The purchasing party should hire a lawyer to draft the buyout agreement to ensure the deal covers all legal aspects. Buying out a business partner is a complicated process.A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. Edit, sign, and share buyout agreement template online. No need to install software, just go to DocHub, and sign up instantly and for free. A buyout agreement outlines how one partner can purchase the leaving partner's shares in the collectively owned business. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement.