Discussion
'Goodwill' of a partnership firm business is the property of the partnership under section ................ of Partnership Act, 1932.
Answer: A
Goodwill is property of the firm under Section 14 of the Partnership Act, 1932.
Section 14 says that, subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stock of the firm, or acquired for the firm or for its business, and includes also the goodwill of the business.
Section 15 requires firm property to be held and used exclusively for the firm's business, Section 16 deals with personal profits earned by partners, and Section 17 with the rights and duties of partners after a change in the firm.
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