Question

Goodwill of the partnership business can be regarded as __________.

• A. the property of the firm
• B. the property of the firm, subject to a contract between the partners to this effect
• C. the property of the firm, irrespective of a contract between the partners to this effect
• D. the property of the firm, subject to order of the High Court to this effect

Answer 1

The correct option is B the property of the firm, subject to a contract between the partners to this effect

Goodwill of the partnership business can be regarded as the property of the firm, subject to contract between the partners to this effect.

Goodwill is an intangible asset.