in actuality, an llc buyout agreement is an agreement between the members of an llc about what will happen if a member wishes to leave. exploring and defining the terms of a buyout agreement may force llc members to have real-life discussions about “what if” scenarios. a buyout agreement can then give the remaining members the right to buy back an llc ownership interest for a predetermined price. if a member dies, their ownership interest in the llc may pass to their heirs or spouse.