In this guide, we will explain what buying out a business partner means, how to prepare to buy out a business partner, and more. This guide outlines the essential procedures for buying a stake from a business partner.These include creating the motivation behind the buyout. Your agreement should address when a partner can or must be bought out of their partnership interest and the procedure to buy out the partner. Buyout Agreement: A legal document that outlines the terms and conditions of a transaction in which one party purchases a stake in a business from the other. Buying out a business partner can be done in several ways. The final stage of the buyout process involves completing all necessary legal paperwork and ensuring that the transition is smooth and amicable.