The good reputation or brand identification enjoyed by a commercial entity. In bankruptcy and other areas of law, goodwill is considered an intangible asset.
Good will is generally calculated as the difference between the purchase price of a company and the sum of its fair market value.
See General intangible.
Definition from Nolo’s Plain-English Law Dictionary
The benefit a business has through its name and good reputation. Goodwill is not a tangible asset like equipment or inventory. In an acquisition, goodwill is valued as the amount paid for the business above the fair market cost of all the business's assets.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:17 pm