The ability to buy out a business partner largely depends on the structure of the partnership and the terms in the partnership agreement. The statutory LLC buyout is a special remedy designed for lawsuits seeking to dissolve LLCs.To buy out a business partner, take these steps: 1) Determine what you're buying, eg, customers, inventor, customers, intellectual property, etc. Buying out a business partner can be done in several ways. Mosaic helps homeowners simplify the transition to clean energy with flexible financing options offered through a nationwide network of contractor partners. In addition to drafting and review of purchase and sale agreements and bills of sale, other laws may come into play and determine the form of the transaction. A "Buyout Agreement" is a written agreement where a landlord pays a tenant to voluntarily move out of a unit and includes rent controlled units.