Let us help you safeguard your business with a clear, wellstructured buyout agreement. Buyout Agreement: A legal document that outlines the terms and conditions of a transaction in which one party purchases a stake in a business from the other.If you hold an interest in a business that's closely held or family owned, a buy-sell agreement should be a component of your estate plan. What form(s) do I need to fill out? What document(s) do I need to bring? When drafting a buyout agreement, you should be sure to address specifics pertaining to your business and what will happen upon the departure of an owner.