Buying out a business partner is a complicated process. The formula involves ascertaining your former partner's equity stake, assessing the business worth, and determining the buyout sum.A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement. Here are the steps to take to enter a business buyout, where assets or income of the business itself are being used to buy out a party. A buyout agreement lets you plan what'll happen when a partner leaves the business.