| I personally have advised my clients not to buy the shares of the S-Corporation or C-Corporation shares rather purchase the assets of corporation you are seeking to acquire. You should establish either an LLC or an S Corporation to accomplish this transaction.
As far as a liability passing onto you for the actions of a prior owner of the S Corporation, this is a legal question and I cannot offer legal advice. Suffice to say, why even take the chance? If you establish your own Business Entity, there really would not be any risk!! | 
