Legal Question in Business Law in North Carolina

Re: Business has new owner

it depends on what the terms of the sale were between the old and new owners. Generally, a new owner purchases the assets, but not the liabilities of a business. Most of the time, the new owner is not responsible for the debts of the prior owner. If you bring a claim against the old owner and their deal required the new owner to be responsible, the old owner should disclose that to you, so you will leave him alone about the debt.