Step 1: Review the available forms in the column to the right and download the appropriate PDF. Fill out the PDF and save a copy.Buyout agreement terms, specifying the process and timeline for completing the sale of partnership interest. Negotiating Withdrawal Terms. In Utah, limited liability companies, or LLCs, are one of the most common approaches to business ownership. LLCs are perhaps the most flexible business type. If you're planning a buyout, getting a buyout agreement in place is essential. But how do they work exactly? Buying out a business partner is a complicated process. Buyer shall purchase, accept, and pay for all right, title, and interest in and to the tangible machinery and equipment set forth on Schedule 1 hereto.