Click the link immediately below that says "Click here to enter data for a buyout note or other debt of the business. Buying out a business partner is a complicated process.Uniform Domestic Relations Form 19. One party may, perhaps as a part of the divorce settlement agreement, buy out the other's interest in the business. Explore LLC member buyout agreements with FindLaw. Understand ownership changes, legal steps, and transfer processes in simple terms. If your business partner disputes the validity of the buyout agreement or refuses to buy out your interest, you can take legal action.