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What is Goodwill and Section 55 Overview about?

The document discusses the sale of goodwill under Section 55 of the Indian Partnership Act. It provides definitions and explanations of key concepts: - Goodwill is an intangible asset representing the value of a business due to its reputation and customer loyalty. - Section 55 governs the sale of goodwill upon dissolution of a partnership. It must be included as an asset in settling accounts between partners. - The section restricts how former partners can operate after the sale of goodwill, prohibitin

Author

RamRam

Language

EN