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        Partnership Firms

        Section 55 - Sale of goodwill after dissolution

        Indian Partnership Act, 1932
        Chapter VI
        DISSOLUTION OF A FIRM

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        Goodwill sale after dissolution: purchaser acquires goodwill while sellers face limited restrictions on name use, representation, and solicitation. Goodwill of a dissolved partnership is an asset for settlement and may be sold; after such sale the buyer acquires the firm's goodwill while former partners may compete and advertise but, subject to agreement, may not use the firm name, represent themselves as the firm, or solicit former customers. Agreements by a selling partner to refrain from similar business for specified time or locality are enforceable if the restrictions are reasonable.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Goodwill sale after dissolution: purchaser acquires goodwill while sellers face limited restrictions on name use, representation, and solicitation.

                              Goodwill of a dissolved partnership is an asset for settlement and may be sold; after such sale the buyer acquires the firm's goodwill while former partners may compete and advertise but, subject to agreement, may not use the firm name, represent themselves as the firm, or solicit former customers. Agreements by a selling partner to refrain from similar business for specified time or locality are enforceable if the restrictions are reasonable.


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