A buyout agreement is an arrangement for the remaining partner(s) to purchase the portion of the business that the departing partner will be leaving. In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more.Learn how to buy out a member in an LLC and create an LLC buyout agreement that protects your interests in this guide. Breaking up with a business partner is never easy. A Minnesota Buy-Sell Agreement is common for "closely held" corporations and other business entities; for example, when there will be a handful of owners. Learn how to form a Business Partnership in Minnesota (aka General Partnership). Learn the pros and cons of staring a Partnership. Buying out a business partner can be done in several ways. Were they required to fill out forms and apply for licenses or permits? Jim and Kevin researched the answers to these, and other, questions.