To buy out a business partner, take these steps: 1) Determine what you're buying, eg, customers, inventor, customers, intellectual property, etc. We've created a detailed guide on effectively ending a business partnership.We've included our own experiences as well as our expert tips and tricks. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. The ability to buy out a business partner largely depends on the structure of the partnership and the terms in the partnership agreement. LOKK LEGAL can draft, negotiate, revise, and complete any documents to assist these partners limit such personal liability. If your business partner wants to buy out your ownership, the steps to take are going to vary depending upon whether you want to sell or whether you don't. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership.