To buy out a business partner, take these steps: 1) Determine what you're buying, eg, customers, inventor, customers, intellectual property, etc. The ability to buy out a business partner largely depends on the structure of the partnership and the terms in the partnership agreement.Once the terms of the buyout are agreed upon, you will need an agreement memorializing the understanding you and your partner have come to. Buying out a business partner can be done in several ways. There are two major types of Buy-Sell agreements dealing with the death of a partner: "cross-purchase" and "redemption. The owner must file a Property Owner Certification Prior to Move-Out Negotiations with the Rent Adjustment Program prior to entering into Move-Out Negotiations. Search Court Records ; Property Records Notification. Who must obtain a seller's permit? What does engaged in business mean? In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more.