Buying out a business partner is a complicated process. Sell agreement is a contract made between shareholders that limits a shareholder's actions in the sale or transfer of shares if they leave the company.Buyout agreement terms, specifying the process and timeline for completing the sale of partnership interest. Negotiating Withdrawal Terms. There are specific steps you need to take to transfer ownership of an LLC in Utah. Learn what forms to file, steps to take, and more. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. Appendix A: Site References; Legal Description.