I own an LLC
, on Feb. 1, 2016, I completed a simple agreement on the sale of the business
, the inventory, fixtures fittings, web sites, domains etc. I also, included payout schedule, interest rate to be based on the rate in use now and changed on a yearly basis.
The sale is not a huge amount and the pay out is over 5 years. One main payment 1st of year, the rest each month. There is a 5% on top line income for the entire store over the life of the store and extension.
Any new businesses that are put together during this time become a 52/48 split.
I have signed, buyer signed, first payment was to be in six months, I want the business to continue so I made this a fair and sensible agreement.
What should I do, I now have my payment I am moved into the space, orders are processing and mktg is starting? I know I must do something to close the LLC etc.