Learn how to initiate a buyout agreement effectively with this comprehensive guide. In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more.In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. Learn how to buy out a member in an LLC and create an LLC buyout agreement that protects your interests in this guide. Buyouts happen for a host of reasons: performance, divergent goals, or one partner's unwillingness to take on more responsibility. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. Want to start a business but now sure what the first step is? Read our Starting a Business FAQs then get in touch with an SBDC Business Advisor today! An LLC Interest Purchase Agreement is a legal document that outlines the terms and conditions of an investor's purchase of ownership interest in an LLC.