Try to keep emotion out of the process. A partner buyout may become necessary when a business partnership ends, but one partner wants to retain control of the company.Buying out a business partner is a complicated process. Your first step in a partnership buyout is always pull out whatever document governs your relationship. This book has a fillintheblank buyout agreement and instructions on how to incorporate it into your partnership agreement. Highlights. A limited liability company (LLC) must disclose all owners until full disclosure of ultimate ownership to the natural persons. What are my Rights in a Business Partnership gone bad? Can I force a Buyout? Wondering how to buy out a business partner? Learn how to value a company for buying out a business partner and secure financing.