To buy out a business partner, take these steps: 1) Determine what you're buying, e.g. , customers, inventor, customers, intellectual property, etc.A partnership buyout agreement lets you plan what will happen when a partner leaves the business. 1. Review the Partnership Agreement. First, if you have a Partnership Agreement, it may provide your options for exiting or dissolving the partnership. The ability to buy out a business partner largely depends on the structure of the partnership and the terms in the partnership agreement. In the first section of the efile website (Situs Section) enter the Assessees as stated on the Business Property Form. Easy-Fill: Fill out the form online, then print and mail it to CSLB. PDF: Print a blank form, then fill it out and mail it to CSLB. A business partnership buyout agreement is a contract between partners that details the terms and conditions of a partner leaving the partnership.