In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. Learn how to buy out a member in an LLC and create an LLC buyout agreement that protects your interests in this guide.(6) "Partnership" means an association of two or more persons to carry on as co-owners a business for profit formed under RCW 25.05. Find top rated Washington buyout agreement lawyers. Post your project and get proposals from business lawyers in WA for your buyout contract. If you have an operating or partnership agreement with a buyout provision, you may be able to force your business partner to buy you out. A buyout agreement outlines the procedure that must be followed if a member of your limited liability company (LLC) wants to sell his or her ownership stake. A partnership buyout agreement lets you plan what will happen when a partner leaves the business. Business assets are not considered legally transferred without a properly executed Business Purchase Agreement between the seller and purchaser. Explore LLC member buyout agreements with FindLaw.