Some good points along this thread trail (I had to retreat and sleep and tend to IRL stuff today after Spaz screwed my weekend with this stuff).
Pinning Jonny to a wall and keeping him there is obviously a horrible chore to deal with. If he was in my region, I would have been sitting down with his parents already. Why? Because, they very well could be brought to suit and held liable for his actions. Their insurance carriers would settle / pay even if all they had was car insurance. Yes, that legitimately does happen and is a bit more common than people think. --- BUT --- like many debts / IOUs / contract fails this industry kicks most to collections who tries to intimidate fractional recoup out of debtor.
New Hampshire does allow minors to incorporate, without an adult co-signator. I am not familiar with the intricacies of that fine State's laws and case law precedents.
I'd expect fully that at this point of age, and based on his conduct he can legally operate there and for all intensive purposes is on nearly even footing with a legal age adult. However, contracts with vendors and other agreements he entered into elsewhere, are likely not legally entered into where those companies are based. Venue matter and only matters in actual pre-suit filing determination and arguments related to.
Contracts not only need to meet legal standards of the State (relative only where a suit brought in front of a Court and that point actually presented) but should make sense to the commoner. Plenty of NDA's and non-competes while legal were overbearing, wrote with ugly tone and intent and found by Courts to be invalid. Legal docs are just not to terrorize. Get a jury situation (if you can) and they are likely to side with someone like Jonny where you were just being brutish or overly controlling.
Folks are correct to question acquisition price and risk. Anytime you acquire anything it may come with accompanying suits, outstanding IOUs, pissed prior workers, complaints filed with regulators many months before, etc. Real concern and why assets should not be bought at face value of income for a year.
Normally, the prior LLC (or other incorporated form) remains active for a term of a year or two as per contract. This is specifically left open to address any suits and preserve the incorporated entity to address such. Immediately phasing such, often sends message of slickster sliding of assets / liability / avoiding things. Courts can and will smash you hard for rapid shifting of assets for scammy purposes (if brought up in suit).
I probably missed a bunch of fine points brought up (catching up).
Summary, shame on companies for doing business knowingly with minors. Plus shame on parents for not being aware of what their children are doing under their roof, which could put their life and liberty in jeopardy.
That was back when I was young and naive and thought that law was the place to make the big bucks. It certainly is......it's also the place where you put in 140-150 hour weeks to make those big bucks. No thanks. Stuck with restaurant investments instead. 
