There are many ways of doing something like that, and to be honest i am not sure what the 'correct' way is, so i will give you a few ideas below and you can choose the one which best suits your needs
1 - Set the label on the form2
Dim objNewForm as new Form2
objNewForm.label1.text = strPersonName
objNewForm.show
2 - Set a property on the new form so you can use it
Dim objNewFOrm as new Form2
objNewForm.PersonName = strPersonName
objNewForm.show
and remember to create a public property on the form
3 - Set the parent of Form2 to Form1
Dim objNewForm as new Form2
objNewFOrm.parent = me
objNewForm.show
Then on the form you can
Dim objParent as Form1 = me.parent
label1.text = me.parent.textbox1.text
There are other ways, if none of theese meet your needs let me know and i will throw a few more your way