A partnership buyout agreement lets you plan what will happen when a partner leaves the business. Buying out a business partner is a complicated process.What should be included in a buyout agreement? Buying out a business partner doesn't have to be stressful or complicated. Read this guide to see how you can carry out the process with ease. The first step in buying out your business partner is to contact your attorney. This is especially critical if the buyout isn't amicable. Once both parties have agreed to the terms of the buyout, get everything in writing, including any future payments. A buy and sell agreement is a legally binding contract that spells out how and to whom a departing owner's shares will be transferred. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro.