For your convenience, form completion and filing instructions are located on the Forms page here. This guide outlines the essential procedures for buying a stake from a business partner.These include creating the motivation behind the buyout. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. Your agreement should address when a partner can or must be bought out of their partnership interest and the procedure to buy out the partner. In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. You must have a General Vendor license to sell, lease, or offer to sell or lease goods or services in a public place that is not a store. It's imperative that you and your partner have an open discussion about buyout expectations as early in the process as possible.