In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. Explore LLC member buyout agreements with FindLaw.Understand ownership changes, legal steps, and transfer processes in simple terms. Create a Buy-Sell Agreement in minutes with step-by-step instructions. Use this contract to protect the shares of a business in unforeseen circumstances. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement. You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. Structuring a purchase of a restaurant when you are purchasing the building and the business requires careful planning and consideration.