A buyout agreement is like a prenuptial agreement for businesses. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro.This article will delve into what BuySell Agreements are, how to determine when you need one, their benefits and potential drawbacks for small business owners. A partnership agreement is a broad term to describe the contract between the owners of a business. Most partners actually sign an Operating Agreement. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement. This book has a fillintheblank buyout agreement and instructions on how to incorporate it into your partnership agreement. You should determine what the business is really worth at this time (not future potential, etc).