Much of it depends upon whether the business (corporation or LLC ) was purchased outright, or weather the assets of the business were purchased. If the business as a whole was purchased the debt is owed by the corporation or the LLC. The party that purchased the business also purchased its liabilities. Go after it.

If the assets only were purchased the debt remains with the party with whom you originally contracted. That is the party you go after...not the party who purchased the assets because he bought the assets independent of the liabilities. He left the liabilities with the other party. The proceeds of the sale become the replacement assets which will pay your debt.

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