deal.Also known as a business continuation agreement or buyout agreement. On average, this process takes 3–4 weeks to complete after submitting your documents. The Federal Aid Buyout Program is a voluntary program which allows local agencies eligible to receive federal aid transportation funds. 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. On the MTO homepage, click Start a New Business (E-Registration) to register the business with Treasury for Michigan taxes. What should you include in a buysell agreement? Let's have a look at some of the elements that make up a common buy-sell agreement in Michigan.