What are the tax implications of a Partner Buyout? â—‹â—‹. What should go into a Partnership Buyout Agreement?Your partnership agreement should specify whether and when a partner can be expelled or boughtout and the terms of a buyout or dissolution. Make sure to include accurate details regarding the partners and the business structure. Review the instructions thoroughly before submitting your form. The Van Den Heuvel Law Office is here to assist you. Contact our skilled attorneys now to discuss your buy-sell agreement.