In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. A buyout agreement outlines the procedure that must be followed if a member of your limited liability company (LLC) wants to sell his or her ownership stake.On average, this process takes 3–4 weeks to complete after submitting your documents. The easiest way to create a Business Purchase Agreement is to use a template that is customized to your state. An LLC member buyout agreement is the process of a member or owner leaving a Limited Liability Company. How to Release a Member From an LLC. Learn how to buy out a member in an LLC and create an LLC buyout agreement that protects your interests in this guide.