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. 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. 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. Sell agreement, also known as a buyout agreement or business continuation agreement, is a legally binding contract among business partners. 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. Learn how to finance a business partnership buyout so you can transition ownership as quickly as possible.