The specific laws governing partnership buyouts will vary by state and local government. Even if you are not legally required to hire a lawyer, best practices state that it is necessary.nnAttorneys for both the buyer(s) and the seller(s) of the ownership stake should review the buyout agreement before any party signs. Consulting a business attorney also plays a vital role in buyout negotiations and arriving at a fair price.nnBusiness attorneys can also advise you regarding laws governing the buyout. In addition to an attorney, having a tax professional advise you on the buyout would be best.