partnership goodwill

partnership goodwill
The advantage which the partnership business has from its establishment or from the patronage of its customers, over and above the mere value of its property and capital. It rests in the probability that the old customers of the partnership will continue their custom and commend it to others, and it may include the advantages which may be derived from the partners holding themselves out as carrying on the business identified with the name of a particular firm. 40 Am J1st Partn § 109.

Ballentine's law dictionary. . 1998.

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