Legal Question in Business Law in Georgia

Liability of Officers of a Corporation

The issues you raised are complicated, because the agreements of purchase have to reviewed in order to adequately advise you. Generally speaking officers of a corporation are liable only for their own negligence. You would not be personally liable as you are not involved in the transaction. If the previous owner had an errors and omision policy the situation may be covered and paid as a claim under the policy. In essence I say you have no personal liability, but the corporation is responsible for the actions of its agents. If you have indemnification clauses in your agreement of purchase you may be covered. I suggest you contact legal counsel in your jurisdiction.

Liability of a corporate officer

I don't know about your state, but in my state (NC), I believe that you personally could get off the hook, but the corporation would be liable. Are you handling this without a lawyer (who should have answered this question for you, I would think). Very dangerous to handle this kind of thing by yourself.