Goodwill in business: asset status, limits on using an outgoing partner's name, and valuationdependent treatment.

Goodwill denotes the transferable value of a business arising from continuity, encompassing reputation, customer connections, and rights to use the firm name; it is generally an asset of the partnership but its recognition and valuation depend on partnership agreement and accounting practice. Use of an outgoing partner's name requires express assignment; on dissolution or sale, restrictions apply to solicitation and representation of partnership continuity, and statutory limits may bar sale of certain professional practice goodwill.

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