In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. Learn how to buy out a member in an LLC and create an LLC buyout agreement that protects your interests in this guide.A buy sell agreement is a legally binding agreement between business partners that explains the process of events after a partner leaves the business. A partnership buyout agreement lets you plan what will happen when a partner leaves the business. If you have an operating or partnership agreement with a buyout provision, you may be able to force your business partner to buy you out. (B) Each partner is entitled to a settlement of all partnership accounts upon winding up the partnership business. Ohio Partnership Agreement Template. Utilize our Partnership Agreement template to outline the terms of a business partnership.