If a single member LLC sells a website business to a Corporation...is anything needed beside a sales contract?

Question

A tax professional, lawyer, or business consultant please help.

What is the tax implications?
Anyother paperwork needed?
I am thinking it's real easy...just need to have a signed contract between seller and buyer, keep all documents, and pay taxes if there's more income than losses for the year. Am I correct? Am I missing anything that's important?

I meant to say the corporation buys the LLC assets only.

Answer 1

A corporation cannot buy an LLC. you can buy the LLC assets, but not the company as a whole.