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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 118175
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I own an LLC, on Feb. 1, 2016, I completed a simple

Customer Question

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.
Submitted: 1 year ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
You do not need to close the LLC, if you sold it to a new owner, then they would file an amended articles of organization and amended annual report putting themselves in as owners. If they are taking over the business but not your LLC itself, then you need to file articles of dissolution, which you get on your secretary of state's website and you need proof from the department of revenue all taxes are paid and that you have no outstanding debts and the secretary of state will issue you a certificate of dissolution. But you only dissolve if the new owner is not continuing to operate under your old LLC name, if they are operating under your old LLC, then the amended articles of organization and amended annual report are filed.