To buy out a business partner, take these steps: 1) Determine what you're buying, eg, customers, inventor, customers, intellectual property, etc. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership.This article will delve into what BuySell Agreements are, how to determine when you need one, their benefits and potential drawbacks for small business owners. A buyout agreement is like a prenuptial agreement for businesses. A partnership agreement is a broad term to describe the contract between the owners of a business. Most partners actually sign an Operating Agreement. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement. A buyout agreement lets you plan what'll happen when a partner leaves the business.