The agreement of sale is strictly who's on first what's on second who are the players and that's what we're going to identify here. 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.Switch to the Philadelphia worksheet. Assign the name sale_date to the range C6:C14. In order to fill out our free operating agreement template, you'll need your: Business name. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. Standard Form Updates ; ASVL, Standard Agreement forthe Sale of Vacant Land, Aug. 1, 2024 ; BAC, Buyer Agency Contract, Aug.