In this situation, it is essential to consult with a legal professional to understand your rights and options. The fact that the business is registered in your name might give you a legal claim to it, but the specifics of your business agreement, the purpose of the compensation your friend is providing you, and the laws in your jurisdiction will all play a significant role in determining what actions you can take.
Since you have a written and signed agreement that is notarized and kept with a lawyer, this document will be crucial in understanding the terms of your arrangement with your friend. The agreement should outline your roles, responsibilities, and rights regarding the business.
If the agreement specifies that you have ownership rights or the ability to take possession of the business under certain circumstances, you may have a legal basis to do so. However, it is important to proceed cautiously and seek legal advice to ensure that you are acting within the bounds of the law.
Taking possession of the business, its assets, inventory, and employees without a clear understanding of your rights could lead to legal disputes and potential repercussions. It is always best to have a clear legal strategy in place before taking any significant actions in a situation like this.
PH