What is the legal term for the name and fame of a Trading Firm?
Question and options
What is the legal term for the name and fame of a Trading Firm?
- Balance sheet
- Trade name
- Goodwill
- Turnover
Answer and explanation
Correct answer: C - Goodwill
Goodwill is the value of a firm's name, reputation and customer connection, which draws customers back and can be sold with the business. A trade name is only the name under which the firm trades, while a balance sheet and turnover are accounting records and measures, not its fame.
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CUSAT CAT Five-Year LL.B.
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