business being sued!!!!

[nancy10697]

Can someone sue a business that has been sold? If so, are the new or old owners liable? Also if business was a sub chapter s, is the old owner personally liable, or is it the actual business liable?
Thanks......

 

[Tracey]

The s-corp business is liable unless the plaintiff can pierce the corporate veil. If s/he can pierce the veil, then the owner at the time the improper conduct occurred is liable.

------------------
This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.

 

[nancy10697]

what does peirce the corporate veil mean????????I have no legal sense at all.
And if the business no longer exists is the answer the same.Thanks