Buying out a business partner is a complicated process. 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.Explore LLC member buyout agreements with FindLaw. Understand ownership changes, legal steps, and transfer processes in simple terms. A buy sell agreement is a legally binding agreement between business partners that explains the process of events after a partner leaves the business. Find top rated Washington buyout agreement lawyers. Post your project and get proposals from business lawyers in WA for your buyout contract. If your business partner disputes the validity of the buyout agreement or refuses to buy out your interest, you can take legal action.