Can you say

Question

Como Le va to mean what's going on with you the formal way?

Answer 1

I prefer "¿Qué pasa?", but I don't know if that would be formal.

You might try "¿Cómo lo pasa Vd?"

Answer 2

saying ''que pasa'' to a person older than you can be taken as rude. In the vase they are in trouble you can ask ''que pasa''

but Como le va is correct.